- Althea announced the commencement of online sales of medicinal cannabis-based products via Althea Concierge™; share price up by ~9%.
- The new interactive treatment plan feature permits doctors to issue personalised treatments directly to mobile of their patient by using Althea Concierge™ application.
- MGC Pharma granted an Import licence by the ODC Australia, which will allow the Company to import Schedule 4 and Schedule 8 medicinal cannabis products in Australia; the stock closed 9.1% higher.
The Australian medical cannabis sector has witnessed significant traction amid the COVID-19 pandemic. Notably, in April 2020, the MCIA (Medicinal Cannabis Industry Australia) had confirmed that the medicinal cannabis qualifies as an essential service as per public health instructions released by states and territories. The cannabis industry benefited from the announcement which ensured that the industry wasn’t affected by the lockdowns and supply chain deterrents. According to experts, the number of medical cannabis prescriptions is predicted to increase significantly this year in Australia.
In this backdrop let us discuss, two ASX-listed cannabis shares which were in the spotlight today with two significant announcements. Althea Group Holdings Limited (ASX:AGH) and MGC Pharmaceuticals Ltd (ASX:MXC) both witnessed a jump in the share price after their announcements.
Let us delve deep and discuss what Althea and MGC Pharma announced today-
Althea Commences Online Medicinal Cannabis Sales Supported by Telemedicine
On 8 July 2020, Althea Group revealed that it had completed a comprehensive update of Althea Concierge™, the Company’s TGA-registered medical device. Additionally, this is the first online sales of medicinal cannabis to patients in Australia with customisable interactive medication strategies and an independently validated assessment tool used to gather real-world evidence.
Accelerated in response to the ongoing COVID-19 pandemic, Althea Concierge™ is now available for the online sales of Althea’s cannabis products.
Althea Concierge™ allows doctors to prescribe Althea medicinal cannabis products through the platform while patients can pay online for their prescription. The medicines will be directly delivered to their respective homes. This ensures that there is no need to visit a doctor and pharmacy several times.
Combined with telemedicine, the new functionality permits the doctor, patient, and pharmacy to interact online and make sure that the applicable approvals are received.
Althea Concierge™ App
The new interactive treatment plan feature permits doctors to issue personalised treatments directly to the mobile of their patient by the Althea Concierge™ App, which is available free-to-download.
This also provides completely customised reminders to the patient and allows the patient to record usage of their medication, giving ongoing feedback to their doctor through the reliable and safe Althea Concierge™ platform.
Notably, doctors using interactive treatment strategies can view the progress of their patients at any time with the help of Concierge™, which may assist in improving patient outcomes and the standard of care provided.
Moreover, Althea said that over 130 individual responses have already been included in this evidence database since the launch of interactive treatment plans of the Company.
About Althea Group Holdings Limited
ASX-listed global pharmaceutical company Althea Group Holdings Limited is a supplier of cannabis-based medicinal products. The Company provides a range of education, access as well as management facilities for providing support to eligible patients and healthcare experts in navigating pathways for medicinal cannabis-based treatments.
Stock Information: On 8 June 2020, AGH stock last quoted at A$0.375, up by 8.696% from its previous close. Althea has a market capitalisation of approximately A$80.49 million, with ~233.31 million shares trading on the ASX.
MGC Pharmaceuticals Granted Import Licence by the ODC Australia
On 8 July 2020, MGC Pharmaceuticals disclosed that the Australian Office of Drug Control (ODC) granted an import licence to the Company. This follows the grant of an Indent Wholesale Licence by the Western Australian Department of Health on the 26 May 2020.
With this import licence, MGC pharma has a significant opportunity for its Australian operations as it is now able to directly import Schedule 4 and Schedule 8 medicinal cannabis products into Australia from its Europe-based manufacturing facility.
Moreover, with the grant of this licence, the logistics and handling fees for MXC significantly decreases. The licence also provides support to its business model for delivering high-quality, affordable medicinal cannabis to patients and progresses the Company to become a vertically integrated biopharma company with its operations across the globe.
Now the Company will import its medicinal cannabis products in bulk for storage, distribution, as well as sale in Australia via its commercial channel associates and in due time, the Company will increase import for incorporating a broader product range comprising products from its Mercury Pharma brand like MP25T (25mg/mL THC) and MP1:1 (25mg/mL THC:CBD).
Notably, in its next step, MGC Pharma is planning to expand its clinic access and sales team, to grow from the retail profit margins, along with its distribution channels.
This import license will enable MGC Pharma to provide superior-quality and affordable medicinal cannabis products to patients across Australia through its commercial network at very reasonable pricing points.
About MGC Pharmaceuticals
European based bio-pharma company MGC Pharmaceuticals Ltd is engaged in the development and supply of affordable phytocannabinoid derived medicines to patients across the world. The Company has a strong product pipeline targeting two widespread diseases- dementia and epilepsy and has additional products in under development pipeline.
Stock Information: On 8 July 2020, MXC stock closed the day’s trade at A$0.024, up by 9.091% from its previous close. With a market capitalisation of A$34.66 million, the Company has nearly 1.58 billion shares trading on ASX.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.
As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.