Ecofibre

Ecofibre has set its Ananda Health division the target of becoming the number one over-the-counter CBD brand in Australia.

Ecofibre CEO Eric Wang

Enrolment for a Phase III double-blind, randomised, placebo-controlled sleep study has now closed with the company telling the ASX it was on track to submit its S3 product registration in Q2 FY23.

It added: “The investment in this Phase III clinical study supports Ananda Health’s focus on achieving a first-mover advantage and becoming the leading provider of over-the-counter CBD in Australia.”

Ecofibre reported unaudited Q4 FY22 revenue of A$7.4 million, in line with the prior quarter and the previous corresponding period. Unaudited revenue for FY22 was $30.2m, up 5% on FY21.

CEO Eric Wang said the firm “continues to progress FY24 growth initiatives which include the attractive S3 over-the-counter market in Australia”.

Meanwhile, Ecofibre subsidiary Ananda Food has agreed to buy ECS Botanics’ hemp food and wellness business for $250,000, subject to due diligence.

Little Green Pharma

Little Green Pharma (LGP) has reported unaudited revenue of A$4.3 million for the June quarter and cash receipts of $3.7m, bringing total revenue for the 12 months to June 30, 2022 to $14.6m, up 109% on the previous year.

The firm said new patients in Australia increased to 4,300 during the quarter, a 15% increase on the prior quarter and 30% up on the previous corresponding period.

New patients numbers for the year were up 50% to 16,200 while LGP added 145 new prescribers during the quarter, bringing the annual total to 490 (up 70% year on year).

The company said it had started to see the results of “rightsizing initiatives” during the quarter, with a 30% reduction in operating costs from $11m to $7.5m. Further cost reductions are expected in the current quarter.

Creso Pharma

Creso Pharma’s acquisition target Sierra Sage Herbs (SSH) has agreed a deal with US-based FSA Store to produce its inaugural plant-based first-aid collection.

Creso Pharma CEO and MD William Lay

The companies have signed a non-exclusive private label manufacturing agreement lasting until December 2023.

The product range, expected to launch in November, will target the 70 million-plus Americans enrolled in flexible spending accounts (FSAs) and health savings accounts (HSAs).

CEO and managing director William Lay said: “The agreement provides Creso Pharma and SSH with access to an interesting market opportunity and provides another potential revenue channel that can underpin SSH’s growth.”

Rua Bioscience

Rua Bioscience has signed a five-year deal with European distributor Motagon to become its preferred Australia/New Zealand supplier of medicinal cannabis products.

Chief executive Rob Mitchell said the firm will supply “a full portfolio of medicines, including dried cannabis flower and full spectrum oils, in a range of high-value European markets”.

Under the arrangement, the companies will reach supply agreements for each product and territory, with medicines launched once they are granted regulatory approval in those territories.

Last month, Rua announced it had received a narcotic licence through partner Nimbus Health for the distribution and marketing of its first product for the German medicinal cannabis market.

The Pain Clinic

Medicinal cannabis telehealth service The Pain Clinic has opened a centre in Nelson, on New Zealand’s south island, following the opening of its Christchurch centre in April.

Owned by Medical Kiwi, The Pain Clinic was launched nationally in March. 

MGC Pharmaceuticals

MGC Pharma has reported cash receipts of A$1.55 million for the June quarter and $6.1m for FY22, up 134% on FY21 year to date.

It flagged a cost reduction strategy implemented during the reporting period including a reduction in R&D costs and deferment of non-core trials.

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...