News

14th of February 2022

Hope for patients struggling to pay for medicinal cannabis

https://www.9news.com.au/national/medical-cannabis-australia-marijuana-local-growers-queensland-symptoms-news/e1961e5a-172c-4a80-b071-1e344554166e?ocid=Social-9News

6th Of December – For Immediate release

Medicinal Cannabis Begins to Bloom as First Dividend Paid

Medcan Australia is the first fully licensed medicinal cannabis company in Australia to pay its shareholders a dividend (19 per cent of the net operating Profit after tax).

Established in 2016, the Queensland-based medicinal cannabis company operates a full-service operation including cultivation, manufacture, import, export, wholesaling and distribution.

Medcan Australia CEO Craig Cochran attributes the company’s ability to produce a dividend to its business model and patient-first philosophy.

“Medcan Australia’s approach is health-based and clinician-led,” Mr Cochran said.

Mr Cochran stated the biggest cannabis cultivation wasn’t necessarily the best when it comes to producing medicinal crops.

“A farm can produce paddocks of wheat, but it doesn’t mean it produces the best bread or sells the most loaves,” he said.

“Our focus is to provide best-in-market medicinal cannabis, make it accessible and affordable and ensure locally grown and imported products are consistently effective.

“While perfecting our Medcan cultivation, we have built a trusted position with an unparrelled patient and doctor network and secured a strong retailing, dispensing and wholesaling position.

“We know our unique approach works with revenue increasing by 493 per cent in the 2020-21 fiscal year, exceeding forecasts by 26 per cent.”

At the end of that fiscal year Medcan Australia achieved a 31 per cent EBITDA and a net profit after tax of 17 per cent.

“We are pleased shareholders will see a return, with some more than tripling their investment in just 12 months,” said Mr Cochran.

He said the Australian medicinal cannabis business had come a long way in a few short years.

“Less than two years ago medicinal cannabis was nearly impossible for an Australian patient to access, but now, through regulated channels, Medcan is helping thousands of patients every week,” he said.

“We’re extremely proud of what we have achieved and contributed to patient health.”

At the end of October, the Therapeutic Good Administration (TGA) had approved more than 180,000[1] Special Access Scheme (SAS) Category B applications for unapproved medicinal cannabis products, with requests more than doubling in less than 12 months.

Further to this, the number of authorised medical cannabis prescribers continue to increase with recent figures from FreshLeaf Analytics[2] showing that authorised medical cannabis prescribers sit at 430, up from 179 in the past year.

“International acceptance, reduction in costs, investment, research and Australia’s adoption of world best-practice cultivation, manufacturing and education has led to a seismic shift in the acceptance of medicinal cannabis,” Mr Cochran said.

Most medicinal cannabis drugs are not supported by Australia’s Pharmaceutical Benefits Scheme (PBS). Medcan  established a successful partnership with the doctor-led network ‘Cann I Help’ to support  eligible patients by providing them access to subsidies.

The exclusive three-tiered program offers 15, 30 or 50 per cent subsidies across a range of treatments.

To access these subsidies patients are asked to undergo an initial screening that involves a doctor’s assessment of a patient’s eligibility. This covers their medical condition and its severity; their ability to afford medications; alternative funding sources; ATSI status; and extraordinary circumstances.

Medcan Australia is forecasting a revenue increase of 265 per cent in the 2021/22 fiscal year, and with the company’s first state-of-the-art vertical cultivation facility now underway, Mr Cochran is confident the company will continue to return strong results for its investors into the future.

For media enquiries – Siobhan Dooley, Sequel PR, 0417 500 787


Medcan Australia – Medcan partners with Cann I Help to deliver Compassionate Access Program

26th October, 2020 – For immediate release

Medcan Australia participates in CMOS (Cannabinoid Medicine Observational Study)

Medcan Australia (Medcan) is pleased to announce its participation in CMOS.

CMOS is a cannabis medicine observational study that will be run in collaboration with GP’s and specialists around Australia. This study aims to recruit 20,000 Australian patients undergoing treatment with medicinal cannabis.

CMOS will benefit participating clinicians, and their patients, by providing insight into medicinal cannabis prescribing and treatment practices from clinics around Australia participating in CMOS. Insights will be provided in the form of de-identified aggregated data reports including information on product dosing/categories being prescribed, patient reported outcomes (PROs) and adverse events reported by study participants, to be released to participating clinics on a quarterly basis. This data will provide a useful resource for clinicians who may be prescribing medicinal cannabis products and wish to gain better insight into the current Australian prescribing landscape.

Prescribing doctors will have access to MEDCAN products and will collect safety and efficacy data for a range of indications including fibromyalgia, chronic pain syndromes, PTSD, epilepsy and other mental health and neurological conditions.

Further information and participation criteria can be requested at: www.medcanaustralia.com.au/contact/

Comments from Craig Cochran – Managing Director, Founder, Medcan Australia:

Medcan Australia Founder and CEO, Craig Cochran said: “Medcan Australia are very excited to be a part of the CMOS study. Studies like CMOS are extremely important to build credible data around medicinal cannabis products and patient responses for various indications. As a leader in the Australian medicinal cannabis industry, Medcan Australia is proud to support the advancement of medicinal cannabis research both locally and internationally”

Background

Medcan Australia was founded in 2016 and was one of the first Australian companies to be licensed by the Office of Drug Control (ODC) to cultivate and produce Medicinal Cannabis, manufacture Medicinal Cannabis products and import and export Medicinal Cannabis products.  The company was founded with a single vision to provide Australian patients with high quality, fair priced Medicinal Cannabis products.

Medcan have a dedicated Cultivation, Production, Manufacture and Pharmaceutical wholesaling facility located in Brisbane Australia.  Medcan currently import a range of TGO93 compliant MEDCAN branded products for supply to Australian patients. 

For Further Information please contact:

Gareth Ball 

+61414860512

1800 633 226
Po Box 4579, Springfield, QLD, Australia, 4300

gareth@medcanaustralia.com.au

www.medcanaustralia.com.au

17th June 2020The Australian Government has delivered improved access to global markets for agricultural narcotic exports for medicinal cannabis and hemp industries.

https://minister.awe.gov.au/littleproud/media-releases/narcotic-exports-market-access

29th January, 2020 – For immediate release

11th of November

10th of October

8th of October 

RAVENQUEST RECEIVES HEALTH CANADA PERMIT FOR EXPORT TO AUSTRALIA       

                                                                                                   

2nd of July 2019

2nd July 2019 Medcan Secured its Research Licence

19th of February 2019

Medcan Looking for new Investors – Press Release FEB 2019.1 (003)