Vitura (ASX:VIT) has announced that it will begin offering an “anti-smoking” solution, or more specifically, prescription e-cigarettes. Australia’s capital, Canberra, is pushing for the conversion of e-cigarettes to prescription drugs, and Vitura sees the new law as a “market opportunity” in a new regulatory environment. The company’s stock was last trading at 25 cents.
Vitura was quick to respond to Canberra’s new law, which came into effect this month, banning the sale of over-the-counter e-cigarettes. Vitura has spotted a “market opportunity”. Vitura is preparing to become a prescription e-cigarette provider. It will add prescription e-cigarettes as smoking cessation products to its online service platform CanView.
The move comes as no surprise to companies that have already jumped into the medical marijuana market without hesitation, including deals related to former clinic providers of prescription drugs and the arcane field of medical hallucinogens. Today, Vitura has provided a fair assessment of the reasons for this decision.
“In support of the recent and planned changes to the TGA, all NVPs will be dispensed by medical prescription only and by pharmacists only, “Vitura wrote in a statement. “Vitura has added this novel vertical product to its product supply and distribution ecosystem, CanView.”
Vitura’s ambitions in the prescription e-cigarette market are fueled by a loophole hidden in the new federal law. Doctors and nurse practitioners will be able to prescribe e-cigarettes without applying for pre-approval from the health regulator when vetted under the Special Access Programme Channel C.