THC Global Group Ltd (ASX:THC) has completed the acquisition of Tetra Health, a leading Australian clinic network facilitating access to legal medicinal cannabis medicines for Australian patients.
This will see THC's Canndeo’s medicinal cannabis products available through Tetra's network of more than 600 referring physicians, 30 prescribing physicians and dispensing pharmacies.
THC securities have been almost 8% higher to 42 cents intra-day and the shares are up from 19.5 cents at close on March 30.
Tetra Health chief operating officer Diandra Phipps said: “We are delighted to introduce THC Global’s wholly Australian sourced CBD medicine to our existing product range.
“In the last month, we’ve seen a 40% increase in new patients as we have temporarily reduced our treatment fees, reflecting the current economic conditions.
“With the further reduction in patient costs with THC Global’s full-spectrum CBD medicines launch, Tetra is expecting to deliver a significant increase in patient accessibility to medicinal cannabis medicines in Australia.”
Initially, Canndeo’s full-spectrum CBD range will be available, with the expansion of additional products as they are launched.
Affordable and accessible
Affordability and accessibility remain key barriers to patient uptake of medicinal cannabis within Australia.
Tetra has a database of more than 10,000 prospective patients with 1,000 currently prescribed medicinal cannabis thus offering a low-cost option for patients looking to consider medicinal cannabis, with low-cost consultations and referral options for their existing doctors.
More than 45% of Tetra’s patients using a cannabidiol (CBD) dominant medicine and by combining quality with affordability with its Canndeo range of medicines, THC Global expects patient uptake to increase significantly.
With the recent launch of its first full-spectrum CBD medicine and the new CBD isolate medicine expected in the coming weeks, the company anticipates its products will be highly attractive to Australian patients and prescribers.
In addition to facilitating the legal access to medicinal cannabis medicines for Australian patients, Tetra Health also collects highly sought-after real-world evidence through the patient onboarding and management process.
The data will assist THC Global in making data-driven product decisions, as well as actionable treatment insights to assist in clinical trials or observational study designs enhancing the safety and efficacy data on these medicines.
THC Global anticipates this will further the company’s pursuit of product registration in Australia.