Australian unlisted producer Eurocann has revealed that the bulk of medicinal cannabis coming out of its North Macedonian facility is headed for Germany, with a smaller share allocated to patients in Australia.
A market update from AusCann – which has loaned A$8 million to Eurocann under a joint venture between the two companies – outlined expectations to produce 10 to 12 tonnes of GMP flower and 50,000 bottles of cannabis oil in 2023.
Eurocann, a privately-owned, WA-based company, said those production figures are on track to double by 2024.
The company said "most" of its GMP-grade cannabis has been committed to Germany, where it owns manufacturer and distributor HAPA Pharma.
A "portion" is likely to be made available in Australia, it added.
AusCann and Eurocann – which share the same chairman and largest shareholder – said upcoming changes to TGO93 regulations in 2023 are likely to work in their favour.
"[The changes] are designed to prevent international manufacturers that had not previously been required to comply with TGO93 or equivalent GMP codes from supplying the Australian market with finished cannabis products," a statement said.
"The opportunity to import and distribute high-quality, EU-GMP grade cannabis products into Australia is of interest to both parties to further strengthen the existing partnership and fill an expected gap in the market after the change in legislation."
Eurocann is expected to list on the Australian Stock Exchange early next year.
AusCann, meanwhile, remains in a trading halt pending an announcement concerning a "proposed transaction."
