Seeking expansion into the burgeoning medicinal cannabis market as part of the plant’s trend as a treatment for various common ailments, Wellnex Life (ASX: WNX) will debut its new Wellness Life cannabis brand next month.
The launch of Wellness Life will be supported by a collaboration with OneLife Botanicals and is bolstered by the appointment of Dr. Sylvia Victor, a distinguished expert in healthcare and alternative medicines. Dr. Victor’s extensive background in commercial operations, healthtech, medical devices, and biotechnology is expected to drive the success of Wellness Life.
Her leadership will be pivotal as she oversees the joint venture’s activities, leveraging her experience in managing medicinal cannabis clinics and pharmacies across Australia.
Under the Wellness Life brand, Wellnex plans to introduce a comprehensive range of medicinal cannabis products. These products will be available through the Chemist Warehouse network, ensuring broad accessibility to Australian consumers. Additionally, a partnership with InstantConsult, a leading telehealth provider, will enable the prescription of Wellness Life products, integrating digital healthcare with medicinal cannabis distribution.
The launch comes at a time when the medicinal cannabis market in Australia is experiencing significant growth which is being fueled by the Special Access Scheme Category B (SAS-B), that allows medical practitioners to prescribe medicinal cannabis products not included in the Australian Register of Therapeutic Goods.
Global interest in medicinal cannabis is driven by several factors. Increasing acceptance of cannabis for therapeutic purposes, advancements in cannabis research, and a growing body of evidence supporting its efficacy in treating various medical conditions have all contributed to the market’s expansion.
Conditions such as chronic pain, epilepsy, multiple sclerosis, and anxiety are among those commonly treated with medicinal cannabis, providing relief where traditional medicines may fall short.
Furthermore, the changing regulatory landscape worldwide has opened new markets and reduced barriers to access. Countries like Canada, Germany, and parts of the United States have implemented more liberal policies regarding medicinal cannabis, encouraging other nations to follow suit. This global shift towards acceptance and legalisation is reflected in the increasing number of clinical trials and scientific studies exploring the benefits and safety of cannabis-based treatments.
“We are thrilled to launch Wellness Life in collaboration with Chemist Warehouse and OneLife Botanicals,” said George Karafotias, CEO of Wellnex Life.
“This marks a significant step in providing high-quality medicinal cannabis products to the burgeoning SAS-B market in Australia.”
Dr. Sylvia Victor’s appointment as the head of Wellness Life’s activities underscores the importance of expertise in navigating this complex and evolving market. Her notable career, which includes a PhD from the University of Tokyo and an MBA from McGill University, positions her well to lead this venture. Her experience in launching and managing medicinal cannabis operations will be instrumental in establishing Wellness Life as a trusted brand.
For the quarter ended 31 March 2021, Wellnex reported $304k in positive operating cashflow with $591k of cash on hand at the time. The Company is also in the process of dual-listing on the London Stock Exchange as part of its strategy to expand through Asia and the Middle East.
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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1 Comment
Shraddha13
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