Total
0
Shares
Elixinol Global (ASX:EXL) - CEO, Oliver Horn - The Market Herald
CEO, Oliver Horn
Source: Cannabiz
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Elixinol Global (EXL) will sell its branded CBD products in Australia through a new distribution agreement with cannabis wholesaler PharmaCann
  • Through the Therapeutic Goods Administration’s (TGA) Special Access Scheme, PharmaCann will be able to import and sell Elixinol’s products within Australia
  • The TGA is currently considering re-classifying CBD as a schedule three treatment, allowing the products to be acquired over the counter at pharmacies
  • Elixinol, which already distributes across in the U.S., the UK and Europe, hopes the new agreement with PharmaCann will further accelerate CBD sales if the TSA chooses to re-classify the treatment
  • Elixinol Global is up 2.7 per cent on the market in early trade, priced at 19 cents per share

Elixinol Global (EXL) will sell its branded CBD products in Australia through a new distribution agreement with cannabis wholesaler PharmaCann.

Through the Therapeutic Goods Administration’s Special Access Scheme, PharmaCann will be able to import and sell Elixinol’s products within Australia.  PharmaCann recently obtained the necessary regulatory and governmental approvals to import and wholesale all forms of medical cannabis. 

The deal follows the TGA’s proposed de-scheduling of CBD. Currently, CBD products are classed as a schedule four substance in Australia and, therefore, require a prescription to acquire.

If CBD is brought down to a schedule three classification, consumers will be able to access the products for medicinal use over the counter at pharmacies across Australia.

Currently, PharmaCann supplies 1600 medical practitioners across Australia and New Zealand. Further, PharmaCann has supply agreements with more than 2000 pharmacies, which include the and Chemist Warehouse, TerryWhite Chemart and Priceline Pharmacy.

Elixinol, which already distributes across in the U.S., the U.K. and Europe, hopes the new agreement with PharmaCann will accelerate CBD sales if the TSA does re-classify the treatment.

Group CEO, Oliver Horn commented deal with PharmaCann.

“We regularly receive queries about whether our products are accessible in Australia, so we’re very pleased to now be able to offer a solution. The relationship with PharmaCann gives us the ability to sell Elixinol branded products in our home market in a way which fits within current regulations,” he said.

Meanwhile, Managing Director of PharmaCann Global, Victor Caprio, said PharmaCann was proud to be working with Elixinol Global to continue to deliver high-quality cannabinoid medicines across Australia and New Zealand.

Elixinol Global is up 2.7 per cent on the market in early trade, priced at 19 cents per share at 10:57 am AEST.

AOU by the numbers
More From The Market Herald
Medlab Clinical (ASX:MDC) - CEO, Dr Sean Hall - The Market Herald

" Medlab Clinical (ASX:MDC) gets green light for US patent

Medlab Clinical (MDC) has been issued with a notice of allowance by the United States Patent Office (USPTO) regarding a patent for its
Althea Group (ASX:AGH) - CEO, Joshua Fegan - The Market Herald

" Althea Group (ASX:AGH) hits sales high in June

Althea Group’s (AGH) latest quarterly report shows the cannabis business hit a sales high during the period.
Starpharma (ASX:SPL) - CEO, Dr Jackie Fairley - The Market Herald

" Starpharma (ASX:SPL) shows 99.99pc antiviral activity against Delta COVID-19 variant

Starpharma’s (SPL) SPL7013 drug has shown a reduction of more than 99.99 per cent against the Delta variant of SARS-CoV-2.
Prescient Therapeutics (ASX:PTX) - CEO & Managing Director, Steven Yatomi - The Market Herald

" Prescient Therapeutics (ASX:PTX) expands trial of PTX-100

Prescient Therapeutics (PTX) is progressing the trial of its cancer-blocking drug PTX100 following successful results from Phase 1b of the trial.