Althea Group Holdings (ASX: AGH) has just announced that the company is on track to reach 4,000 patient prescriptions by the end of the year, and has extended its product supply agreement with Aphria to 2027.
Althea Group (ASX:AGH), licensed producer, supplier, and exporter of pharmaceutical-grade medicinal cannabis has just prescribed medicinal cannabis products to a total of 2,705 patients, with 348 healthcare professionals now prescribing Althea's products.
The company expects to reach its target of 4000 patient prescriptions by December 31st, 2019, and is fully funded to meet all its global objectives.
The Company mentions in the announcement that both Queensland and New South Wales have both improved their medicinal marijuana programs by removing their state-based application processes, which will improve patient access to cannabis products such as Althea's. Patients in both states simply require TGA (Therapeutic Goods Association) approval.
On the subject of removing barriers to prescription in Australia, Althea CEO Josh Fegan said that other states will soon be following suit, stating that "other states including Victoria, will soon follow the lead of Queensland and New South Wales by removing state-based applications for patients seeking access to medicinal cannabis."
"This will certainly lead to wider acceptance of medicinal cannabis treatment within the medical community and we believe will significantly increase Althea's patient base."
The company also provided an update on its UK operations, such as receiving additional import licenses for the supply of Althea's medicinal cannabis products.
Currently, 60 patients are on the waiting list for HCP consultations at MyAccess Clinics, a wholly-owned subsidiary of Althea. The company plans to meet this growing demand by expanding MyAccess Clinics across the UK.
Althea also supplies cannabis to Drug Science's Project "TWENTY21," the UK's first national pilot for medical cannabis. Expected to commence next month, Project TWENTY21 is hoping to enroll 20,000 patients before the end of 2021.
The Company also advised readers that substantial shareholder Aphria Inc. ('Aphria') committed to the sale of 36.697 million non-escrowed shares held in the Company (equivalent to 15.7% of the Company's issued capital) at A$0.40 per share, but will continue to remain a commercial partner in facilitating Althea's growth.
Althea understands and appreciates that Aphria is readjusting its strategic focus. Aphria has confirmed their commitment to remain a strong commercial partner of Althea, including the long-term supply of medicinal cannabis products and other collaborations. Josh Fegan, CEO of Althea
Aphria states the purpose behind selling the shares is to renew focus upon the company's strategic plan, and that Aphria will continue to hold 5.25% (12.25 million shares) of Althea's issued capital.
Though Aphria and Althea's product supply agreement ensures continuity of product to Althea until 2027.
To find out more, visit Althea's 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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