Telehealth platform Instant Consult has begun offering medicinal cannabis appointments following a tie up announced in June with Wellnex Life.
Wellnex launched a range of cannabis products earlier this year – in a three-way venture with Chemist Warehouse and One Life Botanicals – and has spent the last few months educating Instant Consult doctors about its medicines.
Instant Consult is 60% owned by Chemist Warehouse.
The launch of specialist medicinal cannabis appointments came as Wellnex reported cash receipts of A$5.2 million in the first three months of Q1 FY25, up 6% on the previous quarter.
It included a record $4.1m in non-cannabis product sales and $1.1m in IP licensing.
Wellnex reported a net cash loss from operating activities of $1m.
The firm had cash and cash equivalents of $302,000 at the end of the quarter and unused financing facilities of $3.4m.
Rua Bioscience
Rua Bioscience will seek to raise NZ$3.1 million (A$2.8m) from investors in a move to make the company self-sustainable.
Chairwoman Anna Stove told the firm’s annual general meeting that the raise will fund marketing activities “to support growth opportunities”.
“This includes introducing new product to Germany and Australia and launching into the UK,” she told shareholders.
Rua has also agreed to sell its manufacturing facility for NZ$1.3m ($A1.2m).
Stove added: “The cash raised, both from the facility sale and capital raise, is intended – if fully subscribed – to fund the business to a self-sustaining position.”
Under the offer, shareholders can apply for three new shares for every four they hold at an issue price of NZ$0.025c.
News of the raise came as Stove said the company was preparing for growth after a positive start to the financial year. The firm delivered revenue of NZ$223,000 in Q1 – more than double the previous 12 months – and expects FY25 revenue to exceed NZ$3m.
“It’s incredibly encouraging to see we are no longer at proof of concept and just filling the pipeline,” Stove said.
“We are delivering significant revenue growth. Our focus is now to accelerate our sales growth and increase our market share as fast as possible.”
Althea Group Holdings
Althea’s wholly-owned subsidiary, Peak Processing Solutions, has signed an agreement with Simply Solventless Concentrates to manufacture and launch two cannabis-infused beverages under the latter’s Astrolab brand in Canada.
Astrolab Live Rosin Cream Soda and Astrolab Rocket Lime Live Rosin Soda will be available in Ontario and Alberta this year, with Simply Solventless developing three additional beverages under its FrootyHooty brand set to launch in 2025.
Althea said Peak’s Envision emulsions platform now supports a wide range of cannabinoid formats, including THC distillate, CBD distillate, CBD isolate, and live rosin, with recent developments in live rosin emulsification.
