The company has lately announced that to possess and supply scheduled substances, including cannabinoid medicines, with the Department of Health, it has completed the pre-license stage and has accordingly lodged an application for a license, on 11th December 2018.
In line with previous announcements dated 4th December 2018, 24th October 2018 and, 23rd September 2018 is the latest announcement in which the company outlined its intention to complete the pre-license application processes needed to meet the strict requirements of the Australian authorities and its license agreements and collaboration with AXIM Biotechnologies and Resolution Chemicals.
The license should be issued within eight weeks, if approved, according to IHL’s pharmaceutical application consultants. After the issuance of the license IHL can, under the Special Access Scheme and through the Authorised Prescriber Network where ever the law permits, sell approved cannabinoid medicines throughout Australia. Also, the company can Export and Import cannabinoid medicines to and from Australia.
IHL completed extensive risk and security protocol reviews to get to this point and implemented the processes required for license approval including planning with 3rd party suppliers where necessary.
By leveraging the intellectual property of existing market leaders, the application provided on December 11, 2018 lodgement represents an important milestone in IHL’s strategy to become a leading player in the cannabinoid-based medicine market. IHL has executed license agreements with AXIM Biotechnologies (USA) and Resolution Chemicals (UK) to date both leading lights in the emerging cannabinoid-based medicine field.
The company has executed a Heads of Agreement with Pace Sports Limited which is a Hong Kong-based marketing and distribution company. The agreement outlines the development of an exclusive sales and distribution agreement for all its oral devices into Northern Asia, South East Asia, and Greater China.
Through its owned and contracted labs IHL will supply all products and will retain all IP and control of all digital platforms. By adding large international markets to its already market leading and rapidly growing position in Australia and New Zealand the substantial international expansion opportunity further highlights IHL’s strategy to continue its impressive growth in the oral devices sector.
Impression Healthcare Limited (ASX: IHL) traded 5.556% higher on the day as December 12, 2018, at $0.019. The company has seen a performance change of 16.21% for 12 months. The company is engaged in manufacturing and marketing of home-impression custom-fit mouthguards. The market capitalization is at $8.41 million.
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