- Wellnex Life (WNX) adds Chemist Warehouse to its joint venture with OneLife Botanicals to launch medicinal cannabis products in Australia
- The news comes ahead of the introduction of medicinal cannabis products to the Australian market under the special access scheme category B (SAS-B), with Chemist Warehouse to take a 10 per cent cut of the existing JV
- Wellnex will initially launch five medicinal cannabis products under a new JV brand to be made available across Chemist Warehouse’s network, with the aim of delivering the first products by the end of FY23
- To complement the launch of the new products, the JV penned a deal with OnTracka to develop a new telehealth app to connect patients with authorised prescribers
- WNX shares are up 4.62 per cent and trading at 11:50 am AEDT
Wellnex Life (WNX) welcomed Chemist Warehouse to its joint venture with OneLife Botanicals to launch medicinal cannabis products in Australia.
The news comes ahead of the introduction of medicinal cannabis products to the Australian market under the special access scheme category B (SAS-B).
The SAS-B allows medical practitioners to prescribe medicinal cannabis products to patients that are not currently included in the Australian Register of Therapeutic Goods.
Under the terms of the new joint venture (JV), Chemist Warehouse will receive a 10 per cent interest in the existing JV between Wellnex and OneLife.
In July last year, Wellnex signed a 50/50 joint venture with OneLife Botanicals to take advantage of regulatory changes for medicinal cannabis products in Australia. Prior to the deal, OneLife acquired the Australian cannabis manufacturing facilities of Medipharm Australia, enabling it to manufacture and bring to market medicinal cannabis products immediately.
Wellnex told investors that partnering with the “highly-respected and prominent” pharmacy retailer would further drive the reach and sales of this “exciting and growing” new category.
Wellnex will initially launch five medicinal cannabis products under a new JV brand that will be made available across Chemist Warehouse’s network, with the aim of delivering the first products by the end of FY23.
Wellnex will also extend the distribution of these products to other pharmaceutical customers in a bid to further expand its distribution channels.
“We are excited to be entering a rapidly transforming industry which is seeing surging consumer demand with growing recognition of the legitimacy of cannabis-based medicine by patients and prescribers,” Wellnex CEO George Karafotias said.
To complement the launch of the new products, the JV has penned a deal with OnTracka, a long-term participant in the medical cannabis industry that works to develop patient-focused technology via mobile phones.
OnTracka will use its data to develop a new telehealth app that will connect patients with authorised prescribers and relevant cannabis products, creating a “seamless” process for prescription and management for patients.
WNX shares were up 4.62 per cent and trading at 11:50 am AEDT.