Australian’s struggling to access medical cannabis can breathe a sigh of relief this week, as a new medicinal cannabis product has been released into the Australian market.
Produced by THC global, the Canndeo brand product is full-spectrum cannabidiol (CBD) medicine. This CBD medicine, taken as a liquid and distributed in 25mg bottles, will potentially be used to treat a range of conditions, including:
- Chronic Pain
- Chemotherapy-induced nauseous and vomiting
- Multiple sclerosis
The CBD medicine will be available to Australians who are part of the Special Access Scheme (SAS), which allows patients to apply for access to cannabis for medical uses. Since April 30th, the Australian Therapeutic Goods Administration (TGA) has approved over 42,000 Special Access Scheme applications.
Celebrating the launch, THC’s Chief Executive Officer Ken Charteris was quite proud of his company.
It brings confidence, it brings availability, it brings pricing.
THC’s product is Australian-made, cultivated in a 6.6-hectare property in Bundaberg, Queensland and refined in Southport. As of May 2020, the Southport refinement facility is the largest pharmaceutical-grade cannabis extraction facility located in the Southern Hemisphere.
With these facilities, THC will be able to supply medical cannabis to over 6,000 patients in Australia, although they are expecting to import their product into Europe and Canada by the end of 2020.
However, THC is growing within Australia with plans to develop more CBD tablet and capsule options for Australians. The company is currently purchasing TetraHealth, an Australian healthcare clinic network that manages over 30,000 patients globally. TetraHealth cost THC $500,000 in cash, $2.5 million in THC shares and $5 million in stock options.
THC’s new product launch has been good for its share price, as of May 22nd, THC shares were up 2.6%, trading at $0.40.
Although the medicinal use of cannabis is legal in Australia, it is expensive at best, costing the average Australian patient between $200 and $400 a month.
On top of that, even though medicinal cannabis use is regulated by the TGA, cannabis products are not subsidised by the Pharmaceutical Benefits Scheme (PBS). This means that while patients can be prescribed medicinal cannabis, most patients cannot afford to fulfil their prescriptions.
When talking about this issue, Emma B, a Melbourne woman who was approved under the Special Access Scheme shared her experience with the high prices.
It would have ended up costing me a third of my income basically, my pension, to go on this medication
Cannabidiol medicines, or ‘CBD medicines, are made with delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD), both of which are found in cannabis. For more information, please refer to the Alcohol and Drug Foundation, available here.