CBD oil and skincare maker has its eye on Australia

Dragonfly is hoping its portfolio of CBD products will one day be much more easily available in Australia. Recent regulatory changes have opened the door to cannabis products being more readily available.

In 2021, the TGA changed the scheduling of low-dose CBD products, paving the way for these to be available over-the-counter once they meet strict approval requirements.

Saveall said the clarity of regulation in Australia was attractive for the business, and the company hoped to get clearance to sell a broader range of its portfolio to Australians in the coming years.

“We’re looking to see that develop – you will get a wider range of consumable CBD products available in your pharmacy,” he said.

Dragonfly’s prospectus also reveals the business settled a lawsuit brought by co-founder Grenside, who is also a television producer, in 2022. The settlement, which involves completing instalments of a £200,000 ($380,000) payment to Grenside, is to be finalised within 28 days of the IPO.

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Several other medicinal cannabis producers also call the ASX home, but the market has not been kind to the sector in recent times, as smaller biotech companies were sold off heavily during the market volatility of the past year.

Shares in Cann Group, which has a state-of-the-art cannabis growing facility in Mildura, have declined by 40 per cent year-to-date, while cannabis and psychedelics drug developer Emyria is down by 17.6 per cent this year.

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