Wellnex Life is starting 2023 on a high with a strong H1 FY23 result, product launches, and a strengthening presence in Australia’s medicinal cannabis sector.

Global facing wellness brand and product manufacturer Wellnex Life (ASX:WNX) has recorded a 54% increase in revenue for H1 FY23 of $13.2 million  (unaudited) compared to   pcp of $8.6 million.

WNX reaffirms its previously announced guidance of $29 million for FY23. WNX anticipates revenue and margins to continue to accelerate for H2 FY23 through:

  • Launch of Pharmacy Own in Q1 CY23–with first products to be available by the end of January 2023
  • Medicinal cannabis products to be offered under the SAS-B scheme in Q1 CY2
  • Continued growth  of  the  new  e-commerce  brand  and platform – TheSet
  • Continued growth of  WNX’s  wholly  owned  brands  and  contract manufacturing orders

The increase in revenue of 54% is reflective of the strong growth across the whole business, but primarily growth in WNX’s wholly owned brands and contract manufacturing orders for its products.

Pharmacy Own

Pharmacy Own will bring a strong offering of over the counter (OTC) products to market that will provide consumers  equivalent  effective products as  an  alternative to  the  major  brands  currently  found in the Australian market.

WNX has entered into an exclusive distribution agreement with CH2, Australia’s only fully integrated pharmaceutical  and  medical  consumable  distributor,  which  services  over  2,500  pharmacies.

This agreement with CH2 will provide WNX with a large distribution network to generate substantial sales and margins.

Medicinal cannabis

WNX, with its pivotal Joint Venture (JV) partner OneLife Botanicals, is progressing multiple medicinal cannabis products for the growing Special Access Market (SAS), with a planned launch in the first quarter in FY23.

The SAS market in Australia was estimated to be worth over $400 million in 2022 compared to $230 million in 2021, an increase of 73%.

This rollout will coincide with the  continuing progress of WNX’s over-the-counter Schedule  3  (S3) registration,  with  the  aim  to  be  one  of  the  first  to  obtain  an  S3  approval in  the  Australian  market.

S3 registered products can be sold directly to consumers by a pharmacist without requiring a prescription.


The launch of the TheSet.Co, announced in November 2022, has enabled WNX to enter the $1.5 billion online health and wellness market for self-care products (Frost & Sullivan –The Online Retail Market July 2022).

The launch of the new e-commerce brand, with an initial 19 products, will provide the opportunity to grow revenue as well as enhance margins for the company.

WNX CEO George Karafotias said the first half of FY23 has been pleasing for the company with great uptake of its wholly owned brands and products.

“Our business model of bringing innovative  brands  and  products  first  or  fast  to  market  in  the  growing  health  and  wellness  market  is producing results and gives us great confidence moving forward,” he said.

“The second half of FY23 will bring more opportunities to continue to grow our revenue and margins with some exciting brand and product launches, including  the  launch  of  medicinal  cannabis  products  for  the  SAS  market  in  Australia  that  is  growing exponentially.”



This article was developed in collaboration with Wellnex Life (ASX:WNX), 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.