A new medicinal cannabis firm appeared on the Australian Stock Exchange on Friday – Althea (ASX:AGH).
Based in Melbourne, Victoria, Althea Group Holdings Limited is focused on the import, cultivation, production and supply of medicinal cannabis for eligible patients throughout the nation (of which there are few at the moment). In Australia, medicinal cannabis can only be prescribed by a registered medical practitioner via one of two pathways Special Access Schemes Category A and B.
Althea’s cannabis oil range offers varying THC: CBD ratios, and its dried cannabis product is available for use with approved vaping devices.
Through an exclusive product supply agreement with Aphria, Althea started importing and supplying five company-branded medicinal products in April this year, the first of four shipment to head to Australia over a year.
The company has also engaged medical science liaisons whose task is to assist medical practitioners in becoming prescribers and pharmacists to become suppliers of its products.
“Our aim is to educate and support patient access to medicinal cannabis in Australia. Our measured three-stage growth plan supports Althea’s vision to become a leading and trusted medicinal cannabis brand in Australia,” said Joshua Fegan, the company’s CEO and Managing Director.
Althea Group also intends to grow and manufacture medicinal cannabis in Australia through the proposed construction and operation of a 4,080m2 facility in Skye, Victoria; subject to the necessary town planning and building approvals being secured.
The company reports demand for shares in Althea were well-above the proposed maximum fund raising under the IPO of A$19.65 million.
The company was admitted to the Official List of ASX Limited on Wednesday, 19 September 2018 and official quotation of AGH’s ordinary fully paid shares commenced at 11:00am AEST on Friday, 21 September 2018.
Althea’s start on the ASX was a positive one.
Althea issued 98.25 million new shares at $0.20 per share in the IPO, providing it a market capitalisation of $40.6 million upon listing. The shares opened at 60c and closed at 56c. 10,870,260 shares were traded on Friday.
The company joins a list of around two dozen with skin in the medical cannabis game that are listed on the Australian Stock Exchange.
