Momentum is building for medical cannabis drug subsidies says Bod Australia boss
The boss of medical cannabis play Bod Australia says it’s likely a range of marijuana-based drugs will be reimbursed by the government in years to come.
Jo Patterson told Stockhead there’s momentum growing in the community for government to provide rebates for medical cannabis products.
Medical cannabis products are not subsidised under the federal government’s Pharmaceutical Benefits Scheme — though there have been calls to change this — including recently from the Victorian Labor Party.
“We want that local support, we want people to speak up,” Ms Patterson says.
Bod Australia (ASX:BDA) — which produces a range of cannabis healthcare products including anti-inflammatories and pregnancy supplements — was speaking ahead of the company’s appearance at this week’s Gold Coast Investment Showcase at the Surfers Paradise Marriott Resort in Queensland June 20 and 21.
Next week about 30 ASX-listed small caps are gathering at the annual showcase to present the latest news from their companies.
The well-known event — which Stockhead presents as media sponsor — has been running for more than ten years and is free for investors.
Bod Australia is expected to speak about the upcoming clinical trial of its cannabis wafer product.
The company is trialling the use of its own cannabis extract, which it plans to take to market in wafer and oil form.
The initial phase of the trial will gather evidence on which symptoms the extract assists.
“Some of the specific indications largely spoken about are treatments for epilepsy, Parkinson’s, nausea and vomiting caused by chemo, anti inflammatories — there are just so many things,” Ms Patterson said.
Bod Australia’s share price has powered forward over the past 12 months — its shares have quintupled to around 60c since October.
In Q3, the business generated $201,000 from customers and burned $845,000. Bod had $4.1 million in the kitty at the end of March.
The Gold Coast Investment Showcase is popular among investors because it presents a number of investment opportunities across a diverse range of sectors including health, technology and resources.
There will be plenty to talk about given investor interest in ASX small caps is booming: at Friday’s market close the The Small Ords — which is the ASX’s benchmark index for small-cap investments — was nudging seven-year highs at 2880.8.
Attendance at the conference is free for investors — but it’s important to register to ensure you don’t miss out.