SINGAPORE–(Marketwired – May 26, 2017) – The Hydroponics Company Limited (ASX: THC) (“THC” or “the Company”) is pleased to announce that it has signed an exclusive joint venture agreement with Colorado-based healthcare solutions company Phoenix Life Sciences Inc to cooperatively research, develop, manufacture, distribute and sell medicinal cannabis products in Australia and internationally.
The agreement will allow Phoenix to develop its brand products, formulations, packaging knowledge, and product delivery methodologies, while enabling THC to establish an effective route to deliver medicinal cannabis products into Australia. Phoenix is currently building production facilities to export cannabidiol products in North America and through this partnership agreement with THC, these products will also be available in Australia.
Commenting on the collaboration agreement, THC’s Chairman Alan Beasley, said: “We are very pleased to have executed a strategic alliance agreement with a major international healthcare company that produces high quality pharmaceutical-grade medicinal cannabis solutions. This partnership will rapidly accelerate the development of THC’s supply chain for importing medicinal cannabis products in Australia, through Canndeo, and significantly expands our capabilities to advance intellectual property and research and development into cannabis delivery systems.”
Phoenix Life Sciences’ Chief Executive Officer, James Baumgartner, said: “We are delighted to be partnering with Canndeo and The Hydroponics Company for research, development, manufacturing, distribution, sales and other initiatives in Australia. This partnership will allow Phoenix to expand our distribution of medicinal cannabis products and establish our brand, while jointly delivering cannabis products into the emerging Australian market and internationally we see Canndeo as a strong partner in our worldwide expansion.”
Dr Andrew Beehag, Chief Executive Officer of Canndeo Limited, said: “This collaboration is a major step forward for Canndeo, taking THC to the next level as a leading formulator and supplier of medicinal cannabis products in Australia and internationally in partnership with Phoenix, a highly regarded, major US-based pharmaceutical company that will also bring a number of other strategic benefits in due course.”
For more information, please visit http://www.thcl.com.au/