Racking Up Wins – Althea Enters the German Market, Reaches 3,000 Patients and Secures UK License

CV Sciences announces a new distribution partnership, THC Global secures a Manufacture License, MGC Pharma receives its first grant payment from the Australian Government, and more!

Althea Group Holdings Limited (ASX:AGH) kicked another big goal this week, after it announced the successful execution of its planned entry into the German market.

The move comes as part of Althea's broader push into the European cannabis landscape, with the company already having locked down a distribution agreement with Nimbus Health GmbH. This is a well-suited match, as Nimbus are a global pharmaceutical wholesaler specialising in the distribution and import of medicinal cannabis products.

The company has signed a Memorandum of Understanding with Nimbus, which will see its products stocked in Germany throughout its pharmacy network. However, this isn't just some hand-off distribution deal, as the two companies will also jointly establish yearly sales targets marketing and commercial strategies and develop real-world anonymized patient data.

The regulatory and social acceptance of medicinal cannabis use in Germany is favourable and we are expecting immediate patient growth in what is one of Europe's largest and most affluent countries. Althea CEO, Josh Fegan

The company also 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).

Registration with the CQC allows healthcare providers to begin offering domiciliary care, which 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 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.

The company also hit a huge product uptake milestone this week, after it officially reached 3,000 patients. However, this is hardly surprising, as Althea has been experiencing tremendous patient growth recently, adding 486 new patients in October alone.

There are up to 357 Healthcare Providers who have now prescribed Althea cannabis products, giving the company a year-on-year growth rate of 2,100 percent.

According to the CEO of Althea, Josh Fegan, "it is hard to believe that just over a year ago Althea medicinal cannabis products had only been prescribed to 127 patients.

"We have seen phenomenal growth since then and are very pleased to have now passed the 3,000-patient milestone. We are replicating our Australian strategy in the UK and German markets and expect to see similar patient growth trajectories in due course."

Althea Group CEO Josh Fegan explains the company's focus on education and technology

THC Global

THC Global Group Limited (ASX:THC), announced that it had been granted a Manufacture Permit from the Australian Office of Drug Control (ODC) for the company's Southport Manufacturing Facility.

This permit will allow the company to begin accepting raw medicinal cannabis from any licensed cultivator based in Australia, including its own cultivation facilities. More importantly, THC Global will also be able to immediately commence production of cannabis-based medicines at their Southport Facility.

This is a major milestone for the company, as it now has the largest extraction facility for medicinal cannabis in Australia, with the capacity to support a minimum of 250,000 Australian patients, as well as possessing excess capacity for the global export market.

 "Our scale and technology will enable us to offer patients a higher quality, more consistent cannabis medicine at a significantly lower cost than the current imported products available to Australian patients." THC Global CEO, Ken Charteris

Medlab Clinical

Disclaimer: Past performance is not an indicator of future performance.

Disclaimer: Past performance is not an indication of future performance.

Medlab Clinical Ltd (ASX: MDC) announced the achievement of a record month in cannabis revenue, with 846 bottles of NanaBis and NanaBidal dispensed. October saw an unprecedented increase in demand for NanaBis—Medlab's lead pain drug candidate—under the government's Special Access Scheme (SAS).

According to the company, this growth was largely driven by positive perception of the drug's clinical trials at Royal North Shore Hospital, as well as the recent decision to allow doctors and patients to participate in a TGA approved Observational Study designed in collaboration with US FDA.

Interest in participation in the study is already extremely high, with 93 Doctors and 161 patients currently enrolled in the trial. This led to 735 bottles of NanaBis being dispensed over the course of October, representing an increase of 43% when compared to the previous record-holding month.

MedLab Clinical Limited (ASX:MDC) is a healthcare company with a focus on providing therapeutic pathways for chronic diseases.

Grow Generation

The largest chain of specialty hydroponic and organic garden centres, GrowGeneration Corp (OTCMKTS: GRWG), reported financial results this week for its quarter ending September 30, 2019.

The Co-Founder and CEO of GrowGeneration Corp, Darren Lampert, said that "the Company's third quarter financial results reflect our continued focus on revenue growth and EBITDA expansion.

"We continue to invest in technology and infrastructure, while improving the financial performance of the Company in all areas. Revenue was up 159% year over year to $21.8 million. Adjusted EBITDA was approximately $2.0 million, with adjusted EPS at a positive $.06."

"Our online business rose over 1000% for the same period year over year. GrowGeneration Management Corp, our commercial division, is now approaching a $5.0 million per quarter segment of our business." GrowGeneration Corp CEO, Darren Lampert

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Valens GroWorks

Valens GroWorks Corp (CVE: VGW) announced that it has acquired all of the issued and outstanding shares of Southern Cliff Brands Inc in a cash and stock deal.

The acquisition and all planned capital expenditures are fully funded with cash on hand and current and projected cash flow from operations. The acquisition adds a new platform to the Valens portfolio that will bolster the Company's white label product offerings in categories such as beverages and edibles.

The company is leveraging existing beverage infrastructure at the Pommies facility and is budgeting for approximately C$10 million of capital expenditures at the facility over the next 12 months, following which Valens expects the facility to have a 40 million unit capacity for beverages alone, not including edibles.

Valens GroWorks Executive VP of Strategy and Investments Everett Knight discusses the company's Q1 2019 earnings

MediPharm Labs

MediPharm Labs Corp (TSXV:LABS) announced its financial results for the three and nine months ended September 30, 2019.

During the period the company posted strong growth in revenue, adjusted EBITDA and net income even while making significant investments in capacity and capability that will benefit future performance and support global growth opportunities.

Revenue was $43.4 million, a 38% increase over Q2 2019—as the company expanded its leadership of the Canadian cannabis extraction industry—while Gross Profit was $14.8 million, a 30% increase over Q2 2019. The Gross Margin was 34% compared to 36% in Q2 2019, despite lower market-selling prices and increased GMP audit certification costs.

We are on track to surpass the $100-million milestone in revenue this year, which is a remarkable testament to the tireless efforts of the skilled professionals at MediPharm Labs. MediPharm Labs CEO, Pat McCutcheon

MGC Pharmaceuticals

MGC Pharmaceuticals Ltd (ASX: MXC), announced that it has received its first payment from the Australian Government for $25,000, as part of the Innovation Connections Grant.

The grant has been issued to MGC in support of the Phase IIb clinical trials currently being conducted on its CogniCann drug, in conjunction with the University of Notre Dame in Western Australia. CogniCann is the company's blended phytocannabinoid derived formulation developed to specifically target the symptoms associated with dementia and Alzheimer's disease

The Phase IIb study will be a double-blind placebo-controlled clinical trial of 50 patients. Recruitment is already underway, and the treatment of patients is expected to commence in the next several weeks.

MGC Pharmaceuticals is a European-based company which specialises in researching, developing and distributing cannabinoid derived medicines.

CV Sciences

CV Sciences Inc (OTCMKTS:CVSI), announced a new distribution partnership with Southeastern Grocers Inc, with an initial launch at 115 Winn-Dixie stores in Florida and 37 BI-LO stores in South Carolina. PlusCBD Oil products will be available at these stores as of November 3, 2019.

CV Sciences' new distribution partnership with SEG's Winn-Dixie and BI-LO banners increases distribution and availability of a broad assortment of the Company's best-selling PlusCBD Oil products, including ingestible dietary supplements.

New distribution at select Winn-Dixie stores in Florida and BI-LO stores in South Carolina includes both topical products, such as PlusCBD™ Oil Extra Strength and Original Balm and PlusCBD™ Oil Roll-On, as well as PlusCBD™ Oil full spectrum hemp extract dietary supplements, including Gold Formula Softgels, Gold Formula Drops and Gummies, and Total Plant Complex Sprays.

We are excited to further expand availability of our topicals and award-winning dietary supplements in the food, drug and mass retail channel through our new partnership with Southeastern Grocers, one of the largest supermarket companies in the U.S. CV Sciences CEO, Joseph Dowling

Cronos Group

Finally, Cronos Group Inc (TSX:CRON), announced financial results and business highlights for the three- and nine-months ending September 30, 2019.

After a profitable quarter Cronos Group report that their net revenue was $12.7 million in Q3 2019, representing a 238% increase from $3.8 million in Q3 2018, primarily driven by the launch of the adult-use market in Canada and the inclusion of Redwood from the date of closing on September 5, 2019 to the end of the quarter.

Net revenue increased 24% quarter-over-quarter from $10.2 million in Q2 2019, primarily driven by increased sales in domestic dried cannabis and the inclusion of Redwood. 3,142 kilograms were sold in Canada in Q3 2019, representing a 511% increase from 514 kilograms sold in Q3 2018, primarily driven by increased cannabis production and the launch of the adult-use market.

Cronos CEO Mike Gorenstein, explains how the company plans to launch vaping products.

Watch this space for future updates.

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Hugo Gray
Hugo Gray

Hugo Gray is a Melbourne-based journalist with a body of work that covers a diverse range of topics, including immigration law, sex technology, and now the rapidly expanding cannabis industry.

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