Medical cannabis clinic MyAccess Clinics has achieved 17% growth in month-on-month since its issued its first prescriptions in 2019. The company is a subsidiary of Australian stock exchange-listed Althea Group Holdings.
The growth translates into a 15-times revenue jump from its UK operations, up from $70,000 in the financial year ending 30 June 2020, to $1.1 million in its 2021 fiscal year.
Althea’s chief executive Joshua Fegan said: “There is no better example of a geography getting ready to embrace medical cannabis as the UK. Not only is there a growing home supply, coupled with an established global supply of pharmaceutical-grade products, there is an increasing and well-documented need for cannabis-based medicine. MyAccess Clinics are a driving force behind patient access to medical cannabis treatments in the UK, something which we a very proud of.”
The most common condition among MyAccess Clinics’ patients is chronic pain, affecting 49% of the clinic’s patient cohort. In addition, many patients suffer from incurable conditions, namely fibromyalgia, Crohn’s disease and Parkinson’s disease. 41% of the clinic’s patients receive treatment for mental health problems, notably depression and anxiety. 28% of all patients are seeking treatment for the latter alone.
Fegan added: “MyAccess Clinics showcase the demand and wide-ranging efficacy of medical cannabis as a therapy. It has the potential to alleviate debilitating and previously irremediable conditions – both physical and mental. We hope to lead the way in integrating cannabis-based treatments into mainstream primary care and increase access to life-transforming medical options for patients across the UK and globally.”
Date published: August 23, 2021