Althea Group (ASX: AGH) has released their investor update, boasting a successful launch of products and quick capture of market share in 2018.
Althea is partnered with Aphria, who holds a 25% share in the company. Aphria is one of the leading Canadian licensed producers, however in late 2018 they were hit with controversy over claims of self-dealing and dodgy business in Latan America.
This did not impact Althea, who have continued to grow since listing on the ASX in September.
Patient Numbers: Since launching their product line in May 2018 (currently imported and white labelled Aphria products), Althea has had 402 patients prescribed by 110 medical professionals, a number that seems to be growing exponentially.
Education: In February, the company launched MEDIC – a medical cannabis education portal for GPs, accredited by the Royal Australian College of General Practitioners (RACGP) and the Australian College of Rural and Remote Medicine (ACRRM).
International: Althea is one of the first to enter the UK market, and already has 12 staff in country. They expect to have products available to patients in April of this year.
A look at their half-year financial report for the second half of 2018 also shows positive growth.
Althea is one of the few ASX-listed cannabis companies to show domestic revenue – AUD $174,000 over the six months. This is not so surprising when the marketing spend is considered ($864,000)
However it seems that little (or no) investment is being targeted to clinical research – an integral step if Althea intends to have their products listed on the ARTG.
Shares took a 2% dip to 41c after the half year report was released.