Hampered to date by a lack of doctor awareness, perception issues and a dearth of approved treatments, the local medicinal cannabis sector is showing the first buds of meaningful growth.
According to the Therapeutic Goods Administration, the country’s medical gatekeeper, the number of special-access patient approvals for medicinal cannabis increased by 15 percent in the month of June, to 1576. That’s a 980 percent year-on-year increase.
Cumulatively 9335 patients – equivalent to 0.04 percent of the population – have been approved. “On this basis, we continue to see 20,000 patients approvals by the end of 2019 as very achievable,” says broker Cannacord’s cannabis watchers.
The uptick is benefiting the ASX-listed pot stocks directly exposed to the local medicinal sector. For instance, Althea (AGH, 97c) shares have run hard since reporting its 1000th patient prescription in mid-June – a figure that has grown to 1334 as of late July.
Althea plans to build a cultivation