Wellnex Life (ASX:WNX) - CEO, George Karafotias
CEO, George Karafotias
Source: Wellnex Life
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Wellnex Life (WNX) forms a 50/50 joint venture with OneLife Botanicals for the manufacture, distribution and sale of medicinal cannabis and hemp-based products
  • Under the joint venture, Wellnex will become one of the first to market cannabis-based products in Australia, including the new category of products for the Schedule 3 market
  • Products under the Schedule 3 market do not require a prescription but are only available to purchase through pharmacies
  • Furthermore, Wellnex says the joint venture will enable it to be one of the few companies to have traceability in the production and manufacturing of cannabis products
  • Wellnex is up 7.35 per cent with shares trading at 7.3 cents at 2:08 pm AEST

Wellnex Life (WNX) has formed a 50/50 joint venture with OneLife Botanicals for the manufacture, distribution and sale of medicinal cannabis and hemp-based products.

The joint venture will allow Wellnex to become one of the first companies to market cannabis-based products in Australia, including the new category of TGA-registered products for the Schedule 3 market.

Products under the Schedule 3 market do not require a prescription but are only available to purchase through pharmacies.

Furthermore, Wellnex said under the joint venture, it would be one of the few companies to have traceability in the production and manufacturing of cannabis products.

As part of the joint venture deal, once Wellnex has obtained registration of a Schedule 3 product, it will earn a four per cent stake in OneLife, giving it ownership across the whole value chain.

“The joint venture signed with OneLife Botanicals marks an exciting step for Wellnex Life in being one of the first to bring cannabis-based products to the Australian market,” Wellnex CEO George Karafotias said.

“We are targeting production of a medicinal cannabis product appropriate for the Special Access Scheme market by the end of this year and are aiming to have a registered product in the Schedule 3 market by the end of CY23.

“We’re pleased to be able to partner with OneLife, who recently acquired, Medipharm Australia, a world-class cannabis manufacturing facility, enabling Wellnex full traceability of the whole production and manufacturing process of cannabis products using Australian product and knowledge.”

Based in Victoria, OneLife is a licenced producer and manufacturer of cannabis and cannabis-based products.

It has a fully operational cannabis production and research product development facility that can produce 20 tonnes of product per year.

Wellnex was up 7.35 per cent with shares trading at 7.3 cents at 2:08 pm AEST.

WNX by the numbers
More From The Market Herald
The Market Herald Video

" Nova Minerals (ASX:NVA) strikes further “exceptional” high-grade gold at RPM North, Alaska

Nova Minerals (ASX:NVA) has unveiled further "exceptional" bonanza-grade gold results from drilling at the RPM North…
The Market Herald Video

" Hot Chili (ASX:HCH) strikes highest-grade drilling result to date from Valentina

Hot Chili (ASX:HCH) records its highest-grade result to date from its Valentina copper deposit, east of…
The Market Herald Video

" Imugene (ASX:IMU) sees “positive signs” from lung cancer trial, presents data at 2022 world conference

Imugene (ASX:IMU) presents new data from its PD1-Vaxx trial in non-small cell lung cancer patients at…
Raiden Resources (ASX:RDN) - Managing Director, Dusko Ljubojevic

" Raiden Resources (ASX:RDN) schedules heritage survey at Mt Sholl ahead of drilling

Raiden Resources (ASX:RDN) prepares for a heritage survey across the drill targets within its Mt Sholl…