As an oral supplement, Dragonfly claims CBD is of particular use against insomnia, anxiety and stress, and potentially chronic pain. The lotions are intended for general skin care, repair, protection and moisturising.
The local listing is driven by Australia’s growing health and wellness segment and as a “beachhead” into the Asian market, where the company has received significant investment.
According to its prospectus, Dragonfly declared a total loss of $732,000 in the six months to the end of June 2021 for its UK business, and a total loss of $1.2 million in the six months to December 31 in Australia.
ASX comparables include Cann Group, which has a market capitalisation of $55.8 million. Cann has built a large indoor grow facility while Dragonfly grows its product outdoors in Bulgaria. Little Green Pharma is another – a biotech and cannabis company based out of Western Australia.
Sean Hocking
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