Australian life sciences and health products company Bioxyne Limited (ASX: BXN) announced Wednesday that its fully-owned subsidiary, Breathe Life Sciences (BLS), has successfully manufactured and delivered Australia's first pharmaceutical-grade cannabis edibles. These new gummies carry 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 marijuana products in Australia.

"BLS is the first Australian manufacturer to complete a commercial production run of pharmaceutical grade GMP-certified THC gummies," stated Sam Watson, founder & CEO of BLS and Managing Director of BXN. "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."

In July 2024, BLS received deposits on purchase orders totaling approximately AU$2million ($1.35 million) for cannabis gummies, containing both cannabidiol (CBD) and/or delta-9-tetrahydrocannabinol (THC). According to the company's press release, this marks the first commercial sale of Australian-made edible cannabis products.

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 AU$28 million from the production of such edibles.

To meet the 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.

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Market Growth Potential

Bioxyne highlighted that according to some estimates, the market for prescription cannabis edibles in Australia is expected to grow significantly in the near future, from approximately 1% of the ~AU$500 million per year Australian medical cannabis market in 2023 to more than 20% by 2030, which represents a potential AU$150 million per year opportunity.

"This is a significant milestone for Australian pharmaceutical manufacturing and the medical cannabis industry as a whole," said Jason Stephens, general manager of BLS Australia. "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."

Bioxyne is also a supplier of other alternative pharmaceutical goods such as psilocybin and MDMA to authorized prescribers and clinical trials in both domestic and international markets.