Skip to main content

BOD Australia Closing In On Cash Positive - HempGazette

BOD Australia Closing In On Cash Positive - HempGazette

BOD Australia - medical cannabis

While it still has some way to go, medical cannabis company BOD Australia (ASX:BDA) is closer to a cash positive position after what looks to have been a busy and successful FY2020.

The firm released its audited results last week that indicate revenue and other income for the period came to a total of $6.1m, a 350% increase on FY2019. This result was driven by growth in sales of BOD’s hemp-based products here in Australia and CBD products in the United Kingdom. The company says there was also increased prescription volumes locally for its MediCabilis products, a CBD based formulation available in oil and wafer form. MediCabilis is currently accessible for clinical trial use and for patients in Australia via the TGA Approved Prescriber (AP) and Special Access Schemes (SAS).

In a presentation published last week, the company notes 4,000 Medicabilis prescriptions were filled during FY2020 and 80% repeat patients. On a related note, last month the company announced[1] it had commenced an Australia-wide observational study into the effectiveness of MediCabilis for conditions including anxiety disorders, insomnia and Post Traumatic Stress Disorder (PTSD). The study aims to collect data from 500 patients prescribed MediCabilis over 12 months.

BOD’s loss after income tax for FY2020 was $4,819,140, a 37% decrease on FY2019.

“While top line growth is our key focus, we have been vigilant managing the cost base, only deploying funds into value accretive initiatives that will drive future product development and underpin continued revenue growth,” said[2] BOD Australia CEO Jo Patterson.

BOD expects revenue to further increase during FY2021, driven in part by new product launches and international expansion.

The company says it will expand its Swisse product range and launch into international markets including the USA, France, Italy and Netherlands. BOD announced in late March this year[3] it had partnered with the vitamin and skincare giant to launch a range hemp-based products for the Australian market.

BOD says it also intends broadening its CBII product range in the UK ahead of large- scale launch in the USA. CBII is a full spectrum hemp extract launched in partnership with H&H Group in November last year.

Let's block ads! (Why?)



https://hempgazette.com/news/bod-austral...ts-hg1247/

from potads - All Forums learn more

Popular posts from this blog

Martha Stewart launches CBD line in crowded market - CNN

Martha Stewart launches CBD line in crowded market - CNN The hemp-derived, cannabidiol-rich gummies, soft gels and oil drops officially launched on Thursday after more than a year in development. The products are the result of the style maven's partnership with Canopy Growth ( CGC ) , the Canadian cannabis company with a multibillion-dollar backer in US alcohol giant Constellation Brands ( STZ ) . Stewart joined Canopy as an adviser in early 2019 for the express purpose of developing cannabis products for humans and their pets after being introduced to Canopy's founder by her friend Calvin Broadus Jr. -- the rapper and businessman better known as Snoop Dogg. His Leafs by Snoop cannabis brand is produced by Canopy. The initial Martha Stewart CBD products, which range from $34.99 to $44.99, will be sold online at Canopy's e-commerce site . The pet products are expected to debut later this year. "I was surprised to learn that while most people have heard of ...
Read more

The Half-Legal Cannabis Trap - POLITICO

The Half-Legal Cannabis Trap - POLITICO LOS ANGELES — Everything about Kelvin’s job in a neighborhood southwest of downtown seemed like any other assignment, if not a little more exciting. The 40-year-old, who had previously worked as an electrician, had been employed since 2015 by a private security company that contracted him out to guard marijuana dispensaries. In 2019, he was protecting one of the thousand or so cannabis stores in California’s biggest city—part of an industry that has grown less and less underground since 1996, when the state first legalized medical marijuana. Kelvin, who asked not to be identified beyond his middle name to avoid professional retaliation, doesn’t smoke pot, but says the gig felt like the future. He grew up in a time when other Black people he knew in Los Angeles would go to jail for possessing even small amounts of the drug. Now, customers could walk into shops like the one he was guarding, many of which can be identified by green crosses on...
Read more

Cannabis news worldwide -- Some Indian farmers are turning moon-gazers

Some Indian farmers are turning moon-gazers A growing number of cultivators opt for biodynamic techniques to give farming a zodiac twist Sarvdaman Patel , 69, stands between rows of legumes and parsley at high noon, but it is not the harsh sun that bothers him. He is obsessed with the moon. "It is currently in the Air sign which is ideal for flowering plants," he remarks, peering at the marigolds. Patel is no Bejan Daruwala. He is an Indian farmer who has been using biodynamic (BD) techniques for the last 16 years on his farm in Gujarat's Anand. The BD cultivation calendar is based on the moon's movement through each zodiac every two-and-a-half days covering all 12 signs every month. An unofficial estimate by the Biodynamic Association of India (BDAI) says about one lakh farmers in Maharashtra, Andhra Pradesh, Punjab and Uttarakhand practise biodynamic farming. However, most of the produce is sold under the generic 'organic' label as few consumers unde...
Read more