Sydney, Australia – 21 August 2024 | Bioxyne Limited (ASX: BXN) ("Bioxyne" or "the Company") is proud to announce that its 100% owned subsidiary, Breathe Life Sciences (BLS), has successfully manufactured and delivered Australia's first pharmaceutical-grade cannabis pastilles ("Gummies" or "Edibles") under its Good Manufacturing Practice (GMP) certification from the Therapeutic Goods Administration (TGA). This milestone marks a significant advancement in the domestic production and availability of medicinal cannabis products in Australia.
Highlights:
Manufacturing Milestone Success: Breathe Life Sciences has completed its first commercial production run of Australian-made cannabis pastilles, often called "gummies", fulfilling a key milestone in the Australian cannabis industry. The production run was carried out under the Therapeutic Goods Administration's Good Manufacturing Practice (GMP) Licence.
First Commercial Orders: In July 2024, BLS received deposits on purchase orders totaling approximately $2 million for cannabis gummies, containing both cannabidiol (CBD) and/or delta-9-tetrahydrocannabinol (THC). This marks the first commercial sale of Australian-made edible cannabis products.
Signed Supply Agreement: BLS has also signed a two-year manufacturing and supply agreement with one of Australia's largest cannabis companies, forecasted to generate a minimum of $28 million from the production of such edibles.
Increased Manufacturing Capacity: To meet growing market demand for edible products, BLS is scaling up its gummy manufacturing capabilities from 2 million single doses per month to 6 million per month.
Strategic Positioning: Bioxyne continues to strategically position itself as a leading supplier of alternative pharmaceutical goods, including cannabis products, psilocybin, and MDMA, for supply to authorised prescribers and clinical trials in both domestic and international markets.
Sam Watson, Founder & CEO of BLS and Managing Director of BXN, stated: "BLS is the first Australian manufacturer to complete a commercial production run of pharmaceutical grade GMP-certified THC gummies. As a leading Australian cannabis manufacturer, we are supplying our pharmaceutical goods to both domestic and international markets, using established relationships and existing supply channels."
Market Growth Potential: The market for prescription cannabis edibles in Australia is expected to grow significantly in the near future, from approximately 1% of the ~$500 million per year Australian medical cannabis market in 2023 to more than 20% by 2030, which represents a potential $150 million per year opportunity.
Jason Stephens, General Manager of BLS Australia, added: "This is a significant milestone for Australian pharmaceutical manufacturing and the medical cannabis industry as a whole. Australia is fast becoming a global medical cannabis hub and BLS is quickly becoming a substantial proponent of that. Our focus is building strong ties with our business customers and providing high-quality GMP-certified manufacturing services."
