Cannabis healthcare company Bod Australia (ASX: BDA) has commenced its penetration of the lucrative UK medicinal cannabis market having received its first international prescriptions for their MediCabilis™ product.
With more than 7.3 million consumers of cannabis products in the UK annually, it represents a major addressable market for Bod which estimates its value to be 4 times the size of Australia’s market.
The MediCabilis™ prescriptions were received from a leading medicinal cannabis organisation which operates clinics throughout the UK to treat patients suffering from debilitating conditions whose previous treatments have not been effective.
“Securing the first international prescriptions for MediCabilis™ has been months in the making and it is the critical catalyst for a rapid increase in prescription volumes in the United Kingdom,” said Bod CEO, Jo Patterson.
“Our UK market entry has included rigorous patient and physician education initiatives, as well as collaborative work with our distribution partners to ensure we have the necessary infrastructure in place to scale operations rapidly. “
“This is not quickly or easily replicated, so we have an immediate market advantage here.”
Beyond engaging with physicians to educate on the value of MediCabilis™, Bod will seek to use the UK as a springboard into other European nations where the company has commenced growth initiatives.
The prescriptions follow on from a busy April in the UK for Bod having recently launched a new range of cannabinoid soft-gel capsules designed to alleviate stress and anxiety. Unlike MediCabilis™, the new products can be purchased online in the UK alongside their cannabinoid oil range.
For the Quarter ending 31 March 2020, Bod Australia reported $1.25m in sales which represented a 135% increase on the corresponding FY19 period. The Company also secured major distribution partners in Australia for their hemp seed oil products during the same period, which include Coles, Chemist Warehouse and Priceline Pharmacies.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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