Australian company THC Global has been given a licence from the Therapeutic Goods Administration (TGA) to manufacture medical marijuana in an effort to address global shortage and improve accessibility.
Studies suggest that there are at least 200,000 Australians eligible for pharmaceutical-grade cannabis products, yet only around 9,000 prescriptions for such products have been granted since its approval by the TGA in 2018.
Demand for medical marijuana continues to grow in both Australia and the rest of the world, with the majority of Australian supply coming from imports. The number of patients in Europe seeking medical marijuana are in the millions.
THC Global is determined to address this demand by growing pharmaceutical-grade marijuana on land in Bundaberg, Queensland. The licence granted by the TGA allows the company to grow, develop and sell pharmaceutical-grade cannabis.
The company plans to export their products globally in order to help meet demand for medical marijuana and reduce costs to consumers.
They use a unique strain of cannabis which is bred with higher amounts of cannabidiol (CBD) and a tiny amount of THC, with the lack of psychoactive properties making it suitable for medical use.
International interest in THC Global’s unique breed is growing, especially since it is available at just $200 a bottle, which lasts around a month. This is compared to the average market price of $300-350 a bottle.
The property at Bundaberg also features an extraction facility and forms a section of a larger operation extending to Southport and Ballina.
Despite the Federal Government having legalised medical marijuana, it is still difficult for many people to acquire a prescription. This is due to it only being prescribed after all other alternatives had been tried.
Experts say that public perceptions of cannabis as a “wonder drug” are often misguided, as it doesn’t always get rid of the pain and may cause unwanted side effects like low blood pressure and impaired coordination. Nonetheless, research suggests it can be useful in the treatment of certain medical conditions.
The licencing of THC Global is a step in the right direction for the progression of scientific research, as previous restrictions have made research difficult.