Althea Group has been approved for a license from the Quality Care Commission for its UK cannabis clinic.
There was big news from the Australian medicinal cannabis company, Althea Group Holdings Limited (ASX:AGH), after it announced that its wholly owned subsidiary, MMJ Clinic Group Limited, had secured a license from a UK health regulator for its MyAccess Clinics site in Bristol.
This is a huge milestone for the company, as it makes MyAccess Clinics the second cannabis clinic in the UK to receive a license from the Care Quality Commission (CQC).
The CEO of Althea Group, Josh Fegan, stated that the company is, "very proud of Graham and the team at MyAccess Clinics."
"As a leading medical educator and product supplier in Australia and the UK we have a great understanding of the medical cannabis clinic model. This led us to invest in MyAccess Clinics and gives us confidence that patients in the UK will receive a gold standard of care from MyAccess Clinics prescribers," he said.
Registration with the CQC also allows healthcare providers to begin offering domiciliary care. This means that prescribing doctors from Althea's MyAccess Clinic network will now be able to conduct home care services, which will significantly broaden their potential patient base.
"The granting of the CQC licence signifies a market leading position for MyAccess Clinics and Althea looks forward to supporting its growth." Althea Group CEO, Josh Fegan
And more importantly, it demonstrates that the medicinal cannabis market in the UK is beginning to gain mainstream acceptance as a potential treatment option for chronic health conditions.
MyAccess Clinics already has roughly 100 patients on its waiting list, and the additional credibility associated with CQC registration will no doubt assist in the expansion of its prescriber base.
The company also expects to soon begin receiving patients from Project TWENTY21—the UK's first national pilot trial for medical cannabis—which aims to enrol 20,000 patients by the end of 2021.
According to the Director of MyAccess Clinics, Graham Woodward, the company is, "delighted to have received our CQC registration and licence, which I am confident will be a turning point for patients who have so far been unable to access medical cannabis in the UK."
"The CQC licence will allow our physicians to prescribe with absolute confidence, along with now being able to assess patients in their own homes."
"I also trust this development will bring renewed hope for the reported 1.4 million people in the UK using 'street cannabis' to treat their chronic health conditions, now that they will have increased access to expert care and high-quality medical cannabis products," Woodward said.
News of the approval has sent stock in Althea climbing by 5.26%, and as of midday it is currently trading at 0.50 a share.
To learn more about Althea Group Holdings visit their Company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance
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