Australia’s AusCann (ASX:AC8) announced last week it has submitted final regulatory paperwork required to get the company’s cannabis based canine skin and dermatitis treatment across the line in Australia.
AusCann was originally focused on developing cannabis medicines for humans, but in November last year announced its intention to acquire CannPal Animal Therapeutics. CannPal is an Australian company developing cannabis-based pharmaceutical and nutraceutical products for pets, primarily dogs. That acquisition was completed in March this year.
It may seem a bit of a strange move for AusCann given its original focus, but the company points out the global canine skin and dermatitis market is worth an estimated US$1.5B globally. CannPal had previously stated around 20% of dogs suffer from some sort of dermatalogical condition.
Dermacann, which contains a combination of plant-based ingredients including high-purity cannabidiol (CBD), has been developed over 3 years . But before it can be supplied in Australia it needs to clear some final regulatory hurdles as it is illegal to sell an animal health product containing cannabinoids in Australia unless it has been approved as medicine or nutritional supplement.
AusCann submitted its first module to the Australian Pesticides and Veterinary Medicines Association (APVMA) in July. The APVMA is the Australian Government statutory agency responsible for the management and regulation of all agricultural and veterinary chemical products in the country.
Last week, the company said it had submitted its final module to the Association.
“Completing our final DermaCann® regulatory submissions is the culmination of over 3 years of hard work and is a pivotal milestone for AusCann,” said AusCann CEO Layton Mills. “DermaCann® is on track to become the world’s first regulatory-approved veterinary medicine containing cannabinoids to be legally available for supply via prescription through veterinarians.”
While it remains to be seen if Dermacann gets the APVMA’s blessing for use here in Australia, AusCann is on track to launch the product in the USA next month. The company is able to launch in the USA first as red-tape isn’t so onerous in the USA for this type of product. But gaining the green light from APVMA will provide benefits both locally and abroad.
Related: Cannabidiol and pets.