Stenocare A/S announced that after securing market access and approvals in both Denmark, Sweden and UK, the company now takes a first and firm footstep into the southern hemisphere entering Australia. Partnering with the Australian medical cannabis company Cannvalate will help Stenocare embrace a hastily growing market from day one offering Stenocare products to 600 pharmacies and 3,000 doctors. A combined CBD-THC medical cannabis oil will be available for Australian patients already from fourth quarter 2022 with expected sales acceleration in the first half of 2023.

As a global early mover in the legalisation of the use of medical cannabis, Australian patients have enjoyed six years of legalised market development creating a market reaching USD 51 million in size by 2021. Stenocare is partnering with Australian Cannvalate to enter the Australian market with the new oil product CBD-THC 12.5:12.5 Balanced (THC 12.5mg/mL + CBD 12.5mg/mL) that will be available to patients during Fourth Quarter 2022 with sales expected to accelerate in the first half of 2023 and onwards creating more relief for patients and also resulting in revenue for Stenocare.