Greenergy Holdings, Inc. is rolling out its biotechnology venture with the acquisition of a controlling stake in an Australian firm producing medical marijuana products with a focus on the development and global marketing of medical hemp and its primary by-product, cannabidiol or CBD oil.
Greenergy President and CEO Antonio Tiu (Photo credit: https://twitter.com/AntonioTiu/photo)
In a disclosure to the Philippine Stock Exchange, Greenergy Holdings said its shareholders have approved the acquisition of 51 percent of Yakuru Group which recently introduced its Yakuru line of cannabidiol (CBD) or medicinal marijuana products in Australia.
Used in advanced countries for pain management, anxiety disorders, and a host of other physiological conditions without getting “high”, CBD oil has been well-received in Australia and other parts of the world.
Greenergy's entry into the flourishing CBD industry comes after the recent decision of Australia's Therapeutic Goods Administration (TGA) for over the counter cannabidiol sales without prescription.
This led to a significant jump in share prices of CBD firms listed in the Australian Securities Exchange.
Greenergy President and CEO Antonio Tiu said 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,” he said.
Aligned with this push towards health and wellness using natural components, Tiu said Greenergy’s Australian public company affiliate Plentex Ltd. has been investing in biotech for agricultural and medical purposes from plants and algae.
The firm is also 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.
Yakura Group executives said the recent test marketing of Yakuru CBD oil in Australia was a big hit. Thus, they expect more CBD orders to be processed and shipped globally by the Denver, Colorado-based subsidiary Yakura LLC.
Cannabidiol or CBD oil is a product derived from hemp seeds. While it is a form of cannabinoid – chemicals naturally found in hemp plants – CBD does not create a “high” effect or any form of intoxication which is caused by another cannabinoid, known as tetrahydrocannabinol or THC.
As such, 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.
“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,” Stewart Adams of Yakura Group said.
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 approval by DDB and Philippine Drug Enforcement Agency.