Greenergy Holdings ventures into medical marijuana

Greenergy Holdings Inc. is set to venture into the production of cannabidiol (CBD) or medical marijuana, through the acquisition of a significant stake in Australian firm Yakuru Group Pty. Ltd.

In a regulatory filing on Thursday, Greenergy said its shareholders approved the acquisition of 51% of the Yakuru Group which recently introduced a line of medicinal marijuana. It did not elaborate on the cost of transaction and other details.

According to Greenergy president and chief executive officer Antonio Tiu, he saw great opportunity and invested in the Australian firm, ahead of the Philippine government's plan of opening up importation of CBD oil for medicinal purposes.

"Just the Philippines alone has a population five times bigger than Australia. We want to provide people suffering from various severe illnesses worldwide with this miracle oil to help alleviate their pain," said Tiu.

Greenergy's entry into the CBD industry also comes after the recent decision of Australia's Therapeutic Goods Administration (TGA) for over the counter cannabidiol sales without prescription, leading to a significant jump in share prices of involved firms listed in the Australian Securities Exchange.

Moving forward, Yakura Group executives said the recent test marketing of Yakura CBD oil in Australia was a big hit, and they expect more orders to be processed and shipped globally by its Colorado-based subsidiary Yakura LLC.

Cannabidiol or CBD oil is a product derived from hemp seeds, and is a form of cannabinoid – chemicals naturally found in hemp plants – but does not create a 'high' effect or any form of intoxication which is caused by another cannabinoid, known as tetrahydrocannabinol or THC.

The so-called 'miracle oil' has been known and safely used to alleviate symptoms of Post Traumatic Stress Disorder (PTSD), anxiety and stress relief, pain management of arthritis, muscle pain, cancer, and to address seizures and other neurodegenerative disorders like Alzheimer's, Parkinson’s disease and many others.

It is currently used in advanced countries for pain management, anxiety disorders, and a host of other physiological conditions, and has been well received in other parts of the world.

"We want to bring the many benefits of CBD to those afflicted by ailments without an appropriate solution in Australia, the Philippines and other parts of the world," said Stewart Adams of Yakura Group.

In the same filing, Tiu also noted that Greenergy's Australian public company affiliate Plentex Ltd. is preparing to do backward integration to go into plantation of medicinal hemp in New South Wales and Queensland, and export to the rest of the world.. The firm is involved in biotechnology for agricultural and medicinal purposes from plants and algae.

While marijuana use remains illegal in the Philippines for recreational purposes, the Dangerous Drugs Board recently announced that the approval of a cannabis product for compassionate use could pave the way for CBD importation, subject to regulatory approval.

In February, the DDB clarified that the "compassionate" use of medical marijuana is allowed to aid patients with terminal illnesses.—LDF, GMA News