Bod says it expects continued growth of U.K. MediCabilis prescription volumes following the launch of its new CBG product and the ongoing education initiatives to promote the company’s products.
Initially, Bod says it will focus on launching the product in the U.K. through select doctors and healthcare physicians.
“To further scale up U.K. medicinal cannabis sales, Bod is progressing educational initiatives, as well as working with large industry bodies to grow its market share,” she added.
The company says the market for CBG is in its early stages and is expected to grow significantly over the coming years.
“The launch of a new CBG product, under the widely recognised MediCabilis brand, will provide the Company with a number of opportunities to increase prescription sales and scale-up research and development,” said Bod CEO Jo Patterson.
The launch follows research and development assessments, as part of the company’s approach to developing specific cannabis cultivators and product formats for current and future product development.
Bod Australia (BDA) is set to launch its new medicinal cannabis product, MediCabilis.
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“MediCabilisTM volumes continue to grow at a very pleasing rate and the recent prescription sales growth further highlight Bod’s ability to generate strong revenues across one of the Company’s two core operating divisions,” BDA CEO Jo Patterson said.
Sales growth is a continuing trend allowing BDA to generate consistent and recurring revenue, with the company expecting its market share to grow.
Read: Bod Australia outlines strong revenue growth
Total FY2021 prescriptions have currently increased 138% on FY2020 (FY2020 prescriptions:
During April, BDA filled a total of 1,789 MediCabilisTM prescriptions in Australia, an 11% increase on the previous month (March 2021 prescriptions: 1,617).
Cumulative MediCabilis prescription sales. Month on month sales.
While today’s figures are reflective of BDA’s work in the medical cannabis space, the company is also growing its consumer division.
Back in May, the company said it was launching a new product based on another cannabinoid – cannabigerol (CBG) – which will be sold under the MediCabilis brand as MediCabilis CBG 50 in the UK.
Bod Australia (ASX:BDO) has reported record medicinal cannabis sales growth during the 2020/21 financial year.
Ms. Patterson anticipates continued increased demand for Bod’s medical cannabis products in the time ahead, also mentioning operations in the UK are continuing to scale up. In the middle of June, the company announced two of Europe’s leading online retailers will stock Bod’s entire range of CBII in the UK. CBII is a line of CBD-based products, recently expanded to include home fragrances and new skincare products.
The company notes 65% of prescriptions filled during FY2021 were for repeat patients.
According to the firm, 12,187 units of Bod’s products were sold during FY2021, representing a very impressive 212% increase on FY2020 when 3,907 units were sold. The final quarter was a corker for Bod, with 4,441 units sold – 17% higher than Q3, which saw 3,805 units sold.
Also ahead for the company (and a number of others) is tackling Australia’s potentially lucrative non-prescription CBD market. While certain types of CBD preparations have been down-scheduled to Pharmacist Only Medicines (Schedule 3) since February, legal products are yet to appear in pharmacies as companies jump through the regulatory hoops required for the S3 classification for their products.
Back in April, we reported Bod was intending finalising its registration strategy for new Schedule 3 CBD products for Australia; but there doesn’t appear to have been any recent news on its efforts in this regard.