ASX wellness stocks offering calm and anxiety relief

Anxiety and stress are growing concerns in Australia, being addressed by ASX wellness stocks
Althea is exploring how medicinal cannabis profiles align with specific conditions like anxiety and sleep disorders
Virtura Health offers telehealth services and a platform linking authorised prescribers of cannabis with dispensers

Australians are increasingly feeling overwhelmed by the daily juggle of life’s responsibilities with financial strain brought on by the cost-of-living crisis adding to this pressure and significantly boosting demand for psychological services, according to the Australian Psychological Society.

While many Aussies are seeking help from health professionals for mental health and stress management, the ASX wellness market is also stepping up to offer support. Here’s Part 2 of our story on the ASX health and wellness stocks helping people manage stress and anxiety.

Althea Group (ASX:AGH)

AGH operates three distinct strategic business units including Peak Processing Solutions, Althea, and MyAccess Clinics.

Canadian-based company Peak Processing Solutions is focused on developing, manufacturing, and launching cannabis products in partnership with consumer-packaged goods companies for the recreational market.

MyAccess Clinics is one of Europe’s leading medicinal cannabis clinics, specialising in patient care and prescription medicinal cannabis products.

Althea is responsible for the global sales and distribution of prescribed medicinal cannabis products.

Combined, the companies operate in some of the world’s largest federally regulated cannabis markets, including Canada, Australia, the United Kingdom, and Germany.

CEO and managing director Joshua Fegan told Stockhead that understanding which medicinal cannabis profiles best align with specific indications, such as anxiety and sleep disorders has become a key focus for the company.

“We know around one million patients have been treated with medicinal cannabis via the Authorised Prescriber and Special Access schemes in Australia since 2016,” he says.

“Special Access Scheme prescription data shows us that medicinal cannabis products are most used for the management of pain, anxiety and sleep disorders.

“Despite licensed medications being available for these conditions there is still a huge unmet need among patients, for example, global data suggests that fewer than 30% of patients receive sufficient treatment for anxiety.

Fegan says insights like these form the basis of ALT’s global strategy, which focuses on driving normalisation and simplification of medicinal cannabis prescribing – empowering healthcare professionals and evolving the industry to ease patient burden.

“At Althea, we also recognise that different medicinal cannabis profiles, such as CBD-dominant, a balance of CBD and THC, and THC-dominant, may be effective in treating various clinical conditions,” he says.

“This strategy is also reflected in the launch of our innovative Althea Softgel Capsules range, which offers CBD-dominant, balanced and THC-dominant formulations.

“Our fixed-dose formulations provide consistent dosing, in a familiar and convenient softgel capsule format, which we believe will support overall compliance for patients on medicinal cannabis therapy.”

Vitura Health (ASX:VIT)

Having acquired the private Doctors on Demand platform last October, VIT offers a telehealth GP services as well as specialist medicinal cannabis telehealth consultations CDA (Cannabis Doctors Australia) nationally.

The company’s Cannview platform has a growing distribution portfolio that includes the wholesale supply of medicinal cannabis, nicotine vaping products and MDMA, amongst others.

It links authorised prescribers (mainly GPs) and dispensing pharmacists providing a seamless medication selection and ordering service that has processed more than 1,500 prescriptions in the past 12 months.

With access to more than 80% of the pharmacy network, including the major pharmacy banner brands, Cannview has had more than 845,000 medication units shipped this financial year to date.

VIT says it works with the top three health insurers and in the past 12 months has had more than 150,000 active patients with a return rate of 55% in its clinics.

With a focus on the patient ecosystem VIT says it’s well-positioned for future expansion into general telehealth services via its network of GPs as well providing add-on telehealth prescription for other products requiring repeat prescriptions and regular medical oversight, such as smoking cessation aids, weight loss medications and, eventually, psychedelic medications for mental health.

CEO Tom Howitt told Stockhead the company was already a market leader in plant medicine and was on a pathway to further expand categories and channels to offer an end-to-end digital health business that will capitalise on high demand patient needs, including mental health.

“Diversification of our business will enable us to return to a strong growth profile and deliver a truly enhanced healthcare experience to current and prospective patients throughout their lifetimes,” he says.

“As more users flow through this ecosystem, the more valuable it becomes for each of our participants, resulting in the strengthening of Vitura’s position as an essential enabler.”

Wellnex Life (ASX:WNX)

WNX is an Australian brand and distribution company of customer-focused health and wellness products, including to promote sleep.

Quality sleep has been shown to be crucial for good mental health. Sleep issues are considered a factor in worsening mental health conditions, while in turn mental health problems can contribute to poor quality sleep.

WNX managing director Zack Bozinovski told Stockhead the company’s Nighty Night an Ashwagandha plus Magnesium effervescent helps support the time it takes to fall asleep.

“Over 40% of Australians struggle with sleep, and are struggling to sleep 7-9 hours each night,” Bozinovski says.

“More than 59% of people experience symptoms such as trouble falling asleep, staying asleep or waking too early and not being able to get to sleep quality sleep at least three to four times per week.

“Nighty Night is formulated with ingredients that are clinically proven to help Australians have a refreshing nights sleep.”

Bozinovski says the blend of ingredients is designed to relax your body and mind, promoting a restful night’s sleep that leaves a person energised and restored.

“The blend of Ashwagandha, Magnesium and Vitamin B3 come together to support your sleep,” he says.

“Ashwagandha is traditionally used in Ayurvedic medicine to reduce the time to fall asleep and relive symptoms of stress.”

WNX recently reported net sales of $2.2 million for the month of May, with a gross margin of 40%. From January to
May, gross margins were 40.1%, an increase of 14% on pcp.

The company has also announced it is launching in July Wellness Life, a new medicinal cannabis brand which will be available in Chemist Warehouse and other leading pharmacies.

WNX has also kicked off the process to dual list on the London Stock Exchange, saying it will provide a pathway to accelerate growth both domestically and internationally.

At Stockhead, we tell it like it is. While Althea Group is a Stockhead advertiser, it did not sponsor this article.