Pot stocks soar as new deals done – SBS

Australia’s listed medical marijuana sector has had a strong day with gains for three companies announcing new deals.

AusCann shares soared after its Chilean joint-venture secured approval for a new crop.

The Chilean government issues licences for medicinal cannabis cultivation for one year periods, and AusCann’s joint-venture partner, Fundacion Daya, has been awarded the only licence for each of the past four years.

The licence allows the joint venture, DayaCann, to start cultivating its second crop at its 30-hectare facility south of Santiago in Chile, following a first crop of more than 400kg earlier this year.

AusCann managing director Elaine Darby said the expansion will help the company become a fully integrated operation serving the Australian and Latin American markets.

“Chile is one of the regions at the forefront of change, and access to cannabis medications for patients in need is advancing rapidly in the region,” she said in a statement.

Another listed play, cannabis-based medicines and nutritional product developer Creso Pharma, announced it will import its first human health product into Australia in 2018.

The product, cannaQIX50, is a

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