SYDNEY, July 7, 2021 /PRNewswire/ -- Dragonfly Biosciences Ltd ('Dragonfly') is pleased to announce Dragonfly CBD oil products are approved for use by the Australian Government's Therapeutic Goods Administration ('TGA'). The products have been approved under the TGA's Special Access Scheme ('SAS') making them immediately available to be prescribed by Australian health practitioners.
Highlights:
- Dragonfly Biosciences is a global leader in the cannabidiol market
- The success of Dragonfly CBD is built on a unique 'seed to shelf' quality guarantee.
- Any Australian health practitioners can prescribe Dragonfly CBD products.
Dragonfly is an established global leader in CBD oil and topical products, a market that is experiencing rapid growth[1][2]. The legalisation of cannabidiol products around the world, including Australia, is driving demand from the pharmaceutical sector and rising awareness of the health benefits of CBD among consumers.
Dragonfly products are sold in international markets via over-the-counter and online sales at stores including Boots, the UK's leading pharmacy-led health and beauty retailer; Harrods, the World's Leading Luxury Store; Sainsbury's, Tesco and direct to consumer channels in the US and EU markets.
The company has internationally recognised third party accreditations and certifications for every step in its production process, from its organic plantations through to pharmaceutical grade formulation of the final CBD oil products. This allows Dragonfly to guarantee the quality of its products and to set the standard for CBD oil products.
Australian consumers can now access two products from Dragon fly's CBD range with a prescription:
- Dragonfly Biosciences' Narrow Spectrum 1000mg CBD Oil
- Dragonfly Biosciences' Narrow Spectrum 3000mg CBD Oil
Supplies of both products are being shipped to Australia to be available for use during July 2021.
CBD is used to help alleviate chronic pain, joint pain and arthritis as well as to help manage anxiety and sleep disorders. Although no direct claims can be made, consumer testimonials are encouraging. The quality and consistency of Dragonfly CBD formulations allows health practitioners to prescribe these products with confidence and allows consumers to use the products in a highly personalised way.
Following this SAS approval, Dragonfly is seeking further TGA approval for Dragonfly CBD to be listed on the Australian Register of Therapeutic Goods. This registration would allow consumers more convenient and safe access to Dragonfly CBD products via over the counter sales through pharmacies and supermarkets as well as other specialty stores. This distribution model has been successfully rolled out in our key international markets.
In Australia, Dragonfly has an agreement with Health House International Australia for the distribution of Dragonfly CBD products prescribed under the SAS. This distribution agreement has the capacity to scale up to meet demand increases.
Regan Saveall, Chief Executive at Dragonfly Biosciences, said "The fact that health practitioners in Australia can now prescribe Dragonfly's CBD oil is great news for consumers who need access to a trustworthy source of high quality, CBD infused products under medical guidance. We control the entire production process from 'seed to shelf' so we can ensure the quality of Dragonfly's products and give consumers confidence they contain the stated amount of CBD; are THC-free; will have a batch number and use-by date on every pack and are compliant with all regulatory frameworks."
"From the very beginning we made sure we were organically certified and invested in the highest production standards. We have a state-of-the-art laboratory for extraction, toxicity testing and processing. We have the very best High-Performance Liquid Chromatography testing facilities, which also review our CBD oils' microbiology to ensure there are no heavy metals, herbicides or pesticides present. Each batch of our Dragonfly CBD product has a supporting Certificate of Analysis from a third party, ISO accredited laboratory confirming CBD content and the absence of THC. This is what sets us apart and is why we are an award winning CBD brand."
"Making sure consumers across the globe can access our CBD products is a key part of Dragonfly's business strategy. Being approved under the TGA's Special Access Scheme is the first step in making our CBD products available in Australia. The next step is to have Dragonfly added to the Australian Register of Therapeutic Goods so we can sell our products directly to consumers through pharmacies, supermarkets and extended channels. Our target is to achieve this in the next 12 to 18 months."
[1] The CBD oil market is poised to grow by USD $3.52 billion during 2020-2024 progressing at a CAGR of over 32% during the forecast period. - Yahoo Finance |
[2] The global cannabidiol market size was valued at USD $2.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2021 to 2028" - Grandview Research |
- ENDS -
Media Contact:
Giles Rafferty
First Advisers
grafferty@firstadvisers.com.au
+61 481 467 903
About Dragonfly Biosciences
Dragonfly Biosciences was founded in 2017 and is the leading international premium retailer of cannabidiol (CBD) oil. Through its extensive research and development, Dragonfly controls the process from seed to sale, with the aim of producing the highest and most consistent product quality. Dragonfly currently offers a range of CBD health and lifestyle products.
Dragonfly aims to expand its business and product range in line with legislative changes in Europe, the USA and Australia. As demand grows for CBD health supplements, Dragonfly seeks to be the go-to producer and supplier of CBD for both businesses and consumers.
In Australia, Dragonfly CBD oil can be prescribed by health practitioners under the Therapeutic Goods Administration's Authorised Prescriber Scheme. Dragonfly is available in two ranges - narrow spectrum and broad spectrum - and in a range of strengths to take by mouth. Vitamin D is included in some oral preparation to facilitate consumers obtaining the recommended daily dose of this essential vitamin. Dragonfly also produces a CBD skin care range. www.dragonflycbd.com
