Ananda Developments Plc UK Regulatory Progress

 
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                                 [phone] 
                                                  [e-mail] 
Chief Executive Officer 
Melissa Sturgess 
 
Investor Relations 
Jeremy Sturgess-Smith 
 
PETERHOUSE CAPITAL LIMTED                               [phone] 
 
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 
 
 

(END) Dow Jones Newswires

November 25, 2022 02:01 ET (07:01 GMT)