Australian medicinal cannabis and hemp company ECS Botanics Holdings Ltd (ASX: ECS) has announced completion of its first shipment of dried cannabis flower to the UK.
The shipment went to Lyphe Group, which ECS says is the largest distributor of medicinal cannabis in the UK and sees more than 60% of patients in the country.
This is the first in a number of shipments ECS will make to fill a dried cannabis flower order from Lyphe with a value exceeding $500,000 – and the firm is expecting more orders over the course of this calendar year.
ECS says it expects the UK and Europe will become a significant market for the firm this year and next, and is currently performing additional ICH stability testing required for product registration in many EU markets
ICH stability testing involves determining how the quality of a substance changes over time under a variety of environmental factors including temperature, humidity and light. It also establishes a re-test period or a shelf life.
Commenting on the Lyphe Group shipment, ECS Botanics’ Managing Director Alex Keach stated:
“This shipment is a significant milestone for ECS, as it is the first international export of our Australian grown dried cannabis flower. We expect our product to be well received by patients in the UK, and demand for our flower to grow significantly through the year.”
In other relatively recent news from ECS, last month the company reported it was expecting revenue of $1.5 million for the final calendar quarter of 2021. This would be a new record for the company, representing a 65% jump on the previous quarter and more than four times the revenue generated during the same quarter in 2020.
Later in the month the company reported $1,434,000 in revenue generated for the December 2021 quarter, so a 58% increase on the previous quarter. The company said the increase was driven by its customers continuing to order greater than minimum contract order volumes
ECS Botanics claims to be Australia’s largest and lowest cost medical cannabis cultivator and one of only a handful of Good Manufacturing Practice (GMP) certified manufacturing facilities in the country.