CHEMIST Warehouse (CWH)has become part of a joint venture (JV) between ASX-listed Wellnex Life Limited and OneLife Botanicals which plans to launch a new range of medicinal cannabis products in Australia.
Under the terms of the deal, CWH will receive a 10% interest in the existing JV between OneLife and Wellnex, which was sealed as a 50/50 deal in Jul last year.
Prior to that agreement, OneLife acquired the Australian cannabis manufacturing facilities of Medipharm Australia, accelerating its entry into the market.
The initiative aims to take advantage of regulatory changes which allow doctors to prescribe medicinal cannabis products under the Special Access Scheme Category B (SAS-B) arrangements, covering items that are not included in the Australian Register of Therapeutic Goods.
Wellnex Life CEO George Karafotias said "partnering with highly respected and prominent pharmacy retailer Chemist Warehouse will further drive the reach and sales of this exciting and growing new category".
An initial launch of five products will be undertaken under a new JV brand, developed with consideration to the best-selling products currently in the market, with the aim of introducing the first of these by 30 Jun this year.
"Wellnex will also extend the distribution of these products to other pharmaceutical customers," the company confirmed, including additional pharmacy wholesalers and pharmacies.
The launch will be complemented by an exclusive agreement with OnTracka, said to be an "esteemed and long-term participant in the medical cannabis industry".
OnTracka will develop a new telehealth application that will connect patients with authorised prescribers and relevant cannabis products to "ensure a seamless process for prescription and management for patients".
Karafotias said "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".
The current Wellnex Life portfolio includes a range of OTC products under brands such as Wakey Wakey, The Iron Company, Mr Bright, Wagner Liquigesics and Pharmacy Own.
The company also undertakes contract manufacturing on behalf of Arrotex, GSK and Chemist Warehouse.
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