Health House Australia and Corporate Update

Melodiol Global Health Limited (ASX:ME1) (‘Melodiol’ or ‘the Company’) is pleased to advise that its wholly owned Australian subsidiary, Health House Australia, continues to make strong operational progress.

Highlights:

• Health House Australia announces the planned launch of its medicinal cannabis clinic in Q2 of 2024
• The group is also pleased to announce that it has added several new suppliers during Q1 of 2024
• Health House Australia was a key contributor to Melodiol group FY 2023 revenues of $21.6m (an increase of 148% on FY 2022)
• Health House Australia and Health House UK contributed $11.5m to group FY 23 revenues
• Placement completed to fund working capital requirements

During Q1 of 2024, Health House Australia successfully added several new suppliers to its existing base. These include Botanitech, Chemovar, Endoca, Quantum, and MedTEC Pharma’s announcement of Health House Australia as its lead launch partner on the introduction of their Australian-grown flower and oil medicines, slated for Q2 of 2024. The continued addition of new suppliers to its portfolio is a core strategic objective of Health House Australia.

Management commentary:

CEO and Managing Director, Mr William Lay said: “Since being Australia’s first company to import medicinal cannabis in 2017, Health House Australia’s unwavering commitment to great service and integrity has led to it becoming one of the trusted names within the distribution of medical cannabis in Australia. I am very proud of our team for their hard work to remain a supplier of choice for existing relationships, and for continuing to expand the supplier base. Additionally, we are very excited about the launch of Health House’s medical cannabis clinic in Q2 of 2024, which will serve to further strengthen Health House Australia’s value proposition to existing and new suppliers.”

Placement:

The Company advises that it has received firm commitments to raise $796,000 (before costs) through the issue of approximately 180,090,498 new fully paid ordinary shares (‘Shares’) at an issue price of $0.00442 per Share (the ‘Placement’).

The Company will issue 101,357,466 shares today, representing $488,000 of the placement proceeds, with the remainder to be completed on a deferred settlement basis no later than 16 April 2024. Please refer to the Company’s Appendix 2A and Appendix 3B lodged today for further details on the placement.

Click here for the full ASX Release

This article includes content from Melodiol Global Health, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.