Medical cannabis company Bod Australia (ASX:BDA) has increased its product line with the receipt of a new import permit.
On Tuesday (February 11), the cannabis company told investors that it has received approval from the New South Wales Department of Health and Office of Drug Control to import two new cannabidiol (CBD) isolate products with 2.5 percent and 10 percent strengths.
With the new offerings, which will be sold under Bod’s MediCabilis brand, the company will now have three products in the line. According to the firm, that gives it access to an additional 32 percent of the medicinal cannabis prescription market in Australia.
Shares of Bod were up 3.7 percent from market close on Tuesday to the end of the trading session on Wednesday (February 12), ending the trading day at AU$0.28.
CEO Jo Patterson said in a statement that the new products are a result of the company’s considerable work in research and development.
“Bod is one of the only companies to have completed a Phase I clinical trial using a finished dose form and cannabis extract and this gives prescribers and patients tremendous confidence in our product,” the executive said.
The CBD isolate is derived from Bod’s exclusive full plant extract, which is also used in the original MediCabilis 5 percent CBD offering. The first of the products in the MediCabilis line has been prescribed over 2,000 times over the past 12 months, Bod said.
Patterson added that the products’ categorization as Schedule 4 substances means lower barriers for restrictions and use, further allowing the company to maximize its market penetration.
According to the Therapeutic Goods Association, the Schedule 4 category is designated for prescription-only medicines or prescription animal remedies.
Along with the first product in the MediCabilis line, the two new medicines will be available through the Special Access Scheme Category B pathway and through approved prescribers.
With the expanded line, Bod is confident that prescription volumes will rise in the coming months as patients and physicians seek out alternative treatments for pain, nausea and inflammatory conditions.
Apart from its operations within Australia, Bod’s international initiatives in its medical marijuana, hemp and CBD division are progressing as well, Patterson said.
Sales for Bod’s most recent quarter were at AU$536,000, bringing the total amount of sales in the first half of its fiscal 2020 year to AU$1.04 million. The firm noted that it had about AU$8.1 million in cash by the end of the quarter.
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Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.