Bod Australia achieves record sales of medical cannabis

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Bod Australia (ASX: BDO) reported record growth in medical cannabis sales in fiscal 2020/21.

According to the company, 12,187 units of Bod’s products were sold in fiscal 2021, an impressive 212% increase from fiscal 2020 when 3,907 units were sold. The final quarter was a blast for Bod with 4,441 units sold – 17% more than the third quarter when 3,805 units were sold.

The company finds that 65% of prescriptions completed in fiscal 2021 were for repeat patients.

“In fiscal 2021, the company held nearly 50% of the total addressable market for high-CBD products in Australia,” said Jo Patterson, CEO of Bod.

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Ms. Patterson anticipates that the demand for Bod medical cannabis products will continue to grow in the period ahead, and also mentions that operations in the UK will continue to expand. In mid-June, the company announced that two of Europe’s leading online retailers will be stocking Bod’s entire CBII range in the UK. CBII is a line of CBD-based products that recently expanded to include home fragrances and new skin care products.

The company (and a host of others) are also set to tackle Australia’s potentially lucrative over-the-counter CBD market. While certain types of CBD supplements have been reduced to pharmacist-only medicinal products (Appendix 3) since February, legal products still have to appear in pharmacies as companies skip the regulatory requirements required to classify their products as S3.

Back in April, we reported that Bod intended to finalize its registration strategy for new Schedule 3 CBD products for Australia; but there does not appear to have been any recent news of his endeavors in this regard.

Bod also has a prescription-only product available for Australians – a pharmaceutical-grade cannabidiol (CBD) -based formulation called Medicabilis. Although it is not currently listed on the Australian Register of Therapeutic Goods (ARTG), it can be obtained through the Therapeutic Goods Administration (TGA) Approved Prescriber (AP) and Special Access Schemes (SAS).

Back in May, the company announced that it would launch a new product based on another cannabinoid – cannabigerol (CBG), which will be sold in the UK under the MediCabilis brand as MediCabilis CBG 50.

While cannabidiol and tetrahydrocannabinol are the two most well-known cannabinoids, there are more than 100 cannabinoids in cannabis (the actual number is controversial). Some of these other than CBD, THC, and CBG can also have therapeutic benefits.