Company news: Bod Australia; Cann Group; MediCann Health; MGC Pharma; Wellnex Life

Bod Australia

Bod Australia has successfully raised A$2 million from new and existing shareholders to fund the acquisition of Aqua Phase, a UK-developed technology aimed at increasing the bioavailability of cannabis compounds.

Bod Managing Director Jo Patterson

The market reacted positively to the news, with shares up 5.7% to close at 0.093 cents.

An initial rights offering to raise funds received applications from 318 shareholders and raised $550,000.

An additional $100,000 was raised through the issuance of 1.25 million shares to CEO David Baker, while firm commitments were received from experienced and professional investors to place nearly 17 million of the missing shares.

Bod had already raised $1.5 million in a previous placement, bringing the total to $3.5 million

The funds will help fund the acquisition of Aqua Phase, as well as research and development costs and working capital.

Jo Patterson, Bod’s Chief Executive, said, “We appreciate the strong support of many of Bod’s longstanding shareholders for this capital raise.

“We are also pleased with the response we received from new investors as part of the subsequent shortfall offer.

“We believe the success of the capital raise reflects a broader recognition by investors of the transformative nature of the acquisition of Aqua Phase for Bod.”

Cann group

Cann Group’s GMP manufacturing license for its Mildura facility has been expanded to cover the manufacture and release of patient-ready dried flower products.

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The plants currently being grown have been “dedicated to this purpose,” the company said, adding that its GMP-approved laboratory testing capabilities will test products released from Mildura.

The license was originally granted in late June and included the manufacture of dried flower as an active pharmaceutical ingredient (API) and the manufacture of hard capsules.

Chief Executive Peter Crock said, “This license expansion allows Cann to now manufacture patient-ready dried flower products at our Mildura facility, allowing us to quickly respond to market demand.”

Cann shares are up 2% today to $0.265 per share.

MediCan health

Former rugby league star James Graham has joined MediCann Health as an ambassador.

James Graham

Graham, who has had a distinguished career in the UK with St Helens and with the Bulldogs and St George in Australia, has spoken frequently about his multiple concussions and how medicinal cannabis has helped his recovery.

He will be part of MediCann’s concussion advisor and help promote the company’s upcoming concussion research study.

Graham said: “I want to raise awareness of the multitude of benefits [medicine] can bring into a person’s life. The most striking thing for me is the sleep quality. Before medicinal cannabis, I had struggled to sleep well for more than 20 years. I also have problems with pain and anxiety [it] makes a big difference with.”

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MediCann founder Matt Shales added, “Having James as an ambassador is an integral part of presenting medicinal cannabis as a legitimate treatment for those suffering from concussion in the field of sport. We are very happy to have him on board.”

Meanwhile, the company has started raising capital through crowdfunding platform Birchal, which has met its minimum target of A$250,000 in an hour and is close to $507,000 from 284 investors at the time of writing. MediCann intends to raise a total of up to $3 million.

MGC Pharma

MGC Pharma has appointed Yifat Steuer as the company’s new Chief Operating Officer/Deputy CEO.

Steuer, who was an advisor to the company’s executive team in 2022, has over 20 years of executive experience in pharmaceutical companies such as Johnson & Johnson and GlaxoSmithKline, as well as in SMEs and start-ups.

She will work closely with CEO Roby Zomer to execute MGC Pharma’s business strategy, leveraging her experience across pharmaceutical, manufacturing, logistics, medical device and digital health sectors.

In the meantime, Brett Mitchell’s role as Chairman of the Company’s Board of Directors has changed from an executive to a non-executive position to be more in line with the corporate structure of UK listed companies.

Mitchell will continue to provide corporate and capital markets advisory services under an existing advisory agreement between MGC and his private consulting firm.

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Wellnex life

Wellnex Life is launching Hollywood actor Mark Wahlberg’s nutritional and supplement brand, Performance Inspired, through Chemist Warehouse in Australia, with in-store and online sales beginning this week.

Mark Wahlberg

Founded in 2015 by Wahlberg and his business partner Tom Dowd, Performance Inspired has grown into one of the fastest growing nutritional brands in the United States.

Wellnex has signed an exclusive license agreement for Australia and New Zealand, with initial rights to expand into Asia.

The company also announced that its joint venture with Australian Dairy Nutritionals will be hitting the shelves of Chemist Warehouse shortly.

Wellnex believes Ocean Road Dairies will fill a niche in the premium infant market
Formula and as an alternative to regular cow’s milk.

Meanwhile, the company reported record sales of A$6.88 million for the first quarter of FY23, up 81% from the $3.8 million for the corresponding period last year, with sales growth driven by Wellnex’s wholly owned brands as well as the Made-to-order production was recorded.

CEO George Karafotias said, “We are excited to diversify our product portfolio to expand our presence in the health and wellness market and be one of the first companies to enter the OTC medicinal cannabis market. ”

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