Your latest cannabis business info from Europe

Your latest cannabis business info from Europe

2023-07-20

Dragonfly Biosciences and $5 Million ASX IPO: expansion to Australia and Asia

Dragonfly Biosciences and $5 Million ASX IPO: expansion to Australia and Asia

A recognized UK company Dragonfly Biosciences, that produces CBD-based goods, is preparing for an ASX listing and a $5 million IPO cap raising. Companies like Dragonfly are taking the chance to enter the Australian market as cannabis laws and public perceptions are shifting quickly. The company wants to expand its popular UK products into Australia and Asian markets as the demand for CBD-based products rises. The Dragonfly Biosciences has reached a critical milestone with the ASX listing, which also highlights the growing demand for CBD goods.

Cannabis and CBD: changing perspectives

According to recent data, cannabis was the third most often prescribed medicine for Australians in 2021–2022. In addition, 41% of Australians said they also were in favour of legalising cannabis for personal use. Medical cannabis has received much attention. However, CBD is also becoming more and more popular. It is especially in daily items like toothpaste, sunscreen, balms, and moisturisers.

Dragonfly Biosciences is famous for its products offered in significant UK stores including Boots, Tesco, and Sainsbury’s. In order to grow it is now focusing on the Australian and Asian markets. CEO Regan Saveall noted that Australia is a prime location for Dragonfly’s growth. It is because of its reputation for testing innovative products in the health and wellness sector. The Asian market provides significant potential as well, with many nations like China and Thailand looking into CBD rules because of their proximity to Australia.

Expantion to Asian markets

For two consumable items, the Therapeutic Goods Administration (TGA) in Australia has previously approved Dragonfly Biosciences’ special access plan. The company intends to submit a dossier to the TGA for complete approval of the entire line, including the 1000mg and 3000mg CBD oil drops, after the IPO. By receiving TGA approval, Dragonfly would become a fully accredited brand, easing access into the Asian markets. The TGA’s protocols are in line with those of the US Food and Drug Administration, according to Saveall, making Australian accreditation a stepping stone for the company’s US goals.

Dragonfly and its comprehensive approach

Dragonfly Biosciences uses a “seed to shelf” philosophy and keeps complete control over the items it produces. The company grows the blooms on more than 100 hectares of Bulgarian farmland that has received certification as organic. The harvested crop is transported to Romania for CBD extraction. Later it comes back to Bulgaria for formulation in a facility compliant with EU GMP for pharmaceuticals. Dragonfly can guarantee both product quality and cost effectiveness thanks to our careful manufacturing method.

Saveall clarified the differences between businesses that concentrate on medical cannabis and those, like Dragonfly, in the health and wellness industry. Dragonfly grows cannabis outdoors because they primarily focus on extracting CBD from the plant. However, medical cannabis must be strictly cultivated indoors under controlled conditions. Investors now have a more favourable outlook on the health and wellness CBD sector. All thanks to this innovative strategy that gives the business additional opportunities to increase revenue in the future.

Dragonfly Biosciences is positioned for impressive development with its ASX IPO and expansion plans into Australia and Asia. The company’s entry into the health and wellness market is exciting given the rising popularity of daily goods containing CBD. Dragonfly is establishing itself as a major participant in the booming CBD market. It is by adhering to strict quality control procedures and benefiting from evolving cannabis laws. Investors are taking note of this innovative strategy, seeing the potential health and wellness advantages of CBD, and backing Dragonfly’s bright future.

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