MANILA - Businessman Antonio Tiu's Greenergy Holdings is targeting to introduce and bring in marijuana-based cannabidiol or CBD oil to the Philippines, counting on legislation to pave the way.
Tiu, in an interview with ANC Friday, said that they will be the first in the Philippines to offer CBD oil made from medical marijuana.
It was September last year when Greenergy acquired 51 percent of Australia's Yakuru Group, producer of CBD oil or medicinal cannabis products.
"I invested in this project because I believe in its medicinal value, we're not in the recreational side. We could produce CBD, and we want to be the first mover in the Philippines," Tiu said.
He added that this is the "first of many" plans that they have to venture into medical biotechnology.
Lawmakers in the Philippines are moving towards making medical cannabis legal in the Philippines with House Bill No. 6517 or the Philippine Compassionate Medical Cannabis Act, solely for medicinal use and research.
"Once that is passed and the IRR [implementing rules and regulations] is out, we can bring in our first CBD oil from Australia for our Filipino consumers," Tiu said.
Marijuana is considered an illegal drug in the Philippines. It's medical use, however, has been allowed in other parts of the world, including the United States, Canada and Thailand.