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Bod Australia Limited announced the exit of Non-Executive Director Mr. Mickey Perret as part of its restructuring strategy. The consumer discretionary company Bod Australia Limited (ASX:BDA) stated that Mr. Mickey Perret has resigned from the Board of the company, effective 21 January 2019. The announcement follows the appointment of two new Executive Directors, Mr. George Livery and Mr. Stephen Thompson, last year.
Commenting on Mr. Perret departure, the company stated that his resignation is a part of the companyâs strategy to streamline its Board and management team. Â
Bod Australia recently declared its record revenue of $1.22 million with product sales comprising $766,000 for the quarter ended 31 December 2018. This translates a massive growth of 260%Â on Q1 FY2019 and 129% on previous corresponding period, i.e., 2Q FY2018.
Increased sales were reportedly underpinned by the expansion of natural medicines range, new distribution deals with Priceline for Mamacare and Chemist Warehouse for cannabis, generally strong product uptake and expanding distribution through independents. Moreover, Bodâs base run rate grew 248% over the period, thereby providing the company with a robust baseline revenue platform to expand on over the coming quarters.
The company further accredited its recently appointed Chairman, Mr. George Livery and Executive Director, Mr. Stephen Thompson for the significant growth achieved during the quarter.
In November 2018, the company secured a medicinal cannabis export licence for its unique, patented cannabis-based sublingual wafer product. With this license, the company can now export its Australia manufactured medicinal cannabis products into international markets.
Currently, the company is focused on exporting its cannabis-based sublingual wafer product to European countries including Switzerland, Belgium, and the United Kingdom. The company has also achieved a significant milestone in the Phase I Clinical Trial of its proprietary CBD extract ECs315 suspended in a sublingual wafer delivery method. Bod now intends to release the results of Phase I Clinical Trials during the March 2019 quarter.
Bod has also joined hands with Australiaâs largest pharmacy retailer, Chemist Warehouse Group to distribute MediCabilisâ¢, Bodâs pharmaceutical grade cannabis extract (Ecs315), in oil form. As part of the initiative, Bod will undertake a comprehensive training program within the group. The program will reportedly educate employees on all aspect of dispensing MediCabilis⢠to eligible patients as well as the benefits of medicinal cannabis and changes to the regulatory landscape.
The report said the company remains well positioned to grow its revenue profile further during the remainder of FY2019 via pending distribution agreements, international sales opportunities and a range of potential new products targeting sectors the company does not already have exposure to.
In todayâs trading session, BDA traded flat. However, 34,727 shares changed hands on ASX on 29 January 2019. The stock price last traded at $0.460. Over the past 12 months, the stock has witnessed a negative performance change of 19.30% including a plunge of 14.81% over the past three months.
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