The Althea Group Holdings Ltd (ASX: AGH) share price is pushing high today after announcing a new product launch.
At the time of writing, the cannabis company's shares are up 2% to 53 cents.
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What did Althea announce?
This morning Althea announced further additions to its range of medicinal cannabis products.
According to the release, Althea has officially launched a new and innovative range of 20ml full-spectrum cannabis oil products. These products carry the same trade names, and utilise the same formulations, as existing in-market Althea 50ml and 100ml sized products.
The release explains that the 20ml sized product is designed to promote flexibility in a patient's treatment. This is especially in the case of initiating patients and those suffering from intermittent illnesses.
Management notes that the smaller unit size provides new medicinal cannabis patients with an option to trial the medication over the recommended two or three-week titration period. After which, in conjunction with their Healthcare Professional, they can determine if the treatment was beneficial for them.
The company believes that when the patient experiences a positive outcome from their medication, they will transition to the more economical larger sized bottle.
Why did it make the move?
Althea believes that costs have prohibited many patients from trialling medicinal cannabis as a treatment option.
It notes that a recent Australian Government inquiry received evidence that cost was "…one of the biggest barriers for patients struggling to access medicinal cannabis."
By expanding its product portfolio, the company aims to provide price-sensitive patients with a lower entry point, potentially boosting patient acquisition.
Althea's CEO, Joshua Fegan, commented: "At Althea, we understand that price remains a challenge for many potential new patients that want to trial medicinal cannabis for their conditions. We believe the launch of the new Althea 'flexi' 20ml cannabis oil range will be a great way to provide more access to patients via trial size products. This will in turn build confidence in our medicines and brand as we continue to be the first choice for a growing number of Australia's medicinal cannabis patients."
Following today's gain, the Althea share price is now up 20% in 2021.
