BOD Australia Ltd - First medicinal cannabis prescriptions received in the UK
BOD Australia Ltd (ASX:BDA)

First medicinal cannabis prescriptions received in the UK

Highlights

What's happened?

Bod Australia Ltd (ASX: BDA, “Bod”) has received its first prescriptions for MediCabilis™ from patients in the United Kingdom.

What are the key highlights?

  1. The prescriptions were received from a leading medicinal cannabis organisation, which has a number of clinics in London and the UK more broadly.
  2. The United Kingdom is a major market opportunity for Bod with approximately 7.3m consumers using CBD annually. It is expected to grow in value to US$3Bn per annum by 2024 and to €8.8Bn by 2028. This would represent a market four times larger than Australia in 2028.
  3. With a presence in Australia and now the United Kingdom, Bod expects prescription volumes to increase materially in the coming months, particularly as brand awareness for MediCabilis™ grows amongst physicians and patients in the UK.

What does this announcement mean?

Erik Bergseng CFA® from Mawson Graham provides perspective on this recent announcement.
Erik Bergseng CFA®
Written by Erik Bergseng CFA®
Published May 04, 2020

Bod Australia ("Bod") continues to execute by building on its channels to market both domestically and internationally. Bod also continues to state that prescription growth will increase substantially in the near term. This is following up from already strong previous historical quarter-on-quarter growth from Q2 to Q3 of FY2020 of 135% (from A$0.536m to $1.257m).

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Mawson Graham
Mawson Graham

CEO's Summary

Jo Patterson

"Securing the first international prescriptions for MediCabilis™ has been months in the making and it is the critical catalyst for a rapid increase in prescription volumes in the United Kingdom. Our UK market entry has included rigorous patient and physician education initiatives, as well as collaborative work with our distribution partners to ensure we have the necessary infrastructure in place to scale operations rapidly. This is not quickly or easily replicated, so we have an immediate market advantage here. Bod is now actively engaging with physicians and medical organisations across the UK in a bid to further educate them about the MediCabilis™ range. We are encouraged by the response we are receiving and growing patient demand underpins our confidence that this will be a major growth market for MediCabilis™. The UK is spearheading Bod’s international expansion efforts and will act as the springboard into Europe. We have a large number of growth initiatives underway, including new market entries and product introductions. We look forward to communicating our successes.”

Jo Patterson
CEO, BOD Australia Ltd

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