Shares of Bod Australia [ASX:BDA] are up 3.57%, after announcing that the company has partnered with Australia’s largest pharmacy retailer, Chemist Warehouse Group to distribute its cannabis products.
At time of writing, Bod shares are trading at 58 cents.
Despite some recent volatility, Bod has experienced incredible growth since its initial listing price of 27 cents — in just over two years we have seen Bod gain more than 111%.
Bod’s strategic partnership with Chemist Warehouse
Bod has partnered with Chemist Warehouse to dispense its cannabis products, starting with its proprietary cannabis oil, MediCabilis™ nationally.
MediCabilis™ is Bod’s pharmaceutical grade cannabis extract, in oil form.
Bod noted in their market update that they have already received a number of prescriptions for the product, and will have a better idea of the revenue from sales in the next few months.
Bod will initiate an education program for Chemist Warehouse pharmacists, which will train participants on dispensing the MediCabilis™. Including eligibility, potential benefits and changes to the regulatory landscape.
CEO of Bod Australia, Jo Patterson said that its partnership with Chemist Warehouse is an ‘exceptional development’ for the company.
‘Bod will continue to target additional pharmacy groups and potential distribution partners to drive product uptake. Board and management look forward to updating shareholders as these agreements progress.’
Bod Australia outlook 2019
To kick off the start of the 2019 financial year, Bod Australia had record sales in the first four months. It’s exciting times for Bod Australia being one of the first to begin mass distribution of medicinal cannabis in Australia.
Looking forward, Bod will be raising $6.4 million in order to generate international growth. Bod’s investment partner Tribeca has committed to $450,000.
While we can never be 100% certain for the outlook of stocks, we can look to things that will impact it. And Bod’s Phase 1 clinical trial paints a bright picture.
In Bod’s clinical trial of Proprietary CBD extract, it was the first time on a global scale that pharmacokinetics (interaction of a drug and its absorption, distribution, metabolism and excretion) of a cannabis plant extract has been tested under ‘blinded’ conditions.
With the Australian government recently passing a law that allows for the export of medicinal cannabis products, now is a great time to get informed about cannabis.
Knowing where to start investing can be tricky, though.
There are a large range of Aussie pot stocks on the market, and not all of them will be winners.
For Money Morning