Releaf Group
Cannabis franchise Releaf Group has opened expressions of interest (EOI) for the acquisition of its New Zealand franchise, with a planned service launch across the Tasman in 2023.
The company's chief of staff Anthony Lucic is heading the NZ expansion, with services expected to begin next year through both a physical presence and telehealth offerings.
He said: "We have the determination to invigorate New Zealand patient access to medicinal cannabis and life-changing medicines. The future… is very bright with huge growth potential in a maturing market."
Releaf said it has chosen to shift toward a more integrated and locally driven model in NZ, with the incoming master franchise partner taking on greater responsibility and control over how services are delivered.
The firm added: "This will add to the momentum already evident in [our] growing patient numbers. With Releaf Group's International College of Cannabinoid Medicine, [we] will look to expand clinicians' knowledge base while growing access to the ever-growing medical sector."
EOI responses will be evaluated and a shortlist of candidates compiled, with the contract expected to be awarded by January 2023.
Bod Australia
Bod Australia posted sales revenue of A$598,000 in Q1 FY23, a decline from $943,000 in the prior quarter and a 65% drop compared with Q1 FY22.
The company attributed the shortfall from Q4 equally to its global partner Health & Happiness (H&H) and to weaker sales across its medicinal cannabis product range.
Net cash used in operating activities came to $1.7m.
Bod noted that H&H had completed a large transaction in the prior three-month period that did not recur in Q1, while a one-off medicinal cannabis sale of $98,000 in Q4 FY22 also inflated the comparison.
"Further, the largest customer of the medical division rebottled some of its own inventory….which temporarily impacted sales," the company added.
Bod said the steep year-on-year decline in sales from Q1 FY22 was partly explained by the recovery of "significant overdue balances" during that earlier period.
While its medicinal cannabis division typically brings in around $150,000 per quarter, it collected $483,000 in Q1 FY22, Bod said.
Wellnex Life
Wellnex Life has added close to A$6m to its balance sheet through a combination of a capital raise and strategic investments.
The ASX-listed company is positioning itself to be among the first to offer over-the-counter (Schedule 3) CBD products in Australia through a joint venture with OneLife Botanicals.
The company also intends to launch its medicinal cannabis products under the Special Access Scheme before year's end.
Wellnex sought to raise $2m through a share purchase plan last month and, after oversubscriptions were accounted for, collected $2.8m. Strategic investments contributed a further $3m, including a placement from Homart Pharmaceuticals.
The funds will go toward advancing its S3 registration program, building out manufacturing and product capabilities, launching new brands, and broadening its export network.
MGC Pharmaceuticals
MGC Pharma has completed a processing upgrade at its Slovenian facility, lifting daily capacity by 200%, and an EU Good Manufacturing Practice (GMP) audit has cleared the site to resume production, with formal certification anticipated next month.
A GMP audit of the company's new Maltese plant has "satisfied all key audit requirements", with formal ratification expected in early 2023.
The firm has also broadened its supply and distribution agreement with Sciensus Rare to cover additional European markets and Middle Eastern territories, expanding the potential reach of its epilepsy treatment CannEpil and CogniCann, which targets dementia.
CEO Roby Zomer said: "MGC Pharma is extremely well placed to deliver its products across both the EU, and globally, to meet increasing demand."
MediCann Health
MediCann Health has closed its crowdfunding raise on the Birchal platform, securing close to A$1.1m from 698 investors.
The company had been seeking up to $3m in total.
A spokesperson said a substantial share of the proceeds will be directed toward expanding its medicinal cannabis product range.
MediCann retains the option to conduct a further raise through Birchal in 2023.
