AUSTRALIAN Natural Therapeutics Group (ANTG) has just released its first CBD oil, claiming the product is the "most affordable medical cannabis oil on the market".
CEO Matt Cantelo said the pricing of the locally made Elan CBD100 oil honoured a "commitment to improving affordability for families".
"Six months ago we made a promise to the public that we would pass on cost savings as we expanded the business," he said.
"We are following through with our commitment by offering cannabis oils at the lowest price point in the market, alongside price drops in premium flower."
Cantelo said the company's integration and economies of scale had enabled the price reductions, with the Elan oil available for $174 for a 30ml bottle, around half the price of some imported products.
"This will allow Australian families to access the life changing treatment that was previously out of the reach of so many," he said.
Cantelo noted recent record TGA approvals for medical cannabis prescriptions, with 9,461 recorded in Jun, the third highest monthly figure since the products were legalised and more than double the levels of 12 months ago.
"There are more than 100,000 people in Australia who heavily rely on medicinal cannabis for everything from chronic pain and anxiety to epilepsy or palliative care," he said.
The ANTG CEO confirmed that in addition to the company's growing and manufacturing facility in the New England region, a new oil extraction facility in Sydney was now open.
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