Cann Compounding has opened a new facility in Brisbane, the company’s second purpose-built location dedicated to the compounding of medicinal cannabis.
The move follows the successful launch of the firm’s first such facility in Adelaide in October 2023.
Cann Compounding said the new facility features three specialised labs, advanced quality testing, and a significant vault space for product safety, reflecting its “commitment to setting new standards in the industry”.
CEO David Crisci added: “This new facility underscores our commitment to advancing patient and medical practitioner accessibility to high-quality medicinal cannabis products.
“It features cutting-edge technology for compounding unique formulations such as gummies, oils, capsules, pessaries, and suppositories, and is staffed by our highly skilled team.
“I look forward to servicing and supporting more patients and the growth of the industry.”
Ecofibre
Ecofibre has admitted its plan to achieve cash flow positivity remains “challenging” as it continues to focus on tight cost control and the sale of targeted assets.
In its quarterly update, the firm outlined plans to focus on core businesses, cut costs and debt, deliver revenue growth in its Ecofibre Advanced Technologies division (formerly Hemp Black) and realise value in subsidiary EOF-Bio and its proprietary cannabinoid-based drug candidate EOF-001.
Ecofibre ended Q3 FY24 with total cash of A$10.4 million including $7.1m in group funds and $3.3m from EOF-Bio.
Revenue of A$8.1 million was up 13% on the prior quarter with unaudited operating costs (excluding EOF-Bio) down 6%.
Investment cash inflows totalled $7.1m during the quarter, including $5.1m from the partial sell down of Ecofibre’s shareholding in EOF-Bio and $2m from the sale of Ananda Food to Elixinol Wellness.
The firm also signed a non-binding letter of intent to sell two US properties for US$10.4m.
Meanwhile, Ecofibre confirmed it has filed a motion to dismiss legal proceedings lodged by its former chief science officer Dr Alex Capano and reiterated its intention to “vigorously defend” the action.
Capano, whose employment with Ecofibre was formally terminated last month, has alleged that senior executives looked out for themselves and the parent company at the expense of its EOF-Bio subsidiary.
Ora Pharm
New Zealand firm Ora Pharm has completed its first export order of just under 100kg of dried flower to Australian distribution partner Canngea, with further orders secured.
Founder and CEO Zoe Reece said: “The New Zealand regulatory environment is internationally recognised and, while initially challenging to navigate, means we can now meet global demand in both Europe and Australia.
“We’ve worked methodically with our Australian partners to navigate regulatory frameworks and build a robust product pipeline at the same time building a sustainable operational model.
“We have carefully selected strategic partnerships, so the company is well positioned to capitalise on emerging opportunities in the global markets where there remains a significant product shortage of high-quality medicinal cannabis.”
Ora Pharm said it will soon launch its next funding round to expand its commercial operations.
Althea
Althea Group Holdings (AGH) has signed a distribution agreement with Symbion, a national wholesaler of healthcare services and products with more than 3,850 retail pharmacy and 1,350 hospital customers across Australia.
The move will see Althea’s complete portfolio of medicinal cannabis products distributed through Symbion’s pharmaceutical wholesale channel from today.
AGH CEO and managing director Joshua Fegan said: “By partnering with Symbion, we push forward in our mission to normalise and simplify access to medicinal cannabis, ensuring doctors can prescribe and pharmacies can dispense cannabis-based medicines as they would any other pharmaceutical product.”
Melodiol Global Health
Melodiol Global Health has again insisted it can work through its financial issues after facing a fresh set of questions from the Australian Securities Exchange (ASX).
Faced with almost 30 queries relating to its finances – including whether the company believes it should remain listed – Melodiol said it is addressing its debt position and renegotiating deals with a number of lenders.
Details of the terms must remain confidential until they are complete and released to market, the firm said.
“The company has a track record of converting existing debt to equity and further conversions would reduce the company’s liability position while having no effect on the asset side of the balance sheet,” Melodiol said.
Melodiol has contractual cash flows of A$16.7 million and a negative working capital of $17.5m as at December 31.
Melodiol told the ASX that in addition to reducing its debt position it has shut non-core businesses to focus on revenue-generating divisions.
Wellnex Life
Wellnex has begun moves to dual list on the London Stock Exchange (LSE).
The ASX-listed consumer healthcare company said it conducted extensive due diligence and analysis on the opportunity, including an institutional roadshow, and has now appointed UK advisors to manage the process.
It said LSE listing will provide a platform to grow the company domestically and internationally as it takes its brands and products to Europe, the Middle East and Asia via agreements with Haleon and Homart Pharmaceuticals.
Chairman Mario Tascone added: “While we continue to concentrate and increase our presence in the domestic market, this will open up opportunities to grow the business by taking advantage of the numerous opportunities internationally.”
Emyria
Emyria has secured firm bids of A$2.3 million through a well-supported placement from new and sophisticated investors.
The funds will be used to scale up and expand the firm’s newly opened Empax Centre facility focussing on treatment and research to address unmet needs in mental health care, particularly treatment-resistant PTSD.
