Perth, Western Australia-based licensed producer Little Green Pharma and nationwide private health insurer Health Insurance Fund of Australia have inked a strategic partnership that can expand access to medical cannabis.

The partnership additionally encompasses analysis into medical cannabis, the businesses introduced this week.

Expanded insurance coverage coverage is seen as key to enhancing affordability and rising the variety of accessible sufferers for companies within the regulated market.

Australia added 5,972 medical cannabis approvals in October, bringing the full variety of approvals this 12 months to over 45,000.

“This is certainly a watershed moment,” business advisor Rhys Cohen informed Marijuana Business Daily.

“An insurance company has finally figured out they can attract more customers by advertising their cannabis coverage.”

HIF will provide rebates for Little Green Pharma’s medical cannabis merchandise up to 105 Australian {dollars} ($76) per prescription.

The deal “represents the first time a major Australian health fund has publicly declared its support for access to medicinal cannabis treatments …” the insurance coverage firm stated in a information launch.

The CEO of Health Insurance Fund of Australia stated the corporate is the primary Australian health fund to publicly declare its help for medical cannabis therapies and supply members with rebates.

Shares of Little Green Pharma are traded on the Australian Securities Exchange as LGP.

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