Medigrowth, a leading Australian medicinal cannabis biotech, has announced a series of initiatives to advance the sector. The company is not only joining forces with Deakin University on clinical trial initiatives, it has plans to construct a Centre of Excellence in Geelong, and has launched a telehealth service, Haiku Health, designed to give patients greater control over their health.
The Centre of Excellence aims to be an international hub for medical cannabis research, expanding knowledge in plant-based medicine, and uncovering new potential therapeutic uses. Medigrowth is committed to accelerating this project with funds raised from an equity crowdfunding campaign on Birchal, which will also support their ongoing research, clinical trials, product development and distribution of Australian made products.
Simultaneously, Medigrowth is making strides in bridging the patient-doctor gap with the launch of Haiku Health. This direct-to-consumer telehealth platform is dedicated to providing trusted advice from five participating GPs and Authorised Prescribers. It offers a solution for patients seeking medical cannabis treatment but are met with reluctance from their regular doctors.
Co-founder Todd McClellan said, “This is about empowering patients. Too many people are either not getting a positive response or they don’t feel comfortable discussing it with their GP. That is why we launched Haiku Health.”
CEO and Co-founder Adam Guskich added, “Haiku Health was launched to reduce that friction and ensure that patients can be proactive in tackling health challenges and are able to get the right advice from a professional.”
McClellan and Guskich’s comments come in light of a growing demand for medical cannabis in Australia. According to the Therapeutic Goods Administration, prescriptions increased by 295,515 from 1011 between 2016 and 2022. Medigrowth aims to leverage this trend and the potential growth of the cannabis market, which is forecasted to reach AU$1.4bn by 2032 in Australia and US$127bn worldwide.
Moreover, Medigrowth is currently offering locally sourced products in the Australian market, including oils and dried flower, and is working with Deakin University on a randomised controlled trial for treating autism using medicinal cannabis, with initial results expected later this year. The company is keen to demonstrate the potential of Australian-made products, aiming to reduce dependence on costly overseas imports and meet the increasing demand for medical cannabis.
These initiatives collectively showcase Medigrowth’s commitment to becoming a global leader in medical cannabis, providing comprehensive and patient-friendly solutions while expanding research and development in this burgeoning field.
Guskich added, “Investors can now register interest for our Capital raise and we have been overwhelmed by the initial response by investors. It highlights the broad public interest in our sector and our company and I am genuinely excited about the future for Medigrowth and cannabis medicines”