Cannabis: AusCann on track to deliver new cannabinoid capsules by mid-year
Medicinal cannabis company AusCann Group (ASX:AC8) is on target to bring a new product to the Australian market by the middle of this year.
The company said it’s completed manufacturing and testing for a new range on cannabinoid capsules in low-dose batches.
The product development follows on from a previous announcement on December 19, when AusCann confirmed it had completed testing for a commercial-scale batch of cannabinoid capsules.
With the addition of a low-dose formula at similar commercial scale, AusCann said a more flexible product range gave it a leg-up in the local marketplace.
“Our ability to customise dosing in an accurate and scalable way will enable doctors to personalise dosing for specific patients,” CEO Ido Kanyon said.
“Providing true-to-label customised dosing and enabling customisable treatment of the patient is what differentiates our product in the market.”
Investors approved of the announcement, sending AusCann shares more than 10 per cent higher in morning trade.
The stock has struggled for traction since last October when Canada-based Canopy Growth — the largest pot stock in the world — sold out of its holding.
AusCann said its able to bring a customised low-dose cannabinoid formula to market in accordance with broad industry guidelines laid out by the Therapeutic Goods Administration, which says medicinal cannabis dosing should “start low, go slow”.
In that context, giving prescribing doctors the option to personalise dosing levels will provide an important avenue to distribution.
In line with previous guidance, AusCann said it remained on track to make dose-controlled capsules commercially available for sale by licensed medical practitioners during the first half of the year.
BOD Australia (ASX:BDA) also had some good news in the medicinal cannabis space, booking 373 new prescriptions in January for its MediCabilis — the third highest month on record. The company also has multiple dosing levels — comprising 2.5 per cent and 10 per cent CBD isolate products — which the company says gives it access to a bigger portion of the prescription market.