Today, Ecofibre Limited (ASX: EOF) announced the launch of cannabidiol (CBD) products in Australia, aiming to provide Australians with high quality and affordable hemp-derived cannabis extract.
Ecofibre listed on the ASX in March last year at an initial public offering price of $1 per share. Shares have since rocketed 176% higher to today's closing price of $2.76.
First to import from US
Ecofibre is the first Australian company to import medicinal cannabis into Australia from the United States, and is now supplying two products to Australian patients under its 'Ananda Hemp' brand. The products are a 60 count bottle of full spectrum CBD softgels and a full spectrum CBD tincture.
Improving access for patients
The launch is in support of, and in response to, the Senate Inquiry into 'Barriers to Patient Access to Medicinal Cannabis in Australia'. The Australian Government has made significant progress to date with improving access to those in need, but medicinal cannabis still remains too expensive for patients.
Ecofibre Chairman Barry Lambert said, "our granddaughter, Katelyn, has suffered from catastrophic and incurable epilepsy, but since taking Full Spectrum Extract she is now seizure free. Instead of being in a 'vegetated' condition, unable to walk, talk, or control her body, she is alive and enjoying life."
Grown in the USA
Ecofibre relocated cannabis growing and manufacturing from Australia to the US in 2016 due to the complicated Australian regulatory environment for CBD. Since then, the business has grown significantly and now supplies over 100,000 products each year to US patients.
Lambert said, "As an Australian company with the No. 1 CBD brand in US pharmacies, we felt we had an obligation to improve patient access and affordability issues in Australia."
Affordable access
Ecofibre is working with a variety of distributors, approved prescribers, and patient advocacy groups to assist approved patients to access Ananda Hemp Full Spectrum medicines in an affordable manner. It intends to review the range and launch new products as needed.
Managing Director Eric Wang said, "This decision supports our ongoing commitment to increase education, to advance research and improve patient access to high quality hemp derived cannabidiol. While Australia has more complicated and less efficient regulations for CBD products, it's our home market and its why Ecofibre is committed to launching Ananda Hemp in Australia."
Ecofibre shares lifted following the announcement, reaching a high of $2.82 before closing the day at $2.76, up 1.85% on yesterday's close.
