(Alliance News) - Ananda Developments PLC on Monday said it has successfully grown a range of cannabis strains, as it moves forward with its processing facility development.

The London-based medical cannabis company said testing on five cultivars showed that its subsidiary DJT Plants Ltd has successfully grown high THC, balanced THC/CBD and high CBD cultivars.

The company said it conducted testing of average cannabinoid profiles across a number of plants, as well as analysis of specific plants selected due to their "superior agronomic qualities".

Ananda said its next steps are to choose a selection of its tested cultivars for the 2023 field season, focusing on cultivating the plants to Good Agricultural Collection Practice standards, as it progresses towards commercial growing.

DJT holds a Home Office licence to grow greater than 0.2% THC medical cannabis for research at its Lincolnshire site. Ananda said it intends to make the required applications to the Home Office and Medicines and Healthcare products Regulatory Agency for license amendments to allow commercial cultivation.

The company said it believes it can produce enough viable seeds for to grow the next generation of plants, with each generation being more genetically homogenous. Ananda said its objective is 98% genetic similarity by the sixth generation.

Ananda said pre-qualification letters have been sent to six shortlisted companies for the construction of a new pharmaceutical grade processing and manufacturing facility at its Lincolnshire site under a design & build contract.

Ananda shares were unchanged, trading at 0.43 pence per share on Monday morning in London.

By Harvey Dorset, Alliance News reporter

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