Unlisted Australian producer Eurocann has said the majority of the medicinal cannabis produced at its North Macedonian facility is destined for Germany, with a smaller quantity making its way to Australian patients.
In a market update issued by AusCann – which has loaned A$8 million to Eurocann under a joint venture between the two firms – the company said it expects to produce 10 to 12 tonnes of GMP flower in 2023 and 50,000 bottles of cannabis oil.
Those volumes will double in 2024, Eurocann said.
The privately-owned, WA-based company said “most” of the GMP-grade cannabis has been committed to Germany where it owns manufacturer and distributor HAPA Pharma.
A “portion” is likely to be made available in Australia, it added.
AusCann and Eurocann – which share the same chairman and largest shareholder – said reforms to the TGO93 regulations in 2023 will play into their hands.
“[The changes] are designed to prevent international manufacturers that had not previously been required to comply with TGO93 or equivalent GMP codes from supplying the Australian market with finished cannabis products,” a statement said.
“The opportunity to import and distribute high-quality, EU-GMP grade cannabis products into Australia is of interest to both parties to further strengthen the existing partnership and fill an expected gap in the market after the change in legislation.”
Eurocann is expected to list on the Australian Stock Exchange early next year.
Meanwhile, AusCann remains in a trading halt ahead of an announcement regarding a “proposed transaction”.
