Win for medical marijuana firm
GOING TO POT
KEN Charteris (illustrated) and his colleagues got quite a buzz yesterday.
The boss of medical marijuana outfit THC Global Group uncorked the good stuff after his firm secured two narcotics licenses, meaning they have cleared some of the last regulatory hurdles ahead of starting production at two Queensland facilities.
They now have all the licenses needs to kick off production and distribution at their outposts at Bundaberg and Southport, one of the largest facilities of its kind in the southern hemisphere.
While THC still needs to secure a manufacturing permit and a pharmaceutical certification from the Therapeutics Goods Administration, the company expects to start cannabis extraction and processing shortly.
It forecast that "product validation'' would be wrapped up by December and supplies to Australian patients will start early next year.
THC, which floated in 2017 after raising $5 million from investors, bought the Southport laboratory for a bargain $2.55 million in April last year.
The company continues to chew through cash, suffering a $5.76 million loss in the half year to June. But the share price still remains well above the 20 cents paid at the time of the IPO, closing at 40 cents yesterday.
TURN IT UP TO 11
A bunch of Brisbane corporate types will be plugging in their guitars and turning it up to 11 for a good cause a week from Saturday.
Six bands plan to crank out plenty of rock classics at the fifth annual Jurassic Jam at The Triffid to benefit the AEIOU Foundation, which provides early intervention for kids with autism.
Organisers, including EGR boss Peter Beckman, say they have raised $200,000 since the event kicked off in 2015.
They're hoping to pull in another $40,000 from ticket sales and raffles from a crowd of up 700.
Beckman will be front and centre on the day with his band, Jump The Shark, wheeling out standards such as Gimme Shelter, Highway To Hell, Sweet Child O' Mine and Suffragette City.
Clayton Utz partner Mark Waller and APH Property Developers director John Wilson, who first came up with the idea for the fundraiser, will also take to the stage again this year
So too will the likes of Clean Energy Finance Group CEO Ian Learmonth and Transmax director Michael Watts.
Tickets are still available at $40 for the event, which kicks off at 3pm on October 26 and finishes late.
WORST AGM FOOD
Enough with all this talk about remuneration reports and franking credits. Where's the food?
Such is the thinking in the minds of plenty of shareholders as annual meetings drag on at an often glacial pace.
As we're now in the midst of AGM season, a City Beat spy tells us that he and his mates were recently comparing the quality of the post-meeting snacks and drinks.
They all agreed that the RACQ is the stingiest in the "good hospitality stakes''.
"Whilst there are some quite superb nibbles and treats handed out by many, we unanimously
agreed the meanest AGM, by far, is the club with the largest membership, RACQ,'' he said.
"They hold their annual knees up at their sprawling HQ pile out at Eight Mile Plains. Our truly parsimonious auto club is delighted to offer AGM goers a choice of tea bag tea, powdered coffee or warm RACQ-labelled bottled water, along with a cold scone, jam & cream. And that's it.
"Even the tiny Queensland Teachers Mutual Bank, which was gobbled up to form the RACQ Bank, always prided itself on looking after its members at AGM time. There were inner city five-star locations, delicious hot seafood canapés and more, as well as a generous, almost unlimited, bar tab.''
Asked about the criticism, an undaunted RACQ spin doctor told us the scones, along with some Arnott's dry biscuits, will be back at the AGM next month. But she offered to find an oven to warm up the scones for our disgruntled investor.