The burgeoning arms of cannabis treatment have made their way to Ireland, with regulators easing restrictions which has increased the amount of qualified retailers.
Currently, there is a limited number of cannabis retailers in the Republic of Ireland. Today, Althea Group Holdings (ASX: AGH) has been granted a rare opportunity to enter the Irish cannabis market following approval from the Minister of Health and Health Product Regulatory Authority (HPRA).
One of Althea’s core products that received approval was its cannabis oil CBD12:THC10; which will be accessible through a prescription. The product will be added to the Primary Care Reimbursement Service as part of the Medical Cannabis Access Programme (MCAP), making it free of charge for eligible patients through a subscription from a doctor.
Being prescription-based, specific criteria has to be met by the patient. The cannabis-based treatment will be permitted for the following medical conditions if the patient fails to respond to standard treatments.
- Spasticity associated with multiple sclerosis
- Intractable nausea and vomiting associated with chemotherapy
- Severe, treatment resistant, epilepsy
“The approval of our first medicinal cannabis product in the Republic of Ireland is another positive achievement aligned to our European growth strategy for Althea. Having one of only a limited number of cannabis-based medicines approved for sale in Ireland is a massive advantage for Althea,” said AGH CEO, Joshua Fegan.
The opportunity into the Irish market strengthens the Company’s plans for European expansion as they aim to get their products across several key markets.
Over the past year, Althea has been making moves to ensure continued growth and innovation across its business. Among these moves, the Company was pleased to see the relaxation of regulators worldwide where they saw an opportunity to distribute new products. A few notable mentions are; Australia, the United Kingdom and Canada.
In these segments the Company was able to produce revenue of $9.4m for the period ending 31 December 2021, an increase of 84% on pcp – its best year to date. To prop up funding for expansion, AGH successfully completed a $10.64m capital raising on 31 August 2021. The placement received strong demand from shareholders who acquired the additional shares at an issue price of $0.24, which at the time represented a 15.8% discount to the closing price.
AGH shares have tracked mostly lower since its peak of $0.62 in February 2021, with it currently sitting at a price of $0.125.
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