OBJ Limited (ASX:OBJ) has signed a funding and option agreement with Little Green Pharma (LGP) to explore the adaptation of OBJ’s transdermal technology for the delivery of cannabinoid therapy.
LGP is the only Australian producer and supplier of GMP quality medicinal cannabis products and under the agreement, the companies will collaborate on the project with Curtin University research and development experts.
The agreement also includes proposed joint venture funding of the R&D activities as well as establishing a formal 50:50 joint venture for the ownership and commercialisation of cannabis and transdermal technologies.
“A unique Western Australian solution”
OBJ founder and managing director Jeffrey Edwards said: “This is an excellent opportunity for OBJ given the momentum we’ve witnessed in medicinal cannabis as a therapeutic in Australia but more significantly in North America and Europe.
“We are thrilled to work alongside Little Green Pharma – a well established company in the Australian medicinal cannabis industry.
“This opportunity holds significant potential for all parties involved and could represent a unique Western Australian solution to be utilised in one of the biggest growth markets in the world today.”
“New frontier for medicinal cannabis”
If the cannabinoid trials at Curtin University demonstrate that cannabinoids can effectively use OBJ’s microarray technology:
- This could result in one of the most advanced and effective medicinal cannabis delivery systems developed in the world to date; and
- The OBJ JV with LGP could rapidly develop its own products as well as licensing the technology to third parties for rapid distribution worldwide.
Little Green Pharma managing director Fleta Solomon said: “The benefits of medicinal cannabis are well known and increasing so combining this with the experts in transdermal technology at OBJ has the potential to create some exciting possibilities.
“This could be a new frontier for medicinal cannabis.”