Helius Therapeutics
Two THC-containing products from Helius Therapeutics have received quality standard verification from New Zealand's Medicinal Cannabis Agency.
This follows GMP certification granted to Helius by MedSafe in December, authorising the company to manufacture THC-based medicines.
With the two new medicines now available in the New Zealand market, Helius has expanded its portfolio to six products. The company intends to export the newly approved products to European customers during the current year.
Chief executive Carmen Doran said: "The THC-containing products have had considerable interest internationally, with GMP-manufactured products gaining a lot of attention globally as the medical markets continue to grow.
"We have seen particular interest in balanced, full-spectrum medicinal cannabis formulations," she added.
Dragonfly Biosciences
London-headquartered CBD company Dragonfly appears to be revisiting the prospect of an ASX listing, having shelved earlier float plans in February 2022 due to concerns about market volatility and its valuation.
The Australian reports that Dragonfly is inviting prospective investors to register interest and distributing marketing material that points to momentum in the medicinal cannabis sector, including the Kennard family's recent investment in Australian Natural Therapeutics Group.
The specifics of any new listing plan have not been made public, and News Corp Australia (publisher of The Australian) said it had "as yet been unsuccessful in contacting the company's executives or representatives from its broker Finexia Securities".
According to the newspaper, the company's marketing material draws on Prohibition Partners data to tell potential investors: "Having been worth over A$50 million in 2020 and about $200 million this year, Australia's medicinal cannabis industry is predicted to be worth $1.6 billion by 2026.''
In late 2021, Dragonfly indicated it was seeking to raise A$10 million through a float by issuing 50 million shares priced at 20 cents each, with the funds earmarked for global expansion and product development. A prospectus at the time pointed to an ASX listing valuation of $95 million.
Early the following year, however, potential investors were informed the IPO had been deferred "at the request of key parties essential to a successful float''.
"Dragonfly and Finexia have liaised with various institutional investors who originally expressed a keen interest in the IPO," investors were told.
"The overwhelming response from these stakeholders is to defer the IPO and review a number of key statistics in the offer, including valuation.
"The current sentiment in global equities markets has further compounded the company's predicament, forcing the current course of action.''
Medlab Clinical
ASX-listed Medlab Clinical has lodged a registration statement with the US Securities and Exchange Commission (SEC) in pursuit of a dual listing on the Nasdaq, which it expects to raise up to $US8.1 million.
The company's shares were trading at A$6.72 on the ASX as of January 3, 2023, putting its market capitalisation at $15.29 million.
MGC Pharmaceuticals
Following an ongoing strategic review of its business and operations, MGC Pharma has introduced additional cost-cutting measures aimed at redirecting more of its working capital toward clinical trials and research programs in 2023.
The board has approved an immediate reduction of approximately 35% in director fees, taking effect from December 1, 2022. Senior executive team members who are not directors have also agreed to cash remuneration cuts of between 10% and 20%, with those executives receiving MGC shares to offset the reduction in their cash pay.
In a statement to the ASX, MGC Pharma said: "The board believes that this approach is appropriate in the current economic climate, as it helps to reallocate working capital to the prioritised clinical and research programs in 2023, retain experienced executives to execute the company's business plans, and better align executives' pay with shareholder returns."
The board also confirmed that Evan Hayes has stepped down as a non-executive director effective January 1, 2023, "as part of the company's transition to a dedicated life sciences pharmaceuticals company".
It added: "As a result… MGC's board will be reduced to five directors, with the company continuing to evaluate the composition of the board over the next six months to ensure that it reflects its position as a European-based life sciences pharmaceutical company."
Entoura
A clinical study conducted by the National Institute of Integrative Medicine has found Entoura's 10:15 oil to be effective in treating insomnia.
The randomised, double-blind, placebo-controlled, cross-over study gauged the tolerability and effectiveness of Entoura's 10 mg/ml THC:15 mg/ml CBD oil in 29 participants with self-reported clinical insomnia over a two-week period.
The medicine was found to be generally well tolerated, with midnight melatonin levels, sleep duration and quality, quality of life, and daily functioning all showing meaningful improvement compared to placebo.
By the conclusion of the trial, 65% of participants no longer met the criteria for clinical insomnia, an outcome the research team described as "clinically and statistically significant".
They concluded: "Our short-term trial suggests Entoura 10:15 medicinal cannabis oil… to be well tolerated and effective in significantly improving sleep quality and duration, midnight melatonin levels, quality of life, and mood within two weeks in adults with insomnia."
The study appears in the Journal of Sleep Research.
Creso Pharma
Creso Pharma has obtained A$500,000 in funding from investment firm Obsidian Global, issuing 340,850 convertible notes under the second purchase of a facility that was announced in November 2022.
As part of the drawdown, Creso will issue nearly 13 million collateral shares and 22 million listed options trading on the ASX under the code CPHO at a strike price of $0.25.
The new funding comes on top of approximately $2 million in director participation through prior placements that recently received shareholder approval.
CEO and MD William Lay said: "Obsidian has a successful track record of supporting ASX-listed growth companies and we believe there is significant value to having a flexible capital partner.
"Creso remains well positioned to deliver shareholder value via ongoing penetration into the various, high-growth, plant-based verticals that it currently resides in and we look forward to providing additional updates to our shareholders as these opportunities crystallise."
Separately, Creso's wholly-owned subsidiary Mernova Medicinal is set to launch seven new products in Canada through the Nova Scotia Liquor Corporation (NSLC).
The products were chosen after a rigorous evaluation process involving 1,200 submissions, which resulted in a total of 75 new listings in Nova Scotia.
The additions will double Mernova's total listings in the province from seven stock-keeping units to 14, with sales across its Ritual Green, Ritual Stick and Ritual Gold product suite expected from mid-March.
Lay said: "Nova Scotia has always served as a barometer for the company and to have an additional seven products accepted by the NSLC is a major achievement."
Southern Cannabis Holdings
ASX-listed specialist investment firm Hygrovest has indicated that Southern Cannabis Holdings (SCH) may be in a position to pay a dividend this year, pointing to growing revenue and improving margins.
In its December 2022 Investment Portfolio report, Hygrovest said SCH's financial results are continuing to improve through organic growth in its core business alongside expansion into non-cannabis medicines.
SCH, which owns Freshleaf Analytics, CA Clinics and Applied Cannabis Research, posted quarter-on-quarter revenue growth exceeding 10%, with EBITDA margins improving with scale toward a target range of 20–25%.
The report indicated SCH could be positioned to pay dividends in 2023 if it elects to do so, amid what it described as "significant M&A interest" in the business from both existing industry players and new entrants.
