Cannabiz Australia reports
ECS Botanics has unveiled a major strategic shift which will see it sell its Tasmanian operation and hemp food and wellness division to focus on medicinal cannabis production at its Victorian facility.
As part of the restructure, founder and managing director Alex Keach will be replaced by executive general manager Nan-Maree Schoerie, with Keach moving into the role of head of corporate relations.
Schoerie lives on site at the firm’s Victorian facility, having started the business as Murray Meds in 2019 before selling to ECS in early 2021.
In an announcement to the ASX, ECS said the new strategy will see it reduce operating expenses by around A$1.3 million per annum and become a pure-play medicinal cannabis company.
It said growing demand for dried flower among patients has resulted in its Victorian operation becoming its “flagship asset”, with medicinal cannabis sales representing 86% of group revenue in the last quarter. It clones, cultivates and manufactures dried flower into EU-GMP licensed finished product and produces oils from biomass via contract manufacturers.
Following the acquisition of the Victorian operation, ECS has shifted its strategy away from extraction in Tasmania and entered a cannabis supply and tolling agreement with Sun Pharma.
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