Althea Group Holdings Limited’s (ASX:AGH) wholly owned subsidiary Althea Company Pty Ltd has secured the manufacture licence from the Australian Government’s Office of Drug Control on November 02, i.e., today. Including this licence, Althea now holds three licenses namely an import licence, a medicinal Cannabis licence for cultivation and production of Cannabis and a Manufacture license.
Under this license, the group would be able to manufacture extracts and tinctures of cannabis and corresponding resin in accordance with the relevant manufacture permits.
With the grant of this Manufacture licence , along with the existing holding of two licences the company can now work towards the next phase of planning of their Victorian based production facility which will provide seed to sale, vertically integrated, state of the art medicinal cannabis operation facility to the company’s shareholders. The grant of this licence is surely another milestone for the company. This is a strong step in the direction to ensure that Australian patients get an easy access to the high-quality medicinal cannabis.
On October 18, Althea has released a report mentioning the patient counts for the patients approved for Althea medicinal cannabis to have reached to 100 patients since May 2018, another milestone for the company signaling the reach of the company that has rapidly grown in Australia’s medicinal cannabis market. Approval rate of 100% for TGA applications prescribing Althea products was recorded. Company has well laid down strategies to have continuous improvement in the direction of easy access to Australian patients for medicinal cannabis products and supporting doctors are to become prescribers and pharmacists to become suppliers.
Althea medicinal cannabis products can be distributed through a wide network of 250 pharmacies across the country and their location is selected as per the nearest prescribing doctor to the patients. Achieving manufacture license further validates the company’s business model. Doctors’ count prescribing for Althea products has significantly increased from 42 to 50 in the last two weeks and the patients’ count who have been approved for Althea medicinal cannabis has increased from 100 to 127.
Company estimates to reach the patient count to 1000 patients over the next year. Company is extensively working on bringing more awareness about the cannabis products. One such effort in this direction done by the company is educating mainstream doctors such as general practitioners to open their access to medicinal cannabis products for everyday Australians.
The company has just stepped in this direction and there is a long way for the company in getting its products noticed across Australia and provide an easy access to the medicinal cannabis products to the eligible patients. Growing count numbers both in the direction of patients who are approved for medicinal cannabis products and doctors by providing the medical practitioners proper education by the medical science liaison team members and explaining how it can be done efficiently through their web platform, is definitely an indication towards the Company marking its presence across Australia about the medicinal benefits and usage of cannabis product.
AGH touched the highs of $0.535, i.e., a rise of 27% was noted in early trading. The scrip is currently trading at the levels of $0.42, up 9.1% on November 02, 2018 (1:20 PM AEST).
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