CDA’s success at navigating the Australian cannabis industry
Cannabis Doctors Australia (CDA) has joined the Australian medical cannabis market. CDA Clinics house a number of authorised prescribers, and provides Australians with high quality CBD (Cannabidiol) products and services via its local clinics and Telehealth.
Since Australia legalised cannabis in 2016, the country has stirred a lot of interest from different businesses, including Big Pharma companies looking to take an early piece of the medical cannabis market. However, market regulations initially complicated the idea for all involved -- patients, doctors, and businesses alike.
With time, the medical cannabis market has loosened up a bit, and the Therapeutic Goods Administration (TGA) has shown steady progress in its prescription approval process, increasing the number of SAS Category B approvals on a month-to-month basis since April of last year.
Following Australia’s legalisation of cannabis for medical use, prescription approvals started off slow. They have since picked up, however, with the period of January to March of this year alone seeing almost 2,500 approvals. Source
For example, between January and February of last year, only 97 patients saw their prescriptions approved. During the same one-month period this year, 1,410 prescriptions were approved, showing significant improvement in the approval process. These increases come as a result of several streamlining efforts by regulators, especially the implementation of an online portal for prescription processing.
Late last year, CDA launched its first clinic in Australia amid these improvements, enabling it to process over 1,000 medical cannabis approvals for patients so far. Even considering the progress the TGA has made in decongesting the approval process, this is a huge feat -- CDA Clinics account for over 28 percent of all medical cannabis approvals during the period.
The unique nature of CDA’s goals
Australia’s medical cannabis market is estimated at $17.7 million. According to research firm Prohibition Partners, this figure is expected to hit $1.2 billion in 2024, and $3 billion by 2028. This expected growth is very attractive and, as expected, a number of businesses are showing interest in the Australian medical cannabis market as a result.
The Australian medical cannabis market is expected to hit the billions in just a few years. Source
CDA Clinics, unlike most, approaches the market with more unique goals. The company seems less interested in the money pie, focusing instead on ways to help patients and include the community as a whole in the process.
The company was founded by a group of third generation family doctors with progressive views, and it shows in their community goals. On that vein, CDA Clinics is launching an equity crowdfunding campaign that literally gives the Australian community -- doctors, patients, and everyday citizens alike -- the opportunity to own a piece of the company. This is a first for Australia as far as the medical cannabis market is concerned, and differentiates CDA’s values as truly community-driven.
So far so good
CDA is modeled around affordable CBD products and quality patient and doctor support. The company makes this possible by linking together a number of diverse businesses, including:
- CDA Clinics: The actual medical cannabis clinics where patients get to experience the company’s works first-hand.
- Burleigh Heads Cannabis: The importation arm through which medical cannabis is supplied wholesale.
- Healthy Not High: Supplies hemp products to Australia and New Zealand.
It’s important to note, though, that CBD productsare still illegal in Australia for recreational use, despite its lack of the psychoactive effects commonly associated with THC products and cannabis in general. Thus, this is a solely medical company. Regardless, CBD is known for its vast medicinal and therapeutic qualities, proving effective as a legitimate treatment for a number of ailments ranging from chronic pain to cancer symptoms and more, making it a perfect fit for medical cannabis endeavors.
In fact, via the SAS B pathway, CDA has approved over 800 prescriptions for 22 conditions, showing the vast scope of cannabis products medicinal capabilities. Here’s a breakdown of the company’s prescription approvals:
- Chronic pain: 80 percent;
- Anxiety: 5 percent;
- Cancer pain: 4 percent;
- Palliative care pain: 3 percent;
- Dystonia: 1 percent;
- Other conditions: 7 percent.
With its authorised prescribers, CDA Clinics are fully staffed to handle the increasing load of patients seeking alternatives to traditional pharmaceuticals. Despite varying laws in different states, the company has prescribed in every state except Tasmania, thanks to its Telehealth services. So far, its over 1,000 prescription approvals serve as proof of significant growth, and the public has been invited to join with the equity crowdfunding offer.
About the equity crowdfunding offer
As stated, CDA’sequity crowdfund offer places the company in the hands of the Australian community. Funds will be rewarded with stakes in the company, giving everyday Australians, patients, and doctors an opportunity to become part of the growing medical cannabis market and a growing business within that market.
Details regarding the exact funding range CDA will offer the public will be announced when the actual campaign begins. Until then, the company remains transparent with its plans for the potential funds, which is two-fold:
1. Expand clinics to suit the increasing demand for products; and
2. Add the ability to manufacture products in-house at the current CDA facility, which will have the effect of reducing costs significantly, making products even more affordable for patients.
The idea of owning a stake in the cannabis market should sound attractive to any cannabis enthusiast. It’s unheard of to have the opportunity being given by an actual medical cannabis company, but that’s exactly the case with CDA’s crowdfunding offer.
The Australian medical cannabis market has a lot of potential, with predictions and estimates running into the billions of dollars in just a few years. Naturally, one would expect that the businesses vying for position in the market would be in it solely for the money. CDA presents a different outlook, however, with its community and patient-first approach.
Already experiencing significant growth in Australia since its inception, the company could easily focus on more growth for revenue-based reasons alone, but that hasn’t been the case -- it has invited the public to participate.
When asked about whether CDA would contribute to medical cannabis testing and trials, the company pointed out that its participation on the matter was already underway with two prominent bodies that are using its products in a clinical trial. CDA also plans to conduct its own independent clinical trials in the future. All in all, these efforts seem to result from a genuine care for the Australian community and patient, and support for such a movement will likely prove productive for everyone involved.