CBD oil on a cannabis leaf

AusCann Impresses Investors With New Drug and New CEO

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Medical cannabis company AusCann has had a busy quarter, after releasing their first medication, appointing a new CEO and expanding their educational programs all at once. 

AusCann (ASX: AC8), a publicly listed medical cannabis company, have just released their financial statement from the last quarter. While the company reported over $19.2 million in cash, they have also announced that their controlled-dose capsules have now been released into the Australian market.

Despite being established in 2016, this is the companies first medication. 

Currently, there are just over 100 cannabis medications, which are only accessible for Australian patients on the Special Access Scheme (SAS). In the first half of 2020 alone, over 43,000 Australians were added to SAS. 

AusCann Logo

AusCann’s new cannabis medication has been produced with supplies from Tasmania, as the company is currently purchasing 30% of their cannabis resin supply from Westbury-based Tasmanian Alkaloids. AusCann’s supply chain is also international, with partners in Chile and Canada.

As part of the Therapeutic Goods Administrations restrictions, the new drug cannot be advertised to patients. However, the company confirmed that they have established a medical affairs team to consult with doctors.

The company is expanding its Medical Outreach Program to address requests for education and information from health care professionals to support appropriate access for eligible patients.

The medical outreach program is designed to give research-based information to physicians caring for patients taking cannabis medications. As these medications are newly introduced to the market, they are often shrouded in mystery. Although physicians can consult TGA for advice, the stigma surrounding cannabis drugs is preventing them from being used appropriately. 

Concluding a busy couple of months, AusCann has also announced the appointment of their new CEO last week, appointing Nick Woolf to the job. Nick Woolf has jumped ship from quickly-sinking Teva Pharmaceuticals. 

Nick Woolf of Auscann
Nick Woolf of Auscann

According to their last quarterly report, AusCann is currently investing over $1.1 million into research and development, including testing different dosages of hard-shell capsules. If successful, this hard-shell cannabis medication will be released onto the Australian market in coming quarters. 

As of Tuesday the 11th of August, AusCann’s share price is up 6.45%, trading at $0.16. For more information on the company, click our directory listing here.

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Based in Victoria, Karie's passionate about pro-cannabis legislation in Australia. She's joined Pondering Pot to share and bring awareness to the latest cannabis news across Australia.

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