Cannabis: Bod gets new import clearance from regulators; shares lag

Medicinal cannabis company Bod Australia (ASX:BDA) has received import approval to expand its product offering in the local market.

The approval came from both state and federal authorities — the NSW Department of Health and the Office of Drug Control (ODC).

It will give Bod the regulatory clearance to sell two new CBD Isolate products into the Australian market.

The new products — a 2.5 per cent and 10 per cent isolate — will accompany Bod’s existing 5 per cent isolate which it distributes through doctor prescriptions.

Providing varying strengths opens up additional sales opportunities, providing access to a further 32 per cent of the market, Bod said.

All three products will be sold under the company’s MediCabilis product range, for which it booked sales of just over 2,000 units in the previous 12 months.

For distribution purposes, the 2.5 per cent and 10 per cent isolates will be classified as Schedule 4 medicines, meaning “lower prescription restrictions for doctors and most importantly patients”, Bod said.

CEO Jo Patterson said the new products were borne from Bod’s R&D program, and would allow the company to access a broader market and boost sales in the months ahead.

“Bod is one of the only companies to have completed a phase I clinical trial using a finished dose form and cannabis extract and this gives prescribers and patients tremendous confidence in our product,” Patterson said.

Bod booked $221,000 in cash receipts in the December quarter, and finished the year with around $8m in the bank (down from $9.69m in September).

This morning’s announcement was unable to arrest a broader downtrend in the company’s share price, after the stock fell sharply in the second half of last year amid a global bear market for cannabis stocks.

In other ASX cannabis news today:

Althea Group (ASX:AGH) flagged another round of steady patient growth in January, adding 572 patients — its second-best month on record. Althea said its products had now been prescribed to a total of 4,590 patients in the Australian market. CEO Josh Fegan said the January number stood out given it was achieved in what was Australia’s peak holiday season. Shares were up 4 per cent in morning trade to 39c.

And Creso Pharma (ASX:CPH) announced the launch of anibidiol®EQUI, a hemp-based product for horses and large animals. Developed in Switzerland over a 12-month period, the product is aimed at “reducing stress and pain and supporting fast mobility recovery”, Creso said. The new product accompanies the company’s efforts to target the fast-growing pet market for cannabis products. Shares in Creso ticked higher by 1.3 per cent to 15.2c in morning trade.