Australia due to become a major market for STENOCARE in 2024
STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
STENOCARE A/S (Stenocare) is experiencing stronger than expected sales (budgets vs. actual) performance in Australia and is now expanding its presence with a new medical cannabis oil product.
Off to a good start: Stenocare, a leading Danish supplier of prescription-based medical cannabis oil products in Europe and Australia, entered the Australian market in the second half of 2022 with the initial Stenocare-branded Balanced 12.5-12.5 oil product. The response from both doctors and patients has exceeded the expectations.
A new product: This positive market launch has prompted Stenocare to introduce its second medical cannabis oil product in Australia. Today, agreements have been signed that will make the new product, a "Balanced 25-25 oil", available to patients in the first quarter of 2024. With these two offerings, the company will expand its reach to doctors and patients and provide choices for both first-time medical cannabis users and experienced patients.
Australia is a major market: According to the National Drug Strategy Household Survey, the Australian medical cannabis market has grown to over 200,000 patients, with significant further growth projected. This volume is similar to Germany, which is by far the biggest single European market, underscoring an additional opportunity for Stenocare and other suppliers of legal and regulated medical cannabis products in Australia.
Record sales projected in 2023, all set for further growth in 2024: Stenocare witnessed major growth in the Danish home market in 2023, and important seeds were sown across Stenocare’s five international markets (Sweden, Norway, UK, Germany, and Australia). In fact, with the new second product coming online, Australia has real potential to become the second-best-performing market for Stenocare toward the 2024 sales target of 15 mDKK.
CEO of Stenocare, Thomas Skovlund Schnegelsberg, comments: "We are constantly seeking ways to scale our business and have been pleasantly surprised by the sales performance of the first Stenocare oil product in Australia. Recognizing opportunities across various segments of the market, we see the natural next step as launching the new Balanced 25-25 oil product. This allows us to cater to more categories of patients."
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For additional information regarding STENOCARE, please contact:
Thomas Skovlund Schnegelsberg, CEO Phone: +45 31770060 E-mail: presse@stenocare.com
About STENOCARE A/S
Stenocare was founded in 2017 with the purpose of supplying prescription-based medical cannabis to patients in Denmark and internationally. The company was first to receive the Danish Medicines Agency's permission to import, distribute as well as cultivate and produce medical cannabis. Stenocare sources its products from a number of carefully selected international high-quality suppliers and operates a unique, indoor state-of-the-art cultivation facility in Denmark, that has multiple levels of redundancy to safeguard quality and uniformity in a pesticide free production process.