Bod Australia (ASX: BDA) revealed this morning it has experienced “significant growth” in prescriptions for its medicinal cannabis product, with this growth expected to expand further once numerous applications have been granted.
During June and July, Bod filled 220 prescriptions for its 5% CBD MediCabilis product – up substantially from the 55 prescriptions distributed between January and May.
“Bod has witnessed tremendous growth in MediCabilis prescriptions over the past months and we are confident this is only the beginning,” Bod founder and chief executive officer Jo Patterson said.
The company noted that a lot of the growth had been in recent weeks – filling 161 prescriptions in July alone, which represents a 273% increase on June orders.
A large part of the growth has been attributed to repeat prescriptions, which Bod claims is a result of patient and doctor satisfaction with the MediCabilis product.
Bod’s MediCabilis is currently being prescribed to treat several conditions including pain (52%), neurological conditions (31%), stress and anxiety (13%) and gastrointestinal diseases (4%).
In addition to repeat prescriptions, Bod has attributed the rise in demand for its product to several initiatives including doctor education in Australia and a distribution agreement with Burleigh Heads Cannabis and its partner Cannabis Doctors Australia.
Bod anticipates it will experience higher growth in prescriptions and patients in the coming months, with research partner Cannabis Access Clinics to be purchasing MediCabilis for its 12-month trial investigating the effects of the product on post traumatic stress disorder.
Meanwhile, the company has a number of applications awaiting approval under the Therapeutic Goods Administration that will underpin further growth. Additionally, Bod has advanced discussions with potential distributors in Europe to expand its MediCabilis product into international markets.
“The company remains exceptionally well-placed for additional growth in the near term through pending supply agreements for clinical trials and distribution agreements in international markets,” Ms Patterson said.
Investors reacted positively to the news, sending Bod’s share price up almost 19% to $0.665 by late morning trade.