Althea Group Holdings Limited (ASX:AGH) announced last week the Republic of Ireland’s Health Products Regulatory Authority (HPRA) has approved one of its products.
Althea is an Australian licensed producer, supplier and exporter of pharmaceutical grade medicinal cannabis; with operations here at home, in Europe, North America and Africa – and plans to extend its footprint in emerging markets throughout Asia and Europe.
On Friday, the company said it is to enter the Irish medicinal cannabis market following HPRA’s approval of Althea CBD12:THC10 cannabis oil, an orally administered liquid that contains 12.5mg/mL of cannabidiol and 10mg/mL of tetrahydrocannabinol as its active ingredients.
Commenting on the approval, Althea CEO Joshua Fegan said:
“The approval of our first medicinal cannabis product in the Republic of Ireland is another positive achievement aligned to our European growth strategy for Althea.”
The company said an application is to follow for this product to be added to the Primary Care Reimbursement Service as part of the Republic of Ireland’s Medicinal Cannabis Access Programme (MCAP). This would make Althea CBD12:THC10 free of charge for Irish patients prescribed the treatment under MCAP.
Althea notes the company is also seeking further product approvals in Ireland, with various applications under consideration by the Irish health regulator.
In other relatively recent news from Althea Group, the company says it saw $5.5 million in receipts from customers for the period ending 31 March 2022 – a jump of 100% from the previous corresponding period and a new record for the company. Althea’s pharmaceutical cannabis achieved $2.7 million in receipts from customers for the quarter.
“The result was achieved despite the seasonal effect experienced in January, a time of year in which many primary care doctors take extended leave, exacerbated in 2022 by the easing of prolonged COVID-19 restrictions along with the floods in Queensland and Northern NSW,” states a report from the company.
Althea anticipates the current quarter to be another good one, and to close out the financial year on a high – no pun intended.
As well as Althea, the Group’s businesses include wholly owned subsidiary Peak Processing Solutions, which operates in the legal recreational cannabis market.