Special Report: start the year.aiming at the medical cannabis market in Australia, which is valued at over $500 million.
CanxChange: A new solution for transparency in the Australian medical cannabis market
Bioxyne (ASX:BXN) says the CanxChange.com.au The platform serves as a marketplace solution to assist businesses and pharmacies that are authorized to operate in the tightly regulated medical cannabis market. It aims to provide a safer and more transparent environment, simplifying their operations and ensuring compliance with regulations.
The CanxChange Aus platform is owned and run by BLWS, a subsidiary of BXN known as Breathe Life Sciences Wholesalers.
After the TGA rescheduling in July, BLWS has obtained licenses that allow them to import, export, store, and distribute wholesale controlled substances categorized as Schedule 3, 4, and 8. These substances include medicinal cannabis.
According to CEO Sam Watson, CanxChange’s goal is to address issues with market efficiency and promote greater pricing clarity and supply in Australia’s B2B prescription cannabis industry. As this industry in Australia is rapidly growing towards generating $1 billion annually.
He states that the B2B platform is exclusively available to pharmacies, licensed manufacturers, and cultivators, providing them with a safe and easy-to-use space for conducting transactions.
He claims that while there are other platforms that focus on connecting pharmacies and patients, there is nothing that specifically links cultivators, manufacturers, suppliers, and pharmacies together in the market.
“There are no B2B exclusive offerings and no services accessible internationally.”
Here is an English paraphrase of the given paragraph: “What is being provided here is a worldwide platform that links Australian operators with the global cannabis community and vice versa.”
Sales interest of $10 million.
During its initial week of being launched, the platform experienced an influx of uploaded sale interests surpassing $10 million.
Watson claims that even without actively promoting the platform, there is already a significant increase in interest solely from their small network.
“We believe that CanxChange Australia has the potential to attract a substantial share of the market’s annual transactions, which would be a substantial quantity.”
Using this platform does not involve any additional expenses or undisclosed costs. Instead, a small fee is charged to both buyers and sellers to cover the expenses related to the platform’s technology and administration.
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First Aussie company to import cannabis from UK
BXN acquired BLS last year, which was established by Watson and has a primary focus on revolutionizing medicine. This ranges from innovative and plant-derived food products to the development of psychoactive and experimental drugs.
BLS offers a variety of products, including medical cannabis and consumer healthcare items like mushrooms, nootropics, and new food supplements (like CBD) that can be purchased by businesses or directly by consumers in the UK and EU.
The previous year, it achieved a significant milestone as the initial Australian company to bring in cannabis flower from the United Kingdom. They obtained 100kg of their recent import from the largest producer and exporter of legally utilized cannabis for medical and scientific intentions worldwide.
The Brisbane manufacturing facility of BLS underwent a TGA Pharmaceutical GMP inspection in November and is currently waiting to receive certification.
According to Watson, obtaining certification will greatly increase the company’s ability to expand its production capabilities.
Once certified, BLS will have the capability to produce its patented Dr Watson medications and therapeutic products in large quantities for external clients in Australia. These products can then be exported to global cannabis markets, as well as being available for local distribution.
Watson states that obtaining certification will enable us to greatly expand our manufacturing operations for both the Australian market and for exporting to foreign markets like Germany, Czech Republic, and the UK, where we already have a strong presence and sales team.
“We anticipate providing an update on our GMP status to the market by the conclusion of February.”
