AusCann (ACNNF)

[LoserTrying2Win]

AusCann on a high with cannabis capsule release

Shares in WA medical cannabis company AusCann have skyrocketed on the release of its cannabinoid-based hard-shell capsules for clinical evaluation.

AusCann chief executive Ido Kanyon said the successful manufacture, testing and release of a commercial-sized batch of the capsules marked a critical milestone for the company.

Cannabinoids tend to degrade over time when not protected but AusCann said its capsules, which have now passed Australian Therapeutic Goods Administration standards, are designed to perform consistently throughout the shelf life of the product.

AusCann shares were up 9.5¢, or 52.8 per cent, to 27.5¢ at 11.45am.

Mr Kanyon said he hoped to make the capsules available for physicians to prescribe in Australia during the first half of next year.

“Now with this stage of our R&D program complete, we are accelerating our path toward commercialisation with full confidence in our ability to consistently provide reliable, stable and standardised pharmaceutical products which address unmet medical needs,” he said.

The news comes just months after the arrival of activist shareholder Merchant Group heralded a shake-up of AusCann’s board that included the departure of founder and chairman Mal Washer.

Former Liberal MP Dr Washer stepped down from the board in October and was replaced as chairman by non-executive director Cheryl Edwardes, who will also leave early next year.

Merchant bought out Canada’s Canopy Growth last month to become AusCann’s biggest shareholder with a 12.4 per cent stake.

Merchant, which drove the revival of medical cannabis company HAPA Pharm, is believed to have argued board changes were necessary if AusCann was to regain its momentum and capitalise on its initial promise as one of Australia’s first cannabis companies.

https://thewest.com.au/business/health/auscann-on-a-high-with-cannabis-capsule-release-ng-b881414901z