BREATHE Life Sciences (BLS), through its subsidiary Bioxyne, has delivered its first pharmaceutical grade cannabis pastilles.
The company stated the 'gummies' were produced under the Good Manufacturing Practice certification from the TGA, marking a step forward in the domestic medicinal cannabis market.
The gummies contain cannabidiol and/or delta-9-tetrahydrocannabinol.
BLS started receiving its first commercial orders last month for the Aussie-made cannabis edibles, totalling approximately $2 million.
To meet the growing demand, BLS is scaling up its production capacity from two million to six million single doses per month.
Further solidifying its position in the market, BLS has signed a two-year manufacturing and supply agreement with one of Australia's largest cannabis companies.
The deal is expected to generate at least $28 million over its term.
Data shows the prescription cannabis edibles market in Australia is poised for substantial growth, and is projected to increase substantially from 1% of the $500 million annual market in 2023 to over 20% by 2030, representing a $150 million opportunity.
Bioxyne is strategically positioning itself as a supplier of alternative pharmaceutical products, including cannabis, psilocybin, and MDMA, catering to both domestic and international markets.
Sam Watson, founder and CEO of BLS and MD of Bioxyne, and Jason Stephens, General Manager of BLS Australia, both highlighted the significance of the achievement, emphasising BLS' role in the rapidly growing Australian medical cannabis industry. JG
The above article was sent to subscribers in Pharmacy Daily's issue from 26 Aug 24
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 26 Aug 24
