The milestone represents 48% month-on-month growth for the company, as it continues to expand its Australian market share.
Althea Group Holdings Limited (ASX:AGH) started off the decade with a bang, after the company announced that 4,018 patients had been prescribed its medicinal cannabis products as of 31 December 2019, exceeding its initial projections.
As part of the market update the company also revealed it is currently adding an average of 36 new patients each business day, while 432 healthcare professionals are now prescribing Althea cannabis products.
Mid-way through 2019 we set a target of 4,000 patients by the end of the year and by mid-December, we were well placed to reach it. Having received our final 2019 numbers, I am pleased to advise that Althea concluded the year by exceeding its target, with 4,018 patients prescribed our medicinal cannabis products. We now have our sights set on a strong 2020 where we once again expect to see significant patient and prescriber growth.Althea Group CEO, Josh Fegan
The announcement continues a trend of record breaking patient growth for the company, which has been driven in part by the launch of the company's new full spectrum cannabis-derived extract oral oil, CBD100, which has seen exceptionally strong sales since it became available for prescription late last year.
Aside from cannabidiol (CBD), the formulation used by Althea for CBD100 also contains flavonoids, terpenoids and other cannabinoids—along with less than 1mg per ml of tetrahydrocannabinol (THC)—making it the company's most highly concentrated medicinal CBD product.
CBD100's full spectrum cannabinoid profile also offers a unique selling point when compared to 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.
The company expects to continue expanding its market share further in 2020, thanks to the growing popularity of CBD100 and the strong uptake of Althea medicinal cannabis products by healthcare providers.
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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