Cannabis-focused healthcare company Bod Australia (ASX: BDA) has issued the first prescriptions for its MediCabilis product to UK patients participating in Europe’s largest medicinal cannabis registry.
Project Twenty21 aims to generate the largest body of evidence in the UK to date for the efficacy of medicinal cannabis, based on up to 20,000 patients suffering from conditions including chronic pain, multiple sclerosis, post-traumatic stress disorder, anxiety and issues arising from substance abuse.
It will utilise data collected from these patients to convince policy makers that medicinal cannabis should be readily available and more affordable for those who would benefit from its use.
The project will also assist medical professionals in patient treatment and advance the potential for National Health Service funding.
Bod expects to supply prescriptions for MediCabilis to a minimum 1,000 patients during Project Twenty21, at an approximate cost of $280 per unit.
The project is currently expected to close at the end of 2021 but may continue for longer due to the impacts of COVID-19.
Last week, Bod announced it had received its first medicinal prescriptions for MediCabilis from clinics in the UK.
Added sales channel
Chief executive officer Jo Patterson said Project Twenty21 provides Bod with an additional sales channel in the UK and builds brand awareness on a national scale.
“[It] is a major development which provides us with exposure to a large number of physicians, patients and clinics across the country,” she said.
“We are confident the UK will be an important growth market for MediCabilis and these initial patients provide the beginning of what will become a scalable revenue base for Bod.”
Medicinal cannabis is one of the world’s fastest growing industries and is set to become one of the largest sectors of the healthcare market.
According to the 2019 European Cannabis Report, the UK cannabis market is estimated to grow in value to $3 billion by 2024 and reach four times the size of the Australian market by 2028.
In Australia, medicinal cannabis is a prescription-only medicine which can be prescribed by any Australian-registered doctor.
It can be used for conditions which have not responded to conventional treatment over a three-month period, and where there is evidence to support its use.
These include chronic pain, neurological and psychological conditions, and symptoms associated with palliative care and chemotherapy.
At midday, shares in Bod were up 13.79% to $0.330.