Algae.Tec Limited advised that it has submitted an application to the Office of Drug Control for a license to Cultivate and Produce medicinal cannabis in Australia. Importantly, upon issue the License will allow the company to commence the cultivation of medicinal cannabis in Australia, complementing the Company's current cannabis growing and R&D programs in Uruguay. The application further builds upon AEB's medicinal cannabis division, which is focused on utilising the Company's strategic shareholding in, and relationship with, United Biogenics in Uruguay as well as its own proprietary growing technology to grow plants for the rapidly expanding cannabis and algae markets respectively. During the growing phase of the company's first Australian crop, AEB will continue to progress discussions with a number of well-known Licenced Producers (LP's) of medicinal cannabis products including key delivery system technology providers relating to, amongst other things, nasal sprays, chewing gum and slow release capsules. It is anticipated that the license will be granted early in 2018.