The Althea Group is rapidly approaching 4,000 patients in Australia, with approximately 35 new patients being added each business day during December.
This is great news for the Althea Group (ASX:AGH), as it represents a 46% increase on the previous month.
In fact, as of 16 December there are now 3,688 patients in Australia who have been prescribed the company's medical cannabis products.
This growth was driven in part by the launch of its new full spectrum cannabis-derived extract oral oil, CBD100, which has seen exceptionally strong sales during the first 18 days since it became available for prescription.
Business is great, with patient numbers, prescriber numbers and product sales all increasing at a healthy rate going into the holiday period. Althea CEO, Josh Fegan
There are also now 408 Australian Healthcare Professionals who currently prescribe Althea's medicinal cannabis products, significantly widening the company's potential patient base.
Aside from cannabidiol (CBD), the formulation used by Althea for CBD100 also contains small traces of terpenoids, flavonoids, and other cannabinoids—along with less than 1mg per ml of tetrahydrocannabinol (THC)—making it the company's most highly concentrated CBD medicinal cannabis product.
The product's full spectrum cannabinoid profile provides a distinct advantage over competing products, as in most cases they generally only use "purified" or "isolate" CBD.
According to the CEO of Althea Group, sales of CBD100 have exceeded expectations, with 206 bottles already being sold. The product has also received strong response from doctors and patients alike, due to its affordability and potency.
"Althea CBD100 has launched successfully and we are already receiving positive feedback from doctors, patients and pharmacists about the product's efficacy and price point," Fegan said.
"In fact, many of our sales have come from prescribers switching their patients to Althea CBD100 from other brands."
"Althea Concierge continues to underpin the Company's market leading strategy and we are well positioned to continue to improve patient access to medicinal cannabis treatment in Australia and beyond for many years to come," he said.
Althea currently remains on track to reach the 4,000-patient milestone before the conclusion of 2019, and it expected to continue enjoying strong prescription growth in future.
To learn more about Althea Group visit their Company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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