Althea Group Holdings Limited (ASX:AGH) came up with the announcement regarding the grant of export license to its wholly owned subsidiary Althea Company Pty Ltd by the Australian Government’s Office of Drug Control (ODC) on November 13, 2018. Under this license, Althea gets an authority to export medicinal cannabis products or related extracts that are manufactured in Australia under its recently issued Manufacture license in accordance with the relevant export permits as on November 2, 2018.
Manufacturing license that has been recently awarded has provided Althea with an authority to manufacture cannabis extracts, resins and tinctures associated in accordance with relevant manufacture permits. Securing of the manufacturing license has provided Althea with a good support and the company is now in full swing to proceed with the next phase of its Victorian based production facility.
The granting of manufacturing license along with the approval of Althea medicinal cannabis products by the patients and the doctors is giving confidence on the business model of the company. Number count of doctors who have prescribed Althea products have shown a good increment and has raised to 50 from 42 in last two weeks. Althea aims to reach 1000 patients by this time next year. Company is rigorously working on achieving its set target and growth by educating main stream doctors across Australia and creating awareness about their products and its usage.
Further addition to its key milestones, is the securement of the export license from the office of drug control as obtained this year.
Althea’s CEO Josh Fegan, while addressing the media has mentioned that the two years of hard work of the team have paid well; and with a span of just seven weeks of public listing, the company is tracking well to become a global medicinal cannabis producer.
The company now holds full set of production licenses which includes right from cultivation, to manufacturing and now export. On an update to its November 2, 2018 data on the number of patients treated and doctors who have approved the medicinal cannabis, Fegan mentioned that now the headcount has increased to 156 patients and general practitioners by 54 as on November 13, 2018.
Mr. Fegan further mentioned that the TGA (Therapeutic Goods Administration) has received 329 SAS B applications in October which is the highest number received till date. The increases in applications was mainly due to the increase in the number of patients who became part of Althea Concierge medical education program. This program which was launched in late September has now almost 285 patients and 93 doctors to this platform.
Doctors are choosing Althea Concierge to educate themselves about medicinal cannabis and to initiate TGA applications, especially once they witness their peers achieving great outcomes.
Althea with its hold on full complement of ODC cannabis licenses and with its growing patient base with time, expects to build its Melbourne based production facility by 2019. Althea has recently lodged planning permit on November 12, 2018, for its ODC approved fully scalable 4080m² area for the cultivation of medicinal cannabis and respective extraction and manufacturing. Growing number of patients along with doctors who are using Althea Concierge program to educate themselves about medicinal cannabis and its usage along with the hold of complete set of production license will support long term growth of the company. The stock is currently trading at the levels of $0.365, down 3.9% on November 13, 2018 (3:20 PM AEST).
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