AusCann taking over firm working on medicinal cannabis for dogs

ASX-listed AusCann Group Holdings Limited - which sources some of its medicinal cannabis resin from Tasmanian Alkaloids - is taking over Sydney-based CannPal Animal Therapeutics Limited.

The deal follows approval by CannPal shareholders and the Supreme Court of Western Australia.

When the proposed deal was announced in November, CannPal was described as having a "mission to provide pet owners and veterinarians with access to high-quality, evidence-based, plant-derived therapeutic products to promote better health and wellbeing for animals".

"Presently, the company is focused on the development of pharmaceutical and nutraceutical products for dogs, for commercialisation in various markets around the world, using compounds derived from the hemp and cannabis plant."

AusCann develops, produces and distributes cannabinoid-based medicines for humans.

At AusCann's November annual meeting, chairman Max Johnston said "... we know the company well and have enormous respect for the work they do."

"We will, as a combined company, have two products in market, two to be commercialised in 2021 and a further four products under review and development in the medium term.

"Our addressable market will dramatically increase by both geographic reach and by covering both human and animal health."

He said there was a very real opportunity in animal health and AusCann had seen quick adoption of the CannPal medications by pet owners "to improve the quality of life for their best friends".

"Regulation in the animal space is more favourable for commercialisation than human health, both in Australia and globally."

The Tasmanian government recently announced it would bring Tasmania in line with the mainland on access to medicinal cannabis for humans.

The changes would allow GPs to prescribe medicinal cannabis and local pharmacies to dispense it, under a much faster and simpler process than currently available.