- Wellnex Life’s (WNX) joint venture partner OneLife Botanicals completes acquisition of MediPharm Labs Australia
- This includes Medipharm’s Australian facility, specialised licensing and operational knowledge and a customer base across Australia and New Zealand
- The acquisition will enable Wellnex to enter the Specialised Access Market, paving the way for the company to supply over-the-counter medicinal cannabis products without the need for a prescription
- The company is now seeking registration under the S3 scheme, and anticipates this will be achieved by the end of 2023
- Wellnex has now also raised the target amount of its SPP, and has extended the deadline to October 19
- WNX shares have ended the day up 3.7 per cent at 8.4 cents each
Wellnex Life’s (WNX) joint venture partner OneLife Botanicals has completed the acquisition of MediPharm Labs Australia.
The company said MediPharm is one of Australia’s “leading cannabis manufacturing facilities,” who specialises in licensing and operational knowledge with a customer base across Australia and New Zealand.
This acquisition will now enable Wellnex to enter the Specialised Access Market (SAS) with product expected to be available by the end of the year.
It will also enable Wellnex to get approval for an over-the-counter medicinal cannabis product under Schedule 3 classification – allowing the sale of over the counter medicinal cannabis products at pharmacies, without a prescription.
The company said it has begun the process to get registration of medicinal cannabis products under the S3 scheme, anticipating this will be achieved by the end of 2023.
Once the company reaches this milestone, Wellnex will receive a four per cent stake in OneLife which it said will give it ownership across the whole value chain.
“This opens up a new, untapped market for medicinal cannabis products that don’t
require a prescription, and has considerable public demand,” Wellnex CEO George Karafotias said.
“We are keenly focused on being one of the first companies to deliver a Schedule 3 product to the market.”
In other news, Wellnex has now raised the target amount of its share purchase plan (SPP), with all directors opting to participate.
The company has now decided to extend the SPP until Monday, October 19 to allow additional time for shareholders to opt in.
WNX shares were up 3.7 per cent to end the day trading at 8.4 cents.