Investment in Cannabis Access
Cannabis Access makes it easier for Australian healthcare professionals to access the appropriate type of medical cannabis for their patients within the current regulatory environment by making the process of prescription faster and easier where it:
- operates an online portal (cannabisaccess.com.au) for healthcare professionals that showcases the products available in Australia and the conditions for which they are best suited to treat. It also provides research to support cannabis use for each condition;
- provides a seamless end-to-end process for accessing and prescribing medical cannabis. In the majority of circumstances, doctors need to obtain both Therapeutic Goods Administration (TGA) and state approvals (which are thankfully no longer required in NSW). Cannabis Access' online portal prepopulates the forms necessary for doctors to obtain these approvals using the details of the product selected by them. The application process is supported by a call centre which speeds up the process; and
- has 500 Australian healthcare professionals (doctors and pharmacists) signed up to the online portal. This number is expected to grow rapidly over the next few years.
Giles Craig, Executive Chairman of Cannabis Access, said "We are delighted to have the support of MMJ as we roll out our strategy to work with doctors throughout Australia and make it easier for them to prescribe medical cannabis. This investment is an endorsement of our strategy and provides us with the capital needed to accelerate our programme. Based on mature markets for medical cannabis access such as California, we estimate the addressable market in Australia to be around 500,000 patients. Currently, there are only 500 patients who are legally using medical cannabis in Australia at a time when we understand up to 100,000 patients are accessing it through other means. We are working on a number of exciting initiatives targeting this large addressable market and will announce these as they come to fruition".
Jason Conroy, CEO of MMJ, said "At the moment there are significant challenges for Australian patients who want to access medical cannabis and doctors who want to prescribe it. Cannabis Access is strongly positioned to address these challenges and we are proud to support them."
About MMJ PhytoTech Ltd
In October 2017, MMJ PhytoTech Limited (ASX:MMJ) announced its strategy to become an incubator for strategic investments across regulated jurisdictions globally covering the entire cannabis value chain.
Following the successful listing of United Greeneries Holdings Ltd ("United Greeneries") and Satipharm AG ("Satipharm") on the TSX-V through Harvest One Cannabis Inc. (CVE:HVT), MMJ has focused on the identification of a number of independent strategic investment opportunities that have the potential to deliver significant value to the Company's shareholders.
MMJ is actively pursuing early stage opportunities with the ability to deliver significant future revenue and the opportunity to provide dramatic global synergistic value as regulatory frameworks in key international markets continue to evolve. MMJ is targeting the full range of emerging cannabis-related sectors including healthcare products, technology, infrastructure, logistics, processing, cultivation, equipment, R&D, hemp food products and retail.
MMJ currently holds an equity stake of 53,333,333 shares in Harvest One, 100% ownership of Israeli-based R&D division PhytoTech Therapeutics Limited ("PTL") and strategic holdings in e-Sense Lab Limited (ASX:ESE) and private Canadian-based company WeedMe Inc.
MMJ PhytoTech Ltd