The Althea Group Holdings Ltd (ASX: AGH) share price could be on a high on Wednesday following the release of a very positive patient update by the cannabis company this morning.
What was announced?
This morning Althea provided an update in relation to the uptake of its medicinal cannabis products in Australia.
According to the release, the company had a record-breaking month in July, with 334 new patients added. This was an average of 14.5 patients per business day.
But perhaps best of all, is that this positive momentum has been carried over into August. Month to date the company has averaged more than 19 patients per business day.
As a result, 1,523 patients have now been prescribed Althea medicinal cannabis products in Australia and 245 healthcare professionals (HCPs) have prescribed its products.
The company explained that the rapid uptake of Althea's products is being driven by a number of reasons.
These include its on-the-ground medical science liaison team, its proprietary technology platform that greatly reduces application times for HCPs looking to prescribe medicinal cannabis, and its growing secondary channel of clinic partners in Australia.
Agreement with Tetra.
In addition to the patient update, Althea announced an agreement with Tetra.
Tetra is a Sydney-based medicinal-cannabis company facilitating access to medical cannabis treatments and medicines across Australia.
Under the agreement, Tetra will assist Althea as a non-exclusive education and distribution partner of Althea's medicinal cannabis products in Australia. Tetra Health has seen a high conversion rate of prescribed eligible patients, reporting recent growth increases in excess of 500% in the last month.
Althea's CEO Josh Fegan advised: "We are very pleased to have achieved a record-breaking month in July and entered into an agreement with Tetra Health, one of the leading medicinal cannabis-related service providers in Australia. This agreement gives us access to a wider network of HCPs as we continue on our mission of being the leading provider of high-quality medicinal cannabis products to patients in Australia."
Overall, I wouldn't be surprised to see Althea's shares charge higher following this announcement, along with the shares of Opthea Ltd (ASX: OPT) after the release of its positive study results this morning.
