Australia-based AusCann Holdings is harvesting its first crop in Chile as part of a 50-50 partnership with Fundacion Daya. The estimated 660-plus pound crop, planted by DayaCann, will be sent to a manufacturing facility for processing into medical cannabis formulations.
“We’re delighted with the harvest of our first crop with our partner Fundacion Daya and we’re confident we have selected the strongest and most appropriate strains for effective medicine formulations and further cultivation in the next harvest,” AusCann Managing Director Elaine Darby said in a statement.
Four strains from the harvest have been selected as “superior strains” that will be used for future crops. Formulations must complete successful clinical trials before being registered with the Chilean Institute of Public Health and made available for patients and export markets.
Last month Argentina, which neighbors Chile, passed legislation legalizing the use of medical cannabis for patients with a prescription and for research purposes. DayaCann is exploring whether they will next enter Argentina’s market following the successful harvest.
AusCann began trading on the Australian Securities Exchange last February and since then its stock has tripled. Following a $5 million prospectus offering the stock opened at 19 cents and reached as much as 95 cents. It opened .03 percent higher today than Friday’s market close at 80 cents.