BOD Australia Limited (ASX: BDA) announced its new cannabis extract import boosting development of its cannabis product suite. The extracts will be available via SAS Category B– marking the extension of Bod’s medicinal cannabis product suite.
The new extract contains THC and CBD which will be supplied to a Lambert Initiative, a sponsored clinical trial relating to Tourette Syndrome. Partnership with the Lambert Initiative provides considerable validation of the quality of MediCabilis cannabis extracts.
Lambert Initiative is Australia’s preeminent medicinal cannabis research group established in 2015 following a $33.7m donation from Barry and Joy Lambert to the University of Sydney, focused on researching, developing, and optimizing therapeutic uses of medicinal cannabis along with high safety measures. The initiative is actively advancing cannabis-based treatments into mainstream medicine. Supplying a high-profile organization provides important validation of Bod’s cannabis extracts and is a testament to the Company’s work in the cannabis sector.
The new product marks the fourth cannabis extract Bod has imported into Australia. It will commence importing this additional line extension under its medicinal cannabis import license. The company will make the new extract available to eligible patients and approved prescribers through Special Access Scheme Category B in the coming weeks. It is also investigating other ways it can test the effect of this new cannabis extract on other conditions.
Sale of new extracts to generate revenues in the domestic market – Bod also pursuing commercial opportunities including product development and licensing.
BOD recently announced its half-yearly reports. Its revenues from ordinary activities have increased by 48.3% to $1,075,609 as compared to the previous period. The revenue in the period included a net R&D tax rebate (grant) of $453,170. The improvement in sales volume is attributed to the product suite expansion and new distribution agreements with strategic partners such as MamaCare pregnancy supplement with Priceline Pharmacy.
It reported a net loss of $2,786,152, up by 108.9% from the previous period. Due to negative earnings, the company decided not to declare any dividend.
The company gives credit of its growth to its newly appointed Chairman, Mr. George Livery and Executive Director, Mr. Stephen Thompson. It further focuses on leveraging its relationships with its key partners such as Linnea SA to assist them exporting its sublingual cannabis wafer product to European countries including Belgium, Switzerland and the United Kingdom. Additionally, BOD partnered with Chemist Warehouse Group to distribute pharmaceutical grade cannabis extract in the oil form.
BOD Australia Limited is an ASX listed developer, marketer, and distributor of skin and health care natural products. It boasts its expertise in heath treatment with plant-based extracts especially cannabis and hemp. It is in-line in building capability in European markets.
On stock information front, BOD Australia’s share last traded at $0.46 down -7.071% during day’s trade (ASX: 2:13 PM) with the market capitalization of ~$34.35 Mn. It reported a loss per share at 0.072 AUD. Its 52 weeks high has been noted at $0.715, and 52 weeks low at $0.33. Its absolute return for 3 months and 1 year is -6.6%, and 1.02% respectively.
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