Why BOD Australia, Delorean shares are charging higher today

Summary

  • Bod Australia has reported highest ever monthly sales of medicinal cannabis products in April.
  • The sales accounted for around 27% of the total special access scheme category B prescriptions filled across Australia in April 2021.
  • Delorean has acquired 100% stake in renewable gas project Salisbury Bioenergy, through its wholly owned subsidiary Delorean Energy Pty Ltd. 

The shares of Bod Australia Limited (ASX:BDA) and Delorean Corporation (ASX: DEL) were in upbeat mood on Monday after the companies updated the market about some key developments. While Bod Australia shares rallied 18.91% to AU$0.440, Delorean stock rose 3.33% to AU$0.232 apiece on the Australian Securities Exchange (ASX).

Bod Australia, a cannabis-centric healthcare company, disclosed that it has reported its highest ever monthly sales of medicinal cannabis products in April, driven by engagement and strong relationships with approved prescribers.

On the other hand, Australian bioenergy company Delorean announced that it has acquired 100% stake in renewable gas project Salisbury Bioenergy, through its wholly owned subsidiary Delorean Energy Pty Ltd.

Meanwhile, the benchmark ASX 200 was trading higher by 72.50 points or 1.02% at 7,153.30. The top performing stocks on this index were Omni Bridgeway Limited (ASX:OBL) and Pilbara Minerals Limited (ASX:PLS), having gained 7.58% and 7.42%, respectively.

Bod sets a new monthly sales record for medicinal CBD products

Image Source: Shutterstock

Medicinal cannabis, CBD and hemp healthcare products company, Bod Australia said that 1,789 MediCabilis prescriptions were filled during April 2021, registering a growth of 11% compared to 1,617 prescriptions in March 2021. The company expects the upward trend to continue.

As a result, the total MediCabilis prescriptions filled in FY21 has risen to 9,519, an impressive growth of 138% over 4,000 prescriptions filled in FY20.

As per the company, its products accounted for around 27% of the total special access scheme category B prescriptions filled across Australia in April 2021(6,682).

The company further disclosed that 64% of prescriptions dispensed during April 2021 were repeat prescriptions, which helped the company to generate consistent and recurring revenue. Besides, it also highlights patient and physician product satisfaction, Bod says.

Bod also chalked up its massive growth to the company’s Australia-wide clinical study to test the efficacy of MediCabilis when prescribed for conditions including anxiety, insomnia and Post Traumatic Stress Disorder (PTSD).

Commenting on the development, CEO Jo Patterson said that the recent prescription sales growth further highlights the company’s ability to generate strong revenues across one of the company’s two core operating divisions. He further stated that some new products were in the pipeline, which would be launched imminently.

“We anticipate that the introduction of new products and scale-up of operations across both business divisions will unlock considerable value for shareholders,” Patterson said.

“The Company continues to maintain a solid segment of the total Australian market through Special Access Scheme Category B. It is worth noting, that of the total Special Access Scheme approvals, not all result in a prescription being filled. Therefore, Bod’s total market share may be potentially higher.”

Delorean acquires 100% of Salisbury Bioenergy Project

Image: © Prathanchorruangsak | Megapixl.com

Bioenergy firm Delorean has acquired 100% of the Delorean Energy SA One Project (DESAO), through its subsidiary Delorean Energy. Located in Edinburgh Parks (South Australia), the project is expected to be the first in Australia to achieve the ‘green gas to mains’ milestone.

Delorean Energy, which previously held 30% of the DESAO, has acquired Clean Peak Energy’s 70% share in the project for a cash consideration of AU$2.1 million.

The project will generate 150TJ per annum of biomethane by processing commercial and industrial organic food and agricultural waste. Biomethane will be delivered into the gas distribution network in Adelaide, South Australia under an offtake agreement with Origin Energy/AGIG.

Following the completion of 100% stake in DESAO, Delorean intends to complete the project investment itself under a finance package, which comprises equity, debt, government loan and other sources.

The project is expected to move into construction before September 2021 with completion and first green gas expected by September 2022, subject to Financial Investment Decision (FID) by the Delorean Board.


Disclaimer
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK