Stenocare announced in November 2023 that the company and its partners had received approval for a new medical cannabis oil product in Australia, set to be available for patients in the first quarter of 2024. This week (March 12), the new product is officially released and made ready for sale to Australian patients.

The new product is a "Balanced 25-25 oil" in a 30 ml bottle which has the potential to address a larger target group of patients compared to the first 12.5-12.5 oil product Stenocare introduced for the Australian market.  

Australia is a major growth market: With a population of 26 million, the Australian medical cannabis market is anticipated to grow tenfold, reaching USD 540 million by 2030, according to Research and Markets. According to the National Drug Strategy Household Survey, the Australian medical cannabis market has grown to over 200,000 patients. This number of patients is similar to that of Germany (230,000 patients in a population of 87 million), which is by far the largest single European market, underscoring an additional opportunity for Stenocare and other suppliers of legal and regulated medical cannabis products in Australia.

CEO of Stenocare, Thomas Skovlund Schnegelsberg, comments: "In our highly regulated industry it is always extra special when a new product is approved by the health authorities and is made available for patients. The news today is particularly special because we are entering the market with a new product through our Australian partners and their Online Clinic. We expect this will both address more types of treatment and reach more patients in the year to come."

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