Wellnex Life launches medicinal cannabis products under JV

Wellnex Life Limited (ASX: WNX), a healthcare company, is expanding its joint venture with OneLife Botanicals to launch medicinal cannabis products for the Special Access Scheme Category B (SAS-B) market in Australia. Chemist Warehouse, a prominent pharmacy retailer, has joined the JV and will receive a 10% interest in the existing venture. The partnership with Chemist Warehouse is expected to drive sales and increase the reach of the new product line. Wellnex will initially launch five medicinal cannabis products under a new JV brand, available through Chemist Warehouse and other pharmaceutical customers.

The JV is planning to release the first of these products by the end of FY23. To complement the launch of the new products, the JV has reached an exclusive agreement with OnTracka to develop a telehealth application that connects patients with authorized prescribers and relevant cannabis products. The SAS-B market in Australia continues to expand year-on-year, with projected sales expected to reach circa AU$423 million in 2022 and the number of patients increasing by 133% to a projected 105,000 patients in 2022.

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