Shares in Althea Group Holdings Ltd [ASX:AGH] have risen on the news that the Australian company will supply its range of products to the UK’s first national pilot study for medical cannabis.
At time of writing Althea Group’s share price at sitting $1.08, up 6.97%.
Althea Group is a licensed producer which supplies pharmaceutical grade cannabis for patients with debilitating conditions.
The pilot scheme, which aims to enrol 20,000 patients by 2021, will target a number of chronic conditions and diseases in which previous alternative treatments have had limited efficacy, including PTSD, anxiety, multiple sclerosis, Tourette’s syndrome and chronic pain.
The study will use a real-world data registry to ‘assess efficacy, safety and patient-reported outcomes’ through prescribed medical cannabis use.
Althea Group, which will oversee the trial alongside Drug Science (an independent scientific committee based in the UK), will use the pilot as part of its strategy to enhance its global reputation as a medical cannabis supplier.
The company has high hopes for the value of the public study, saying:
‘We believe the pilot program will yield valuable data that can be used to further bolster the case for wider medicinal cannabis use and inform public health and stakeholder decisions.’
Milestones for Althea Group
The emerging UK market has significant potential for Althea Group, with an estimated treatable population of 2.9 million patients available.
Their participation in Project TWENTY21 further cements the company’s plan to make a European expansion, with patient prescription trials in the UK only the beginning.
Althea Group is quickly turning into a stock to watch, with more than 1,000 patients now using Althea’s products.
Confidence in the market looks to continue, with the company expecting that number to increase by 200 patients by June’s end.
More to come.
For Money Morning
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