Medical cannabis company Cronos Australia Limited announced this week it has changed its name to Vitura Health Limited.
The company says that since its merger with CDA Health Pty Ltd., it has been busy integrating the two businesses into one company. Adoption of the new name reflects the vision, values and aspirations of the merged entity, rather than being tied to Cronos Australia of old.
The change had very strong support from shareholders, with more than 99.7% of all votes cast in relation the resolution supporting the change.
“We look forward to continuing to grow under the new Vitura Health brand and delivering on our strategic objectives for our patients, prescribers, pharmacists, suppliers and shareholders,” said CEO Rodney Cocks.
Along with the change of name comes a change in stock code. The company announced on Wednesday that its ASX code had been updated from CAU to VIT effective from the commencement of trade that day. That code was previously held by a company named Vitaco, which was suspended from Official Quotation back in 2016.
Rebranding and name changes are always a tricky business, and it can take some time for everyone to absorb them. For example, Google was yet to recognise the new stock code as at Thursday morning. One also wonders how similarly named companies such Viterra – an agricultural company – feel about this change.
In other recent news from the company, while still under the Cronos name the firm announced a few weeks ago its physical CDA Clinics on the Gold Coast, Brisbane and Sunshine Coast will close by 31 March 2023 and transition to a 100% telehealth service.
“These changes deliver significant overhead cost savings to the Company, continued quality patient care and a highly scalable business model,” said the company.
CDA also owns Burleigh Heads Cannabis, which operates a prescriber, patient, pharmacy and supplier online platform called CanView.
As well as CDA Health, Cronos, err.. Vitura, also has 75.5% stake in Cannadoc Health Pty Ltd, which undertakes nationwide telehealth consultations with patients seeking access to medicinal cannabis.
Back in August last year, Cronos became Australia’s first medicinal cannabis company give shareholders with a dividend – 1c a share.