Aussie cannabis companies find footholds in the UK
Written on the 29 July 2019 by David Simmons
Two major cannabis companies Bod Australia (ASX: BDA) and Elixinol (ASX: EXL) have announced partnerships establishing relationships in the United Kingdom.
With a growing medicinal cannabis market estimated to be worth $14 billion by 2028, the UK is fast becoming an essential market for expanding companies.
Bod has signed an agreement with UK medicine manufacturer PCCA to import and distribute Bod's medicinal cannabis product MediCabilis throughout the UK.
The importing process is already underway, and Bod expects to receive first prescriptions in the UK in the coming months.
The group is witnessing "considerable" growth in patient numbers back in Australia and expects its expansion into the UK to bolster that revenue profile further.
As part of the agreement, Bod will also access PCCA's network of medical specialists and physicians through its medicinal cannabis education program.
Elixinol Global also has its sights set on the UK with its partnership with PharmaCare's Natrutopathica brand to create a co-branded CBD capsule range to be sold via Holland & Barret, a health and wellness retailer in the UK.
Naturopathica CBD+ encompasses six capsule-based products that blend Elixinol's CBD with specific vitamins and minerals to target different areas of health and wellbeing.
The range is the first CBD product to appear in prime-time television advertising, running on the UK's Channel 4 and ITV networks.
The product will be sold in Holland & Barret's online store as well as over 800 physical retail stores.
The two companies are following in the footsteps of Althea which received its first patient prescriptions in the UK for medicinal cannabis in June 2019.
The UK is Althea's second distribution channel for its current and future medicinal cannabis product, manufactured in Australia.
In other cannabis news, Cann Group (ASX: CAN) announced on Friday that the office of drug control had approved manufacturing licences for its existing northern and southern medicinal cannabis facilities in Melbourne.
The licences relate to the manufacturing, packaging, storage, transport and disposal of medicinal cannabis in final dose and intermediate forms.
The company now holds all cultivation, production and manufacture licenses under the Narcotics Drugs Act, along with import and export licences under the Customs Act.subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: David Simmons