Althea to expand into medicinal cannabis manufacturing

Medicinal cannabis cultivator and manufacturer Althea Global (ASX: AGH) has ended the year hitting milestones with 3,031 patients prescribed the drug by 375 healthcare professionals.

Only 159 patients had been prescribed the company’s products a year ago.

CEO Josh Fegan told the annual general meeting that the company also entered the United Kingdom market and received approvals to build a cultivation and manufacturing plant at Skye in Victoria.

Althea sources cannabis from Canadian producer Aphria, which is a part owner of the company, and plans to switch to a local source in 2020.

Fegan said: “Althea’s immediate focus remains on rapidly building our prescriber base, which will ultimately increase the number of patients who are prescribed Althea’s medicinal cannabis.”

The company’s goal is to reach 10,000 patients in Australia in the next year and continue its expansion in the United Kingdom and Germany.

Althea is well funded with revenue covering costs and a successful capital raising which netted $30 million.

This paid for the acquisition of Canadian contract manufacturer Peak Processing Solutions.

The cannabis market is very highly regulated globally, with patients generally receiving the drug only when other medications do not work.

Pictures: Althea

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