ASX-listed cannabis producer Cann Group has been given a boost after inking a deal with GlaxoSmithKline which could see the pharmaceuticals giant play a key role in the commercialisation of Cann’s over-the-counter CBD sleep product.
GSK will get exclusive rights to the data and will also have first rights to set up deals for marketing and distribution of the products in Australia and overseas.Cann chief executive Peter Crock said the agreement was 12 months in the making. “They [GSK] have a strong interest in the CBD space, and they are stepping in with caution,” Mr Crock said.
Cann is in a race with several other medicinal cannabis companies to create the first “low dose” CBD product to be cleared by the Therapeutic Goods Administration for sale through Australian pharmacies without a prescription. The involvement of a company like GSK, which has a market capitalisation of $US113 billion, would be a significant win for Cann’s distribution efforts if the product is successful.
Cann Group’s product will be in a capsule format and aimed at providing short-term treatment of sleep disturbances.
LegaliseMarijuanaNow The Government can make more money from tax if marijuana was legal than from prescription only.
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