This week provided further major milestones in Queensland Bauxite's (ASX:QBL) investment in Medical Cannabis Ltd. MCL has made major progress in its Vitahemp brand's "farm-gate to retail" fully vertically integrated journey. Mass production and mass farming is now underway and Australia's largest current hemp seed import for sowing has now cleared quarantine for MCL.
Queensland Bauxite Ltd
Queensland Bauxite Limited (ASX:QBL) is an Australian listed company focused on the exploration and development of its bauxite tenements in Queensland and New South Wales. The Company's lead project is the South Johnstone Bauxite Deposit in northern Queensland which has rail running through the project area and is approximately 15-24 kilometres from the nearest deep water port. The Company intends to become a bauxite producer with a focus on commencing production at South Johnstone as early as possible. The Company also pursues additional investment opportunities, and has acquired a 55% shareholding in Medical Cannabis Limited, an Australian leader in the hemp and Cannabis industries.
The Board of Queensland Bauxite (ASX:QBL), is anticipating that the successful launch of these premium all-Australian products, will generate significant cashflow for the Company in 2018, and enable dividends for shareholders.
The Board of Queensland Bauxite (ASX:QBL) considers that a monumental milestone has been reached by Medical Cannabis Limited, QBL's Hemp Seed Food production and medicinal Cannabis investment company.
A significant milestone has now been reached in Australia that has a major positive impact on the potential business, cashflow and profitability for Queensland Bauxite Limited's (ASX:QBL) investment in Medical Cannabis Limited.
During the September Quarter 2017, Queensland Bauxite Limited (ASX:QBL) continued to press to progress the development of its flagship South Johnstone DSO bauxite project in northern Queensland, with the Company aiming to generate positive net cash flows in the short term through the commencement of DSO bauxite production and shipping.
The Board of Queensland Bauxite (ASX:QBL) is most excited to announce that via its subsidiary Medical Cannabis Ltd, the initial sample range of hemp products under the name Vitahemp, will be ready for introduction to the Australian market in November 2017. Hemp foods are an extremely nutritious form of food product made from low THC Cannabis.
Queensland Bauxite Ltd (ASX:QBL) Engagement of Israeli Research Organisation for the Development of Medical Cannabis Products
The Board of Queensland Bauxite Limited (ASX:QBL) is pleased to announce that further to the significant progress that its subsidiary Medical Cannabis Limited has been making in its business and product development, EndoCRO Ltd an iCAN:Israel-Cannabis company, has been selected as a research and product development arm on a contract basis.
The Board of Queensland Bauxite (ASX:QBL) is pleased to announce that the Department of Natural Resources and Mines has now formally approved the Mineral Development License for the South Johnstone Bauxite Project.
As soon as hemp seed food products become legal from November 12, Nimbin-based producer Vitahemp will be ready to start selling.
The Directors of Queensland Bauxite Ltd (ASX:QBL) present their report together with the consolidated financial statements of the Group comprising Queensland Bauxite Limited ("the Company" or "QBL") and its subsidiaries, for the financial year ended 30 June 2017 and the independent auditors report thereon.