Shares in Medlab Clinical have soared more than 24 per cent after the company said it is now licensed to sell and supply medical marijuana in Australia.
By 1215 AEDT on Wednesday, Medlab shares were up 20 cents, or 24.69 per cent, at $1.01 after the Victorian government granted the company permission to sell its cannabis-based drug, NanaBis, in other states.
It is the first time Medlab has tipped over the $1.00 mark since listing in June, 2015.
Medlab said a licence was required by the state government as NanaBis is manufactured in and distributed from Victoria.
Chief executive Sean Hall says the company is working on ensuring medical practitioners, government and industry stakeholders are confident in prescribing its products.
“This licence to sell, combined with the recently renewed import licence, gives Medlab a significant advantage in being able to assist the medical community in treating advanced cancer pain,” Mr Hall said in a statement on Tuesday.
The federal government last week gave medicinal cannabis producers the green like to begin exports, saying the move would help the developing domestic market to grow further amid increasing competition from imports.
Medlab said it would be selling NanaBis under the Therapeutic Goods Administration’s Special Access Scheme to patients with specific needs by late February.