Althea Group Holdings (AGH) has recorded its strongest quarter so far, with sales of A$4.5 million, up 116% on the previous corresponding period and 57% up on the prior quarter.
The company said its annualised operating expenditure has also been reduced by around $1 million during the quarter ending September 30 “following the completion of a recent business review and a selective reduction in headcount”.
Cannabiz understands global medical affairs director Patty Holmes and her team are no longer with the business as a result of the restructure.
Althea Australia finished the quarter with 20,280 patients, including a record 1,204 new patients onboarded during September, a month-on-month increase of 28%.
In Canada, AGH’s wholly owned subsidiary Peak Processing Solutions achieved sales of $1.7 million — up 142% on the prior quarter — and is forecasting revenue in excess of $15 million in FY22
Meanwhile, the company said Althea UK continues to “deliver on expectations”, dispensing its highest number of units and generating record revenue for the quarter.
AGH said its German sales team is ramping up activity with doctors following the successful rollout of the country’s Covid-19 vaccination program, which was supported primarily by GPs.
CEO Joshua Fegan said: “This has been the strongest quarter to date for AGH. The company is growing sales and increasing market share in our pharmaceutical cannabis business in Australia, the UK and Germany, and delivering strong commercial progress at Peak, our recreational cannabis business in Canada.”
He added: “In its first year of operations, Peak has contracted with some of the region’s most significant cannabis and beverage companies, and following a period of significant investment, is on track to become EBITDA positive before the end of the year.”
In August, Althea completed a A$10.64m capital raise to expand its pharmaceutical operations as the firm continues to pursue a joint medical and recreational cannabis strategy.