Althea Group’s strong UK sales contribute to record revenue in November

Althea Group Holdings Ltd (ASX:AGH) achieved a strong performance in UK and Australian medicinal cannabis markets in November with unaudited revenue of $847,499 being the company’s highest monthly amount. These strong results have been delivered despite COVID-19 restrictions remaining in place. The company’s UK operation continues to prosper with 48% month-on-month growth and unaudited revenue of $110,378 in November. In Australia, the company recorded its highest average number of new patients and new healthcare professionals (HCPs) per business day in November, being 41.71 and 2.24, respectively. Althea also believes it is on track to deliver its biggest quarter to date following an excellent start to December. Growth accelerating in UK The company is particularly encouraged by growth in the UK. Despite a nationwide COVID-19 lockdown starting in early November and finishing on December 2, 2020, Althea continues to execute on its early mover advantage, with around half of Althea prescriptions generated from MyAccess Clinics, a wholly-owned subsidiary. MyAccess Clinics is a leading healthcare provider in the UK, specialising in medicinal cannabis treatments and assessments. Althea CEO Josh Fegan said: “I recently relocated permanently to London with my family to oversee the growth of the Althea brand in the UK and EU. “With our market access strategy starting to resonate with UK prescribers and regulatory headwinds well and truly behind us, it is great to see our many months of hard work beginning to pay off.” Australian operations Apart from the strong numbers, Althea Australia also netted $737,121 of unaudited revenue in November and the company is seeing a strong rebound in sales in Victoria following a long COVID-19 lockdown. Fegan said: “Our established Australian business continues to perform strongly and we are looking forward to entering 2021 with fantastic momentum.” The company expects growth in Australian business to normalise in the coming months as the country’s economy continues to recover. Althea Group is a global pharmaceutical company and supplier of medicinal cannabis. It also offers a range of education, access and management services to support eligible patients and healthcare professionals in navigating medicinal cannabis treatment pathways.