Bioxyne subsidiary imports $3.2million of premium quality cannabis flower into Australia
Health & Biotech
Health & Biotech
Bioxyne subsidiary Breathe Life Sciences (BLS) has imported and irradiated another 200kg of premium high THC cannabis flower across three strains into Australia, with a dispensed patient value of ~$3.2 million as it works to increase its foothold on the Australian market.
Bioxyne (ASX:BXN) says its wholly owned subsidiary BLS has become the first Australian company to import cannabis flower from the UK, with 100kg of its latest import coming from the world’s biggest producer and exporter of legal cannabis for medical and scientific purposes.
In Australia, BLS holds licenses to import, export, store and distribute wholesale Schedule 3, 4, and 8 controlled substances including medicinal cannabis, ketamine, and psilocybin and MDMA following TGA rescheduling in July of this year.
BLS Clinics facilitates online consultations with authorised prescribers for Australian patients to access these unregistered medicines.
CEO Sam Watson says its goal is to become a leading supplier of cannabis flower in Australia along with a leading global player in development of psilocybin medicines.
“Working with cultivators around the world we source high-grade low-cost cannabis, new genetics which are currently not available in Australia, and supply bulk product to the market, for compounding pharmacies and manufacturers,” Watson says.
“We are also positioning to be global leader in the development of psilocybin medicines.”
Acquired by BXN earlier this year BLS is focused on new-pharmacopoeia alternative medicines.
Founded by Watson, BLS’s product range includes cannabis medicines and pre-pharmaceutical consumer healthcare products such as mushrooms, nootropics, and novel food supplements (including CBD in the UK and EU) sold to businesses and direct to consumer.
The company has a drug development pipeline which includes Psilocybin (magic mushrooms) and MDMA capsules and expects to have established commercial pathways via clinical trials and authorised prescribers in H1 2024.
“We are seeing tremendous growth in our pharmaceutical business here,” Watson says.
“Medicinal cannabis in Australia is fast approaching a billion-dollar industry, and we are going to be a big part of that growth.
“This has already benefitted our international operations and sales teams in the UK, Europe, and Japan.”
BLS is awaiting TGA Pharmaceutical GMP inspection of its Brisbane manufacturing facility scheduled for the coming weeks, allowing it to scale existing production capabilities significantly.
Following TGA GMP certification, BLS will be able to bulk manufacture its trademarked Dr Watson medicines and therapeutic goods for third party clients in Australia for export to international cannabis markets as well as local supply.
“When we are certified we will be ready to significantly scale up manufacturing for the Australian market as well as for export to foreign markets – such as Germany, Czech Republic, and the UK where we have a strong foothold and sales team,” Watson says.
He is confident the company’s tremendous growth as well as GMP certification will help lift the company’s share price.
When Little Green Pharma (ASX:LGP) received their GMP certification in late 2020 their share price rose by around 200% in the following six months.
“We are building a global pharmaceutical and consumer health products powerhouse. Over 5 years we have built a strong manufacturing and sales platform in key markets, now it is time to scale up.”
BXN in July announced its Dr Watson mushroom nootropics, formulated to enhance cognitive function, focus, memory, as well as supporting energy levels and hormone balance, are selling on Amazon in the US, Japan, and EU markets.
Global sales of Nootropics are growing at ~15% CAGR and sales have already surpassed ~US$11bn.
“These nootropics are a hot topic in the health and wellness industry with the US leading the way and the EU markets about to take off,” Watson says.
“Our CBD Novel Foods, skincare, and vape products are also purchased by and sold on Amazon in the UK, France, Germany, Spain, Denmark, and Japan.”
This article was developed in collaboration with Bioxyne, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.