As per today’s ASX announcement, medical cannabis company Althea Group Holdings Limited (ASX: AGH) successfully received its largest cannabis shipment to date, from Canadian supplier Aphria Inc. With the shipment, it is anticipated that Althea’s inventory will satisfy its growth of product sales up until the end of April 2019.
Planning is underway to secure an additional year of future cannabis stock for supply to patients until Althea’s own production begins in early 2020. Althea expects this shipment to arrive in March / April 2019 and will feature two new products, including soft gel capsules and a 15ml oromucosal oral and nose spray. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]
As stated by Althea CEO, Joshua Fegan, the company is excited with the increase in demand of medical cannabis by Australian patients over the past two months. Althea is looking forward to reaching its 1000 patient milestone. As compared to previous stats of one patient per week being prescribed medicinal cannabis, the current average is three patients per week.
On reaching 100 patient milestones in October, Joshua credited general practitioners, medical specialists, and psychiatrists for referring patients Althea’s cannabis product. The company further aims to spread education around patients and doctor on medical benefits of controversial cannabis.
As per ASX announcement on 2nd November 2018, Althea successfully obtained cannabis Manufacture license allowing the company to manufacture extracts and tinctures of cannabis resin. This was a major addition to company’s previously held Import License and a Medicinal Cannabis License.
On 13th November 2018, Althea was granted cannabis Export License bringing the company one step closer towards establishing a global footprint as medicinal producer and supplier. The export of medicinal cannabis from Australia was legalized in February 2018.
Althea was founded in 2017. It has obtained major required licenses and permits to produce, import, export and supply medicinal cannabis in such a short span of time. Leveraging on significant distribution and partnership relationships, Althea has been able to commence sales of five major bio-pharmaceutical drug.
Owning a series of significant licenses along with rapid patient’s demand, Althea is looking forward to inaugurating its Melbourne based production site by the end of 2019.
As stated in a recent investor presentation, a total of 214 patients have been prescribed bio-cannabis products since May 2018 resulting in the average month-on-month increase of 174%. The company has tied up with 70 healthcare providers with an average month-on-month increase of 185%. A concierge patient/doctor portal was launched in September 2018 with 285 patient registrations and 132 HCP registrations.
The company recently released its quarterly report for Q3 2018. Operating cash outflow of AUD 1,369,000, Investing cash outflow of AUD 121,000 and Financing cash inflow of AUD 20,750,000 was reported for the quarter ended 30th September 2018.
Upon releasing positive news, the company’s stock soared by 8% to stand at $0.195 as at 20 December 2018 (3:18 PM AEST). Over the past one month, the stock has witnessed a downtrend of around 51%.
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