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Lifespot Health Ltd (ASX:LSH) functions in the digital health sector and is primarily focused on building and commercializing medical monitoring and diagnostic expertise. The company, today, on 8th April 2019, released to the ASX its operational updates on the progress of business development of the Cannabis âSmart Bodytel integratedâ vaporiser range.
The legal cannabis became a US$12 billion global market in 2018 and is expected to grow to $US166 billion by 2025. This information is as per Euromonitor International. Besides, the global cannabis market, both legal and illicit reportedly stands at US$150 billion as of today, and as per the latest white paper published by Euromonitor International, the legal cannabis is set to hit 77 percent of the global market.
Further, the European cannabis market is set to grow to approximately $8 billion by 2023 aided by the change in cannabis regulations as per research firm Brightfield Group. Within the European market, Germany takes the top ranking in the cannabis market, and Brightfield expects it to grow from $73 million in 2018 to $2.7 billion in 2023.
Furthermore, the research firm believes that the UK and France have the greatest potential growth rates. As per the research firm, CBD is growing quicker than cannabis in the United States of America and is expected to be a twenty-two-billion-dollar industry soon.
The focussed business development activity during Q1 2019 has yielded a strong new client base. Based on the need for full-time servicing of these new clients the company has commenced recruitment of B.D lead to cater to the US and Canadian clients.
The company reportedly has already launched its product, Medihale® a medical vaporiser that vaporises oil and flower and is completely integrated to the Bodytel system. Further, the vaporiser is currently in trial with leading medical and recreational cannabis brands. Also, the company is making inroads into innovative products with initiatives like fingerprint security and childproof features, etc.
The Managing Director, Gregor Schommer expressed satisfaction with the quality relationship that they have developed with many of the major cannabis players in Europe and North America. He also stated that the company is well positioned in Germany to service Europe with product development and growth requests. He considers the business development lead appointment to be the crucial next step for the firm.
The rapidly growing vaporising category is serviced by the company with innovations not witnessed in this category, with product offering such as Bodytel software licensing, combined with Seng-Vital vaporiser sales.
Further, the company reported that in 2019 it would present and display unique Bodytel software licensing options, Sengvital vaporiser hardware products and the companyâs OEM services at some upcoming conferences like Lift and co Cannabis conference scheduled on 6th June in Toronto.
The stock has been in a downtrend in the past one year and six months, with a negative return of 49.60 percent and 28.41 percent respectively. However, in the past three months and one month, it has delivered a positive return of 5.00 percent and 6.78 percent respectively.
LSH has a current market cap of ~ AUD 4.89 million with ~ 77.57 million outstanding shares. On April 8th, 2019, the LSH stock price is at AUD 0.066 on ASX, up by 4.762% as compared to its previous trading day close price.
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