Althea has reported its strongest quarter since listing on the ASX with customer receipts rising to A$5.5 million, double that of the same period in 2020 and up 21% on the previous quarter.

Its medicinal cannabis division achieved receipts of $2.8m, including $1.2m in December alone – a record in a single month – while its Canadian-based recreational operation, Peak Processing, raked in $2.7m, up 60% on the previous quarter.

Althea chief executive Josh Fegan

Receipts for the six months ending December 2021 hit $9.9m.

Peak became EBITDA-positive in October and remained so for November and December, the company said.

Chief executive Josh Fegan described the Peak result as “remarkable and somewhat unique to the sector”.

“We expect to see fantastic results from the business in the months and years ahead,” he added.

The firm said its medicinal cannabis division rebounded following the easing of Covid restrictions and was well placed for further growth as face-to-face doctor consultations return.

Its UK operation also recorded its best sales results, which partially offset the “significant pressure” on the Australian business caused by Covid restrictions.

Steve has reported for a number of consumer and B2B titles over a journalism career spanning more than three decades. He is a regulator contributor to health journal, The Medical Republic, writing on...