Bod Australia Share Price Up on Strong Earnings (ASX:BDA)

By ,

At time of writing the Bod Australia Ltd [ASX:BDA] share price sits at 47.5 cents, up 10.47%.

The company recently announced a large increase in sales in the second half of 2020.

ASX BDA Share Price Chart

Source: Optuma

Huge increase in sales

Bod Australia are a medicinal cannabis company who produce the product MediCabilis.

Typically prescribed for chronic pain and anxiety.

Throughout 2020 the company moved ahead in leaps and bounds.

In February, the company launched their CBD products into the UK in conjunction with the Happiness Group.

March saw the company team up with Swisse Wellness here in Australia to unveil nine initial hemp seed oil products under the Swisse brand to be sold in Coles, Priceline, and Chemist Warehouse.

By November the company received a $1 million order from Italian company H&H for Swisse-branded hemp seed oil products, to be sold in over 4,000 pharmacies across Italy.

BDA recently announced an incredible increase in sales of their MediCabilis product for the second half of 2020:

  • 3,941 MediCabilis™ prescriptions filled during H2 CY2020 — 91% increase on H1 CY2020 (H1 CY2020 prescriptions: 2,063) and 114% increase on PCP (H2 CY2019 prescriptions: 1,844)
  • Bod has now filled over 8,000 MediCabilis™ prescriptions since July 2019
  • Repeat prescriptions accounted for 62% of H2 CY2020 volumes outlining patient satisfaction
  • Ongoing growth expected across coming quarters — upward trajectory in prescription volumes set to add to Bod’s growing revenue

Discover our top three ASX-listed pot stocks in 2021. Click here to learn more.

Bod Australia share price

Like most shares this last year, Bod Australia fell into the March low due to COVID-19 but recovered well to move up to a high of 74 cents in December.

Bod Australia Share Price Chart 2

Source: Optuma

In recent weeks the share price fell to 42 cents, a 50% retracement from the high before moving up to trade at 47.5 cents at the time of writing.

Moving up from a 50% retracement is generally a sign of strength.

Should the move up continue, then the level of 57 cents may become the focus.

If it falls back again, the 50% retracement level of 42 cents could be tested again.

ASX BDA Share Price Chart 3

Source: Optuma

Today more countries than ever have legalised cannabis.

The field of medical research into the uses of cannabis is only getting larger and shows no sign of slowing down.

The global cannabis market is expected to grow to US$44.4 billion by 2025.

For Bod Australia there is a lot of space to grow in the global market.

While the share price took a dip recently, it may just be one step back to take many forwards.

One for the watchlist.


Carl Wittkopp,
For Money Morning

PS: Aussie cannabis boom — Discover why the Aussie cannabis market is ready again for long-term growth and how you can capitalise. Click here to learn more.

About Carl Wittkopp

Carl Wittkopp writes for Money Morning and has a diploma in Financial Planning. He specialises in technical analysis.

Bod Australia Share Price Down Despite Record Sales (ASX:BDA)

The Bod Australia Ltd [ASX:BDA] share price is down just over 1%, trading at 45.5 cents. The BDA shares caught the pot stock renaissance wave starting in October 2020 but have since settled…

Why ASX Cannabis Stocks are Down — Should You Invest?

It’s been a tough year for ASX cannabis stocks with many companies shedding value over a 12-month window. Only Althea has emerged from the last year with a gain to show for it. It’s worth taking a look at the ETFMG Alternative Harvest ETF chart to see what’s happening to cannabis stocks globally….

ASX Cannabis Stocks Wrap: MGC, BDA Elixinol News

Today, we look at the latest Elixinol news, along with recent announcements out of MGC and BOD. We conclude that Elixinol could encounter support in the coming weeks or months. Meanwhile, MGC and BOD remain exciting but more speculative cannabis plays.

BOD Share Price Climbs 45% with New Strategic Investment Deal

BOD Australia Ltd [ASX:BDA] has made an agreement with H&H Group’s innovation arm NewH2, which will see NewH2 acquire a small stake in BOD in exchange for a $5.5 million investment.

Bod Australia’s Share Price Up After Partnering With Chemist Warehouse

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 … Read More