Releaf Group, a chain of medical cannabis clinics and dispensaries, has added two more outlets to its national network as it eyes up long term listing opportunities.
The unlisted public company has developed an end-to-end patient access model over the past five years. The vertically integrated business also provides plant-based medicines and operates a national telehealth consultation.
Releaf pharmacies dispense more than 15,000 prescriptions monthly via delivery or in-store pick-up.
The chain claims an annualised $30 million-plus combined clinic and pharmacy revenue for its first five franchise sites. It expects revenue to double by the end of the March 2024 quarter as the newer locations become established.
Gary Mackenzie is CEO and founder of the Releaf Group. “The combined revenues and earnings capacity in 2024 of the existing franchises is forecast to be over $115 million per annum with earnings capacity of over $34 million,” he said.
Releaf looks to ASX in 2024
The board is considering a fundraising ASX listing in 2024. The long term goal is to list on an international exchange such as the NASDAQ or London Stock Exchange.
“The Releaf board will now look towards a number of local and international funding avenues in the public arena to keep expanding our retail medical model across Australia and into the UK and Thailand,” he said.
Mackenzie said the goal is to have more than 20 sites operating by the end of 2024.
The new outlets in Prahran, Victoria, and Varsity Lakes, Gold Coast, are the 12th and 13th clinics for the chain.
The new clinics and dispensaries will offer a range of products and services, including consultations, prescriptions, and ongoing patient support.
