The stock price for medical cannabis company BOD Australia (ASX:BDA) has soared after the company announced record sales for April.
BOD is one of Australia’s biggest medical cannabis companies. In April, the company supplied medical cannabis to around 27% of people who have access to cannabis medicines through Category B of the government’s Special Access Scheme (SAS). BOD’s primary medication is a CBD oil known as ‘MediCabilis’ that includes 5% CBD – cannabis’s non-psychoactive compound.
According to an ASX announcement made by the company, BOD Australia sold 1,789 units of MediCabilis in April. This is up 11% from March 2021 when the company filled 1,617 MediCabilis prescriptions. Sixty-four percent of these prescriptions were repeat prescriptions, which BOD believes “further highlights patient and physician product satisfaction”.
Over the past year, MediCabilis sales have steadily increased month-on-month, with 2021 sales up 138% on 2020 sales. According to BOD’s CEO Jo Patterson, the company’s sales are expected to further increase over 2021 as the company maintains its large share of the medical cannabis market.
MediCabilis 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.
Overall sales of medical cannabis are likely to increase for other cannabis companies this year too, as recent TGA changes have approved CBD oil for sale in pharmacies, and droves of people have now been accepted onto SAS. As of February 2021, there were over 90,000 people on the SAS Category B scheme – a 125.8% increase from February 2020.
BOD has also hinted that they may be releasing several new cannabis medicines soon, as part of a “scale up” of their Australian and UK operations. Once these medicines are launched, they will join dozens of other cannabis medicines.