Medical cannabis company Impression Healthcare (ASX: IHL) has expanded its cannabinoid oil sales program that runs side by side with its extensive base of clinical trial projects.
In a statement to the market this morning, Impression announced that it has placed a significant purchase order for a range of new cannabinoid products including ordering 3,000 units from a major Canadian producer of GMP-approved medicinal cannabis oils.
The company has introduced three new cannabinoid products called Nutralesic, Inflammex and Releafia to its mix that it says will “facilitate increased sales” through the Australian Special Access Scheme.
The new order means Impression will have ample capacity, and therefore, “surety of supply” in a time of elevated consumer demand for high-quality medicinal CBD and THC-based formulations.
Late last year, Impression said it sourced over 1,000 patients for its CBD-100 isolate product.
But now it expects new sources of revenue with the expanded product suite that “covers the majority of the addressable market for legal cannabinoid products in Australia”.
Over the course of last year, Impression developed the in-house capability to undertake an extensive clinical program in a bid to create patented cannabinoid therapies for which no existing pharmacotherapy options are currently available and FDA registration can be pursued.
Impression provided an update on the clinical trial for the treatment of Obstructive Sleep Apnoea with IHL-42X only two weeks ago.
In the last quarter of 2019, Impression increased its precursory clinical and related activities in pursuit of validation to achieve product registrations. The company has also filed multiple patents over its products for which they are undertaking clinical trials.
Opting for Cannvalate
Impression has partnered with Cannvalate, the largest distributor of medicinal cannabis products in Australia and will now stand as one of Impression’s largest shareholders after deciding to exercise its second tranche of options.
By bulking up on supply materials now, Impression’s deal with Cannvalate is expected to take on more significance with patient acquisition also likely to be accelerated.
According to Impression, its new batch of products has been designed for the greatest possible patient utility based on existing market dynamics and patient need.
The company has also confirmed it intends to conduct a second purchase in the foreseeable future for another two products, including a soft gel capsule designed primarily for elderly patients who are prescribed cannabidiol.