AusCann Group Holdings Limited announced completion of the acquisition of a 7,300 m2 research and development facility in Perth, Western Australia. The facility will focus on AusCann's cannabinoid pharmaceutical product pipeline, supporting development of both innovative formulations and dose forms. Establishment of the site, as previously flagged to the market, is a strategic move for AusCann and a key component of the company's development plans. Research and development activities will ensure that the company's products are of the higher quality, underpinned by rigorous data on stability and effectiveness, and with consideration towards ensuring cost effectiveness for the patient. The R&D facility was purchased for $5.25 million, with the company to invest further capital of up to $6 million over time to customise and fit out the site to purpose. The facility is expected to be ready for use during calendar year 2019. The company shall be seeking additional licenses to cover the new site, which is expected to meet all regulatory requirements. The acquisition and upgrade costs will be fully funded from AusCann's cash on hand which was in excess of $40 million prior to the acquisition.