Epidiolex (Epidyolex in the EU and UK), Jazz Pharmaceuticals’ market leading cannabis-based medication, has received authorisation to be prescribed for a number of conditions in Canada.
The pharmaceutical giant, which acquired GW Pharmaceuticals in 2021 along with the intellectual property of Epidiolex, announced this week that Health Canada had officially given the green light for its prescription to treat Lennox-Gastaut syndrome, Dravet syndrome, and tuberous sclerosis complex.
Its authorisation will mark the first cannabinoid-based medicine to be approved in Canada, the company said, underlining its ‘commitment to developing, researching, and commercialising regulatory approved cannabinoid-based medicines’.
Furthermore, Jazz says it is working to secure reimbursement for eligible patients in Canada, which will now become the 37th country in which the drug has been approved.
Its secondary cannabis-based medicine, Sativex, was first approved in 2005 by Health Canada for the symptomatic relief of spasticity in MS patients.
According to its latest financial figures, published earlier this month, Epidiolex secured revenues of $213.7m in the three months to September 30, 2023, up from $196.2m in the same period a year earlier.
Aquis Stock Exchange-listed Apollon Formularies said it had made a ‘significant step forward’ in its acquisition deal with Canadian water-soluble cannabis solutions company Sproutly.
In September, Business of Cannabis reported that Apollon had entered into another agreement to sell its ‘global assets’ after announcing that its previous deal with Global Hemp Group (GHG) had fallen through.
Apollon signed a binding letter of intent with Sproutly, which would see it acquire Apollon’s assets in exchange for ‘a sufficient number of Sproutly shares so that Apollon will own 49% of the enlarged share capital’ post transaction.
In an update this week, the pair say they have now completed the ‘due diligence of key assets of the companies’, setting the stage for the ‘finalisation of the asset purchase transaction’.
Under the proposed terms of the LOI, Sproutly will now acquire the assets of Apollon pursuant to an asset purchase agreement.
“If the transaction takes place with the number of outstanding Sproutly shares as are currently in issue, and at an anticipated deemed price of CAD$0.02 (the price at which the trading of common shares of Sproutly was suspended), the effective valuation of the disposal of Apollon’s assets will be CAD$7million (approximately £4.2million). If the number of Sproutly shares increases between now and the date of the transaction, the number of shares to be issued to Apollon will increase accordingly.”
Its Aquis stablemate Voyager Life also announced that it has penned a new partnership with a major UK high street retailer.
Four of Voyager’s hemp-based pet care products are now available to be purchased on Pets at Home’s website, with expectations that they will be extended to its considerable physical retail estate ‘if initial sales progress satisfactorily’.
“Coupled with our ongoing relationship with Jollyes, Voyager’s pet products are now stocked by two of the UK’s biggest pet retailers, endorsing our view that plant-based health & wellness products represent a fast growing part of the pet care industry,” its CEO Nick Tullock said in a recent press release.
The announcement came just weeks after an ‘operational update’ to investors, in which the CBD manufacturer said it expected revenues for H1 of 2023 to come in at £165k, up from £135k in the same period a year earlier.
It added that gross margins were also expected to be 43% for H1, compared to the 44% it reported in the year to March 2023.
Elsewhere, Danish medical cannabis operator Stenocare informed investors this week that due to ‘stronger than expected sales performance’ in Australia, it was now expanding its product range in the region.
After launching its Balanced 12.5 – 12.5 oil product in Australia in the second half of 2022, the company now says it has signed agreements to launch a second, stronger balanced oil in the first quarter of 2024.
With the second product now coming online, Stenocare says Australia ‘has real potential to become the second-best-performing’ market in 2024, with sales targets of DKK15m.
“We are constantly seeking ways to scale our business and have been pleasantly surprised by the sales performance of the first Stenocare oil product in Australia,” CEO of Stenocare, Thomas Skovlund Schnegelsberg, said.
“Recognising opportunities across various segments of the market, we see the natural next step as launching the new Balanced 25-25 oil product. This allows us to cater to more categories of patients.”