Bod makes $2.5m from Aussie pot buyers in the June quarter alone
Health & Biotech
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Money is coming in for marijuana companies, as Bod Australia (ASX:BOD) leads the total today with news of a $2.5m revenue June quarter.
That last quarter of the financial year alone accounted for 42 per cent of total revenue booked for the year, it said.
Bod is making its money from medical cannabis prescriptions and sales of hemp consumer products, which don’t require medical regulator approval.
Bod told Stockhead revenue was evenly split between the medical cannabis product Medcabilis and consumer product sales, and mostly from Australia although the UK is “growing strongly”.
The company says full-year revenue might even rise further once royalties from a sales partner are factored in, even if they’re “not anticipated to be material”.
The stock shot up to 30.5c before slipping back. It is still well off the 72c-a-share high reached in February.
THC Global (ASX:THC) has also announced a big number, although not for money already in the bank, following a $6.6m capital raise in the June quarter.
The cannabis grower, manufacturer and exporter says it’s got a $260,000 order for an October delivery of medicinal marijuana to New Zealand, from a company called Medleaf Therapeutics.
It also expects the first exports to Canada in the September quarter and to Europe in the December quarter.
The previous quarter’s cash receipts were $1.2m, on negative cashflow of $1.7m.
THC manufactures medical cannabis products for its own Canndeo brand as well as white-labelled products for growers, and is gearing up to supply over-the-counter cannabidiol (CBD)-only products, as the Therapeutic Goods Administration considers whether and how to deregulate products that do not contain psychoactive THC.
In May, THC moved back into an area it abandoned exactly two years ago, with the acquisition of clinic business Tetra Health for $3m in cash and scrip.
A boardroom conflict in early 2018 saw then-CEO David Radford and chief commercial officer Debbie Ormsby depart and a strategy to partner with National Access Clinics (NAC) in Canada to roll out their network in Australia, dumped.
At the time the company said the NAC system wouldn’t work under Australian regulations.
Impression Health (ASX:IHL), which has rebranded as Incannex, says it expects to be able to report cash sales receipts of $671,000 for the June quarter.
It did not offer a breakdown of how much is from the cannabis business and how much is from the mouth guard business, which it had closed down and this week transferred ownership of to a woman named Ayda Hornak in Victoria.