(Alliance News) - FastForward Innovations Ltd on Tuesday said its investee company Emmac Life Sciences Group is now licensed to manufacture medical cannabis active pharmaceutical ingredients with THC.
FastForward invests in technology and life science businesses and has a 2.4% interest in cannabis company Emmac.
The company said that Medalchemy which is Emmac's manufacturing site in Alicante, Spain has secured government approval from the Spanish Agency of Medicines & Medical Products to manufacture medical cannabis extracts as active pharmaceutical ingredients.
It highlighted that Emmac is the first European cannabis company that has secured permission to manufacture medical cannabis APIs with delta 9-tetrahydrocannabinol for commercial purposes. THC - or tetrahydrocannabinol - is a natural compound found in marijuana.
Medalchemy will immediately commence the production and distribution of medical cannabis products across Europe and beyond, and will begin supplying white-label medical cannabis products.
"This is a landmark announcement for Emmac, and is the realisation of our vision to create a vertically integrated multi-national operation. This milestone will position Emmac as a trusted leader in the medical cannabis market in Europe and is testament to the continued innovation and excellence at Medalchemy, as we focus now on scaling production of our medical cannabis export to meet growing patient demand," said Emmac Chief Executive Antonio Costanzo.
Shares in Fastfoward Innovations were trading 3.6% lower at 5.8 pence each on Tuesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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