Over the past several months, medical cannabis company Melodiol Global Health’s (ASX: ME1) subsidiary Health House Australia has been gearing up for the launch of its medicinal cannabis clinic.
After significant internal analysis and planning, Health House Australia expects the Health House Wellness Clinic to be operational in Q2 of CY24. The Health House Wellness Clinic operation is expected to significantly extend Health House Australia’s value proposition to existing and prospective suppliers.
During Q1 CY24, Health House Australia successfully added several new suppliers to its existing base. These include Botanitech, Chemovar, Endoca and Quantum. Plus, MedTEC Pharma announced Health House Australia as its lead launch partner in introducing its Australian-grown flower and oil medicines, slated for Q2 CY24. The continued addition of new suppliers to its portfolio is a core strategic objective of Health House Australia.
CEO and Managing Director William Lay said, “Since being Australia’s first company to import medicinal cannabis in 2017, Health House Australia’s unwavering commitment to great service and integrity has led to it becoming one of the trusted names within the distribution of medical cannabis in Australia. I am very proud of our team for their hard work to remain a supplier of choice for existing relationships, and for continuing to expand the supplier base. Additionally, we are very excited about the launch of Health House’s medical cannabis clinic in Q2 of CY24, which will serve to further strengthen Health House Australia’s value proposition to existing and new suppliers.”
Melodiol Global Health develops cannabis, hemp-derived, and other plant-based therapeutic, nutraceutical, and lifestyle products with a wide consumer reach. In CY24, the Company generated unaudited revenues of $3.1m through February 2024. These revenues include results from Mernova Medicinal, the Company’s recreational cannabis division in Canada, and Health House International, which distributes medical cannabis in Australia and other medical products in Europe. While Mernova raked in about $1.45 million, Health House brought in $1.7 million in revenue.
Recently, Mernova successfully received approvals to launch a variety of new products and cannabis strains across several provincial markets in Canada. The subsidiary will also enter a new product category—edible products—and has unlocked a new medical channel in its home province. Plus, Mernova is working on developing new flavoured vaporisers with a scheduled launch in Q3 CY24.
Melodiol has rationalised its portfolio to focus on these revenue-generating units to accelerate its strategic objective of reaching a cash flow-positive state. Moreover, it may even consider a US expansion soon as the country mulls over legalising cannabis at a federal level. Melodiol, with its North American presence, stands to benefit if that happens.
With regard to its medical cannabis clinic, the Company has received firm commitments to raise $796k (before costs) through the issue of New Shares at a price of $0.00442 per Share.
Alinda is a Business Reporter for The Sentiment
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1 Comment
Shraddha13
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