The Australian medicinal cannabis company, Althea Group Holdings Limited (ASX:AGH), announced today that the company's products have been prescribed to 1,523 patients.
The news comes following a record-breaking July, which saw Althea add 334 patients to its books, representing the largest number of patients gained by the company in a single month.
This sharp spike in product uptake has also continued into August, leaving Althea in the comfortable position of averaging more than 19 additional patients per day. The increase in patients is being fuelled by the growing number of Australian healthcare professionals prescribing Althea's products, which recently climbed to 245 in number.
However, the more important factor driving the rapid uptake of Althea products is the its' broader commercial strategy, which is aimed at leveraging the company's propriety cannabis prescription platform, Althea Concierge, with the help of an on-the-ground Medial Science Liaison team and a growing secondary channel of clinical partners.
Althea also used the announcement to unveil its new agreement with Tetra Health Pty Ltd, which will see the company support continued growth through its secondary clinical channels.
Under the agreement, Tetra Health will offer assistance to Althea as a non-exclusive education and distribution partner of the company's medicinal cannabis products in Australia. Tetra will also make use of an online education portal known as Medical Education in Cannabinoids ('MEDIC'), which is intended to help healthcare professional gain access to education and resources aimed at prescribing cannabis.
The partnership with Tetra should prove to be a useful asset for Althea, as the company has seen a high conversion rate of prescribed eligible patients, and has recently reported growth increases exceeding 500% over the last month.
According to the CEO of Althea Group Holdings, Josh Fegan, the company is "very pleased to have achieved a record-breaking month in July and entered into an agreement with Tetra Health, one of the leading medicinal cannabis-related service providers in Australia."
"This agreement gives us access to a wider network of HCPs as we continue on our mission of being the leading provider of high-quality medicinal cannabis products to patients in Australia."
News of Althea's growth comes at a time when the Australian cannabis industry is experiencing a sudden boom in prescription numbers, with an additional 2,206 SAS Category B approvals recorded by the Therapeutic Goods Administration (TGA).