The tabling of a report in Victoria exploring the potential for medicinal cannabis prescription holders to have a legal defence if found with THC in their system has been delayed until the end of the month.
The Labor Government said in August it would work with legal and road safety experts over the next three months to discuss the plan, and table a report by October 18.
It remains a “work in progress”, according to Legalise Cannabis MP David Ettershank, with the report now expected next week.
The potential for medicinal cannabis patient to have a legal defence – assuming they were unimpaired – followed a motion tabled by Legalise Cannabis Victoria.
Rua Bioscience
Rua Bioscience has reported unaudited revenue of NZ$223,000 in the first three months of FY25, up from $86,000 for the entirety of FY24, as it flagged a capital raise to help support the growth.
The New Zealand company said the revenue spike follows successful product launches in Germany, Australia and New Zealand.
“Notably, our legacy genetics have been enthusiastically received in Australia, while Germany continues to show strong growth following regulatory changes in April this year,” it said.
“Feedback from the German market suggests that demand is strong and will remain so for the foreseeable future as German patients and doctors become more familiar with the new regulations in place which remove cannabis from the narcotics schedule.”
Rua added that its first dried flower product in New Zealand has also been “well received and growing as doctors and patients become familiar with the product”.
The firm predicted sales will continue to head north with product expected to launch in the UK in the next two months.
Rua said the expansion will require additional funds, with details of a capital raise set to be announced at its annual general meeting on November 4.
“This is crucial to our success as the funds will be used primarily for working capital and marketing activities,” it said. “The planned capital raise will facilitate our growth in international markets, allowing us to strengthen our foothold and continue our plans of delivering health-focused solutions globally.”
Bod Science
Bod Science, which is the subject of a share purchase agreement with Biortica Agrimed, reported cash receipts of A$149,000 in Q1 FY25, a 176% increase on Q4 FY24 but a 70% decline on the previous corresponding period.
The increase on the prior quarter was down to the resumption of cash receipts from the firm’s largest distributor following the settlement of a secured advance.
Net cash outflows during the quarter totalled only $4,000 due to “substantial reductions in all payment categories” after the company entered voluntary administration late last year.