Ananda Developments Plc UK Regulatory Progress
November 25 2022 - 2:01AM
UK Regulatory
TIDMANA
25 November 2022
ANANDA DEVELOPMENTS PLC
("Ananda" or the "Company")
UK Regulatory Progress
Ananda's ambition is to be a leading UK grower and manufacturer of consistent,
high-quality, carbon zero, medical cannabis for UK, and later international,
patients.
* In a significant step for the UK medical cannabis industry, on 16 November
2022, the Medicines and Healthcare products Regulatory Agency of the UK
Government (the MHRA) made an announcement clarifying the process for a
company to be authorised to grow and manufacture medical cannabis
commercially.
* The MHRA process involves a series of checks, inspections and validations
involving both the UK Home Office and the MHRA.
* Previously, there has been no formalised joint approach to medical cannabis
cultivation and manufacturing from the Home Office and the MHRA.
* The Directors believe that the proposals announced by the MHRA demonstrate
the UK Government's commitment to the development of a UK medical cannabis
cultivation and manufacturing industry.
* Ananda has always intended to apply for a commercial medical cannabis
growing licence and is well positioned to take advantage of this latest
move by the UK government:
+ The MHRA's five step process assumes a company is starting with no Home
Office Controlled Drug Licence or operations. Ananda already has a
Controlled Drug Licence and has conducted one full season of field
trial growing. The Directors expect that this will expedite Ananda's
progress through the licensing process.
+ Ananda has already commenced workstreams for the GACP/GMP/GDP* facility
within its existing Home Office Licenced Research Facility in
Lincolnshire.
* Ananda's field trials of its single crop, natural season growing in
Lincolnshire have proven its strategy is the right one. The Directors
believe that no artificial light or heat is the best environment in which
to grow superior medical cannabis flower and that the low cost of this
growing method is key for financial success.
Ananda's CEO Melissa Sturgess commented: "We see this announcement from the
MHRA as the most significant step for the UK medical cannabis industry since
legalisation of medical cannabis in 2018. To see a joined-up approach from the
Home Office and the MHRA is extremely welcome, and we believe it demonstrates
strong acknowledgement and support for this nascent industry. We have been
working diligently towards commercial operations since 2019 and are perfectly
positioned to act on this announcement from the MHRA. We have already
conducted field trials on 13 strains of cannabis, effectively giving us a head
start down the regulatory pathway. We have already built a large research
facility and are using the learnings from our operational work to inform GMP
facility planning. And, most importantly, we have a small, dedicated team of
best in class professionals to make it happen."
*Good Agricultural and Collection Practices/Good Manufacturing Practices/Good
Distribution Practices
-Ends-
The Directors of the Company accept responsibility for the contents of this
announcement.
ANANDA DEVELOPMENTS PLC +44 (0)7463 686 497
ir@anandadevelopments.com
Chief Executive Officer
Melissa Sturgess
Investor Relations
Jeremy Sturgess-Smith
PETERHOUSE CAPITAL LIMTED +44 (0)20 7469 0930
Corporate Finance
Mark Anwyl
Corporate Broking
Lucy Williams
Duncan Vasey
About Ananda Developments
Ananda is an AQSE-listed medical cannabis company creating UK-based operations
to grow and provide carbon zero, consistent, medical cannabis for the UK and
international markets.
For more information, please visit: https://anandadevelopments.com
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information. Upon the publication of this announcement via a
Regulatory Information Service, this inside information is now considered to be
in the public domain.
END
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