Monday, November, 30, 2020 08:26:55

Institute of Drug Technology (IDT) Australia Limited has reportedly announced that it will start producing cannabis and cannabis resin after securing a medical cannabis manufacturing license from Office of Drug Control.

Reportedly, the company’s move into producing medicinal cannabis products will fit in with its existing manufacturing capabilities and facilities.

For the record, over the last 40 years, IDT has specialized in creating anti-cancer drugs, cytotoxics, beta lactams, antibiotics, and other controlled drugs. The company also specializes in solid oral dosage of finished drug products.

IDT is already capable of producing a range of precursor products such as cannabinoids and cannabis resins. The company can also manufacture finished dosage forms like tinctures, liquids, and solid oral dose tablets and capsules for both commercial applications and clinical trials.

David Sparling, CEO, IDT, reportedly stated that the company is delighted to receive a Medicinal Cannabis Manufacturing License from Office of Drug Control. With the long-established facilities and expertise of IDT in GMP pharmaceutical manufacturing, a license in company’s own right to manufacture medicinal cannabis products will strengthen its position in fast growing medicinal cannabis market, he further added.

For the record, IDT Australia Limited researches, develops and manufactures active pharmaceutical ingredients (APIs). The company is headquartered in Boronia, Australia.

Other cannabis and hemp industry news that made it to the headline includes Stemcell United’s (SCU) acquisition of 51 percent of Yunnan Huafang Industrial Hemp Co., a Chinese industrial hemp license holder.

SCU reportedly noted that the possession of Yunnan Huafang Industrial Hemp Co. is a substantial step forward for the company which will help providing it the high-quality cannabis seeds. SCU will be able to use these high-quality cannabis seeds for stem cell research into producing cosmetic cannabis products.

The acquisition has apparently ranked SCU as the first foreign company to access the vast Chinese hemp market.

Source credit: https://www.businessnewsaus.com.au/articles/idt-announces-foray-into-medicinal-cannabis-sector.html

https://smallcaps.com.au/idt-australia-granted-licence-manufacture-medicinal-cannabis-products/