Here’s the Motely Fool report…….The Cann Group Ltd (ASX: CAN) share price could rise this morning after the company announced that the Victorian Government has taken delivery of the first Australian sourced and commercially grown cannabis resin for use by Australian patients.
What did Cann Group announce yesterday?
In its after-market update, the company said that the delivery represents the first supply of Australian patients of medicinal cannabis resin commercially grown and produced in Australia.
Cann Group entered into a supply contract last October with the Victorian Department of Health and Human Services (DHHS), through its Office of Medicinal Cannabis (OMC), for the supply of cannabis plant extract, or “resin”.
The company said the cannabis resin has been extracted from dry cannabis flower produced at the Cann Group’s undisclosed Southern Facility in Melbourne.
The company has an agreement with Agriculture Victoria to undertake the resin extraction process using a supercritical carbon dioxide extraction method to produce a whole plant extract, with the resin subsequently undergoing further development into a product suitable for patient use.