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The Hydroponics Company retains manager and team from acquired biomanufacturing facility

Proactive Investors Monday, 7 May 2018
The Hydroponics Company Ltd (ASX:THC) has been able to secure a number of key personnel that previously worked at the recently acquired biomanufacturing facility in Queensland. The company has appointed Dr Michael Harrison as the manager for the facility. Dr Harrison was formerly employed in the same capacity by LEO Pharma, the vendor of the facility. He will be joined by other former key LEO Pharma employees to continue to manage the facility as it transitions to a production facility producing high-purity medicinal cannabis products. READ: The Hydroponics Company acquires world-class biomanufacturing facility, shares up Furthermore, a wholly owned subsidiary THC Pharma Pty Ltd has been incorporated and will be led by board member Ken Charteris. THC Pharma will expedite its applications to the Office of Drug Control for necessary approvals to both commence processing in its biomanufacturing facility and enable the growing at its New South Wales property. Last week, the company entered into a binding term sheet allowing it to enter three agreements subject to a 60 day due diligence window. These agreements were for exclusive rights to lease organic certified land in northern New South Wales, an off-take agreement, and a supply agreement. READ: The Hydroponics Company to lease land for growing medicinal cannabis THC’s chairman Steven Xu said: “THC continues to aggressively pursue its medicinal cannabis strategy to establish full-scale, vertically integrated processing and production of medicinal cannabis. “THC has furthered this through its recent facility acquisition to build production capacity and binding term sheet securing a site for the growing of organic medicinal cannabis. “THC, through its various business units is ensuring that the best team is retained to develop product supply for Australian patients in the near term in addition to supplying the export market as approvals are obtained.”
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