Discover the latest advancements in Australia’s cannabis industry, including Releaf Group’s strategic partnerships, Incannex’s creation of a psychedelic-focused subsidiary, and the future of psychedelic therapies.
Welcome to our latest round-up of news and developments in the Australian cannabis and psychedelic industries. This week, we’re focusing on two significant stories: The Releaf Group’s recent partnership with Integra Health and Incannex Healthcare’s expansion into psychedelic therapies.
The Releaf Group & Integra Health Partnership
In a strategic move set to redefine patient care, the Releaf Group has partnered with Vitura Health. Together, they plan to integrate Vitura’s innovative CanView platform into Releaf’s clinics and dispensaries, with the aim of enhancing the delivery of medical cannabis services. This platform will:
- Streamline operations
- Improve compliance reporting
- Provide robust operating solutions for new franchisees
As part of Releaf’s expansion strategy, 10 more clinics and dispensaries are slated to open by the end of 2023. Through this expansion, a wider range of products, including the North American brand ‘Cookies,’ will be offered, courtesy of Vitura’s subsidiary, Burleigh Heads Cannabis.
Further bolstering their growth strategy, Releaf Group has inked a binding agreement with Integra Health, a leading healthcare provider in Australia. This AU $15 million investment will enable Releaf to tap into the Australian aged care market using Integra’s extensive network. This partnership aligns with Releaf’s mission to make medical cannabis more accessible and affordable for all Australians, with a particular focus on the aged care sector.
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Incannex Healthcare’s Psychedelic Advancements
Incannex Healthcare, a front-runner in the biotech industry, has announced the creation of a new subsidiary, Psychennex Pty Ltd. This move is a response to Australia’s evolving regulations around psychedelics. Psychennex will consolidate all of Incannex’s psychedelic-related assets, potentially leading to multiple revenue streams. These could include:
- Global licensing fees
- Product sales
- Clinic operations
- Psychotherapist training
- Franchising
The company’s first “model” clinic is expected to open in Melbourne’s Abbotsford Riverfront within the third quarter of this year. This clinic will serve as a prototype, with a capacity of 600 patients during regular working hours and 1,000 during extended operating hours. Starting in 2024, the company has plans to establish over 80 clinics.
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Incannex’s Financial Success
Over the past five years, Incannex Healthcare has experienced considerable financial success, with a 425% increase in share value since May 2018. Their inclusion in the S&P/ASX 300 Index in 2021 led to increased trading and liquidity, contributing to a 20% rise in share value. The acquisition of APIRx Pharmaceuticals in August 2022 also played a role in the company’s growth, adding 22 clinical and pre-clinical projects to Incannex’s portfolio.
The Cost of Psychedelic Treatment in Australia
As Australia prepares to legalise certain psychedelic therapies, a significant hurdle has emerged: the cost. At an estimated $10,000 per treatment course, many patients may find these therapies prohibitively expensive.
Professor Colleen Loo, a clinical psychiatrist and researcher at UNSW Sydney and the Black Dog Institute, voiced concerns about the potential for extreme mood swings with psychedelic treatments. As a veteran in the field, she’s been involved in numerous clinical trials, including the first ketamine randomised controlled trials in Australia in 2016.
Reflecting on her experiences with ketamine treatment, she said, “With ketamine, you can be catapulted from being severely depressed to being completely well in one day. I’ve never seen anything like it. It’s an incredibly powerful treatment, both in terms of how effective it is and how rapidly it works.”
Despite the potential benefits, she warned that the cost of such treatments could be a significant hurdle. “It will be quite expensive – $10,000 or more for a treatment course,” she stated, adding, “People who are desperate will pay that.”
Despite these challenges, the push for psychedelic therapies continues, with a focus on offering alternative treatments for patients who have not benefitted from existing therapies.
Wrapping up
This wraps ups the latest developments in the cannabis and psychedelic industries in Australia, where it’s clear that these sectors are on the brink of significant change. Companies like Releaf Group and Incannex Healthcare are leading the charge, pushing the boundaries of what is possible in patient care and treatment options. For savvy investors and patients alike, stay tuned as we continue to explore these fascinating industries and the impact they could have on healthcare in Australia.