THC shares soar following acquisition of Southport refinement facility
The Hydroponics Company (ASX: THC) had a big day on the share market on Thursday after it announced its acquisition of a new Southport based refinement facility.
Shares in THC soared after the medical marijuana company acquired one of the largest pharmaceutical plant extraction and refinement facilities in the southern hemisphere.
The company closed up 11.5 per cent to 68 cents per share on Thursday afternoon.
The new facility, based in Southport, Queensland, cost THC $2.5 million. Acquired from LEO Pharma, the facility will enable THC to produce high-quality, pure cannabinoids for use in drug treatments.
Chairman Steven Xu hopes this acquisition will give THC the ability to become a global player in the medicinal cannabis game.
"This is a game-changing investment undertaken by THC providing it with large-scale, state-of-the-art bio-manufacturing capabilities required to lead Australia's medicinal cannabis industry," says Xu.
"The addition of this acquisition is a major component of our roll-out strategy that will generate substantial growth for the company." Read more
David Simmons - Business News Australia - 27 Apr 2018