SKINCARE COMPANY RECEIVES LANDMARK CANNABIS IMPORT LICENSE
Written on the 6 December 2017 by Paris Faint
IT'S BEEN just over a year since Bod Australia (ASX: BDA) listed publicly, and this week the health and skincare company announced it has become one of the first companies on the ASX to receive its medicinal cannabis import license.
The license will allow Bod to import phyto-complex cannabis for use commercially as well as for use in its clinical trials and research.
Bod operates a cosmetics and natural medicines business focused on evidence based products including those derived from cannabis.
Off the back of its license through the NSW Department of Health, Bod will now seek approval from the Federal Office of Drug Control to import a range of cannabis products from overseas including oils and raw materials from its Swiss partner Linnea.
Linnea's phyto-complex cannabis extracts are renowned for having low THC concentrations, and Bod expects it will be a coup to be able to import the product for Aussie use and research.
Bod CEO Jo Patterson said getting the license was a major step toward establishing medical cannabis operations in Australia and boosting revenue through therapeutic goods and extracts.
"Receiving an import license is a great achievement for Bod Australia and delivers significant value," said Patterson.
"It is a game changer in establishing medicinal cannabis operations in Australia. In order to move to an environment which we generate sales from this part of our business, we will sell our cannabis oil through approved prescribers."
The company is also currently investigating ways to advance its clinical trial designs to reduce the time its product gets to market.
Business News Australia
Author: Paris Faint