Encouraged by the reception for its first medicine in Australia, Danish medical cannabis company Stenocare will soon be exporting another to the land down under.
Stenocare was founded in 2017, and the following year became the first Danish company to obtain all necessary permits to cultivate, import and trade in medical cannabis oils under Denmark’s pilot programme. The company began delivering prescription-based products in Denmark back in September 2018. However, suspension of sales began in September 2019 due to the regulatory misconduct of its Canadian partner, which was censured by authorities in Canada.
After terminating its agreement with that partner, Stenocare delivered its first post-suspension product batch destined for the Danish market in January last year.
Response has exceeded expectations according to the firm.
“We are constantly seeking ways to scale our business and have been pleasantly surprised by the sales performance of the first Stenocare oil product in Australia,” said CEO Thomas Skovlund Schnegelsberg (pictured above).
The success has prompted Stenocare to introduce its second medical cannabis oil product to Australia. This will be a balanced 25-25 oil, which will be available to qualifying patients (via their prescribers) in the first quarter of 2024.
“Recognizing opportunities across various segments of the market, we see the natural next step as launching the new Balanced 25-25 oil product,” stated Mr. Schnegelsberg. “This allows us to cater to more categories of patients.”
Stenocare considers Australia a major medical cannabis market, with a volume similar to Europe’s biggest market – Germany. The Australian market reached a value of USD $ 51 million by 2021, and is anticipated to grow more than tenfold to USD $ 540 million by 2030 according to Research and Markets.
“In fact, with the new second product coming online, Australia has real potential to become the second-best-performing market for Stenocare toward the 2024 sales target of 15 mDKK,” states the company. 15 million krone translates to around AUD $3.34 million at current exchange rates.
Stenocare is currently active in 6 countries – Denmark, Sweden, Norway, UK, Germany, and Australia – with a total of 11 prescription-based medical cannabis oil products.