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Bod Australia (ASX:BDA) - CEO, Jo Patterson - The Market Herald
CEO, Jo Patterson
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  • Bod Australia (BDA) has decided to actively pursue opportunities to launch CBD-based products following a regulatory shift within the market
  • Yesterday, the Therapeutic Goods Administration (TGA) announced some cannabinoid (CBD) products — containing 98 per cent or more CBD — could be sold over-the-counter and prescription-free
  • However, this is limited to CBD product packs containing no more than a 30-day supply and can only be sold to customers at least 18 years of age
  • Bod will work closely with the TGA to evaluate the requirements for registering its proposed CBD products for sale in Australia
  • Company shares have dropped 11.7 per cent and are trading for 34 cents

Bod Australia (BDA) has decided to actively pursue opportunities to launch CBD-based products following a regulatory shift within the market.

Yesterday, the Therapeutic Goods Administration (TGA) announced an interim decision to down-schedule cannabinoid (CBD) products from Schedule 4 to Schedule 3 (Pharmacist Only) medicines.

The decision means CBD products containing 98 per cent or more CBD can be sold as an Australian Register of Therapeutic Goods (ARTG)-registered product over-the-counter and without the need for a prescription.

Under the TGA's guidelines, CBD products in packs containing no more than a 30-day supply can be sold to customers over 18 years old. The maximum recommended daily dose is 60 milligrams of CBD.

The TGA's decision opens up a significant opportunity for Bod, as it will grow the overall market for CBD products in Australia.

"The announcement from the TGA marks a positive step forward for the acceptance and sale of CBD in Australia and Bod is very well positioned to capitalise," CEO Jo Patterson said.

"This provides us with considerable optionality and a number of avenues to drive revenue growth. We anticipate that there be significant consumer demand for our CBD products once stock is available and we are confident that products can be brought to market within 12 months," Jo added.

Earlier this year, Bod launched a range of hemp-based products into 2000 Australian stores with Swisse Wellness. Swisse's products are nationally-recognised and stocked in pharmacies including Chemist Warehouse and Priceline Pharmacy.

Bod will now evaluate the prerequisites for registering its proposed CBD products for sale in Australia. Part of this will include leveraging existing data from a phase one clinical study conducted last year. Bod also plans to undertake phase two and three trials.

Company shares have dropped 11.7 per cent and are trading for 34 cents at 3:54 pm AEST.

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