A new medication will soon be made available to patients with medical cannabis prescriptions. Australia’s Therapeutic Goods Administration (TGA) has approved the sale of a range of internationally renowned CBD products, which will be available to Australians on the Special Access Scheme by the end of 2020.
The medications are produced by international cannabis company Elixinol Group Limited (ASX: EXL). They are currently on the market in Europe and the US but are travelling quickly, with Elixinol announcing distribution deals in Japan and New Zealand.
Although the company has eyed Australia’s fast-growing medical cannabis market for some time, TGA requires specific importing and wholesale licenses for medical cannabis. To comply with regulations, Elixinol has partnered with PharmaCann, announcing their distribution agreement last week in an ASX press release.
PharmaCann Pty Ltd is a wholesale distributor of cannabis medications, serving patients in both Australia and New Zealand. The company currently has a network of over 1,600 medical practitioners, 130 prescribing doctors and 2,000 pharmacies. Once Elixinol’s medications hit Australia, they will be available in Chemist Warehouse, TerryWhite Chemmart, Priceline and a number of independent pharmacies nationwide. Announcing the decision, PharmaCann’s Managing Director Victor Caprio wrote:
Our ethos is to ensure that all members of our communities have a streamlined access to the most affordable cannabinoid medicines in the market.
In Elixiol’s announcement, the company also referenced new legislation that proposes to down-schedule the current Schedule 4 CBD medications. If passed, CBD oil will move onto pharmacy shelves for anyone to purchase without a doctor’s prescription. The legislation will dramatically increase both Pharmacann and Elixiol’s sales longterm – presenting an exciting opportunity for investors.
Another cannabis company, ECS Botanics (ASX: ECS) are also expanding operations in delighted anticipation of the legislation. As part of a plan to grow their retail and wholesale hemp operations, ECS Botanics announced an $850,000 raise over the weekend. Offering discounts, the company hopes to bring new investors on board before CBD oil is de-scheduled.
As of July 28th, shares in ECS Botanics sit at $0.02 while shares in Elixinol Global sit at $0.20, up to $8.11%. You can read more about the de-scheduling of CBD oil here.
