The company will be one of the first companies to enter the medicinal cannabis market in that country following the November 2018 legislative change, enabling cannabis-based products to be prescribed by doctors.
Althea’s UK entry has been supported by Aphira Inc (TSX:APH) which has entered into a new cannabis product acquisition agreement and trademark licence agreement with Althea UK.
These agreements will provide Althea UK with high-quality and consistent medicinal cannabis supply allowing the company to focus on patient access and product distribution.
Improving patient access to medicinal cannabis
Althea CEO Joshua Fegan said: “The UK’s highly regulated framework for prescribing, supplying and possessing medicinal cannabis products is very similar to that of Australia.
“We know focusing on improving patient access to medicinal cannabis and educating medical practitioners on treatment is the key to establishing market share, so the UK market entry will be based on our three-phased business model successfully implemented in Australia.”
Since entering the Australian market in May 2018, 93 registered healthcare professionals are now prescribing Althea medicinal cannabis products to more than 328 patients across Australia.
This represents about 20% of the total market.
Globally unique approach
Fegan added: “Focused on early revenue generation through importation and distribution of products, the education of healthcare professionals and scalable long-term supply of high-quality products, our approach is unique globally.
“The model can be rolled out in other countries where patient access is similarly highly regulated.”
Althea plans to export Althea’s Australian manufactured products for UK distribution by 2020.
- Jessica Cummins