“The launch of a new CBG product, under the widely recognised MediCabilis brand, will provide the Company with a number of opportunities to increase prescription sales and scale-up research and development,” said Bod CEO Jo Patterson.
Bod Australia (BDA) is set to launch its new medicinal cannabis product, MediCabilis.
Initially, Bod says it will focus on launching the product in the U.K. through select doctors and healthcare physicians.
The new cannabigerol (CBG) product will be sold under the MediCabilis brand as “MediCabilis CBG 50” in the U.K. CBG is a non-intoxicating cannabinoid compound in the cannabis plant, which research has shown can address alternative therapeutic areas to THC and CBD.
The launch follows research and development assessments, as part of the company’s approach to developing specific cannabis cultivators and product formats for current and future product development.
“To further scale up U.K. medicinal cannabis sales, Bod is progressing educational initiatives, as well as working with large industry bodies to grow its market share,” she added.
The company says the market for CBG is in its early stages and is expected to grow significantly over the coming years.
Bod also has a prescription product available to Australians – a pharmaceutical grade cannabidiol (CBD) based formulation called Medicabilis. While not currently listed on the Australian Register of Therapeutic Goods (ARTG), it can be accessed through the Therapeutic Goods Administration (TGA) Approved Prescriber (AP) and Special Access Schemes (SAS).
Bod Australia (ASX:BDO) has reported record medicinal cannabis sales growth during the 2020/21 financial year.
Ms. Patterson anticipates continued increased demand for Bod’s medical cannabis products in the time ahead, also mentioning operations in the UK are continuing to scale up. In the middle of June, the company announced two of Europe’s leading online retailers will stock Bod’s entire range of CBII in the UK. CBII is a line of CBD-based products, recently expanded to include home fragrances and new skincare products.
According to the firm, 12,187 units of Bod’s products were sold during FY2021, representing a very impressive 212% increase on FY2020 when 3,907 units were sold. The final quarter was a corker for Bod, with 4,441 units sold – 17% higher than Q3, which saw 3,805 units sold.
The company notes 65% of prescriptions filled during FY2021 were for repeat patients.
Back in May, the company said it was launching a new product based on another cannabinoid – cannabigerol (CBG) – which will be sold under the MediCabilis brand as MediCabilis CBG 50 in the UK.
“During FY2021, the Company maintained nearly a 50% market share for the total addressable market for high CBD products in Australia,” said Bod CEO Jo Patterson.
CBG is a non-intoxicating cannabinoid compound in the cannabis plant, which holds strong therapeutic potential for use in broad therapeutic applications.
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First mover advantage with CBG 50 offers competitive benefits
“To further scale up UK medicinal cannabis sales, Bod is progressing educational initiatives, as well as working with large industry bodies to grow its market share.
“Published scientific literature suggests that CBG has potential anti-inflammatory benefits, so the launch of MediCabilis TM CBG 50 in oil form will provide Bod with an important first-mover advantage in what will become a significant market.’’
The market for CBG is in its early stages and is expected to grow significantly in the coming years.