A second Althea oil has been approved for reimbursement in Ireland in what was heralded as a “remarkable achievement” by chief executive Josh Fegan.

The 50ml bottle of Althea THC20:CBD1 will be available under the Republic of Ireland’s Primary Care Reimbursement Service for patients being treated for intractable nausea and vomiting associated with chemotherapy.

They will be reimbursed to the tune of Є330 (A$552).

Althea’s CBD12:THC10 cannabis oil received similar approval in July.

Meanwhile, Althea clinic business MyAccess Clinics will expand to Ireland in November offering online consultations to Irish patients.

Althea said the expansion will not require any additional funding and will “utilise existing infrastructure”.

Melodiol Global Health

Melodiol Global Health has announced a capital raise as it continues negotiations to divest some of its lower revenue-generating divisions.

The ASX-listed firm said it has received firm commitments to raise around A$1m through the issue of approximately 200 million new shares at an issue price of $0.005 cents per share.

Melodiol said funds will be used for “select marketing and sales initiatives, corporate costs, potential debt repayments, and costs associated with the potential restructuring of lower revenue-generating operating divisions to accelerate group profitability potential”. 

The company has also agreed a debt to equity arrangement with creditors to convert $724,206 of amounts outstanding to equity through the issue of 157 million shares.

But the company acknowledged that further funds will be required “in the near term” with the “company considering additional sources of capital”.

Meanwhile, Melodiol said negotiations with Panacea Life Sciences to acquire some of its lower revenue generating divisions are proceeding.

However, any deal, which Melodiol flagged in August, is now likely to exclude Sierra Sage Herbs but include Creso Impactive “which would be likely to materially reduce the overall purchase price”.

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...

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