BXN says the CanXChange platform will help solve market inefficiencies. Pic via Getty Images.
Health & Biotech
Special Report: Bioxyne subsidiary Breathe Life Science Wholesalers has kicked off 2024 with a new platform to target the $500m+ medical cannabis market in Australia.
Bioxyne (ASX:BXN) says the CanxChange.com.au platform is a marketplace solution to help licenced businesses and pharmacies navigate the highly regulated medical cannabis market environment safely, with greater transparency and ease.
CanxChange Aus is operated by BXN subsidiary Breathe Life Sciences Wholesalers (BLWS).
BLWS holds licenses to import, export, store and distribute wholesale Schedule 3, 4, and 8 controlled substances including medicinal cannabis, following TGA rescheduling last July.
CEO Sam Watson says CanxChange aims to solve market inefficiencies and create more transparency in pricing and supply in the B2B prescription cannabis industry in Australia, which is moving rapidly towards $1 billion per year.
He says the B2B platform is invitation only for pharmacy, licensed manufacturers, and cultivators to transact in a secure and user-friendly environment.
“There are other platforms in the market which cater to pharmacy and pharmacy to patients, but nothing that connects cultivators to manufacturers, to suppliers to pharmacy,” he says.
“There is nothing exclusively B2B, and nothing with international access.
“That’s what’s on offer here – a global platform connecting Australian operators with the international cannabis community and vice versa.”
In its first week since launch, the platform has seen more than $10 million of sale interests uploaded.
“We haven’t even started to market the platform and there is already a huge uptick in interest, just through our modest network,” Watson says.
“We really think CanxChange Australia could see a significant portion of the total market transacting on it each year and that’s a big number.
“There is no added margin or hidden cost in using it, just a small percentage fee for service shared between purchaser and seller to cover the platform technology and administration costs.”
Acquired by BXN last year, BLS was founded by Watson and is focused on redefining medicine – from novel and plant-based foods to psychoactive and investigational medicine.
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.
Last year it became 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.
BLS had a TGA Pharmaceutical GMP inspection of its Brisbane manufacturing facility in November and is awaiting certification.
Watson says certification will enable the company to scale existing production capabilities significantly.
Upon 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.
“Certification will allow us 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.
“We hope to be able to update the market on our GMP status before the end of February.”
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.
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