Tiu's Greenergy Holdings ventures into medical marijuana production with Australian firm acquisition

MANILA - Greenergy Holdings Inc said Thursday it approved the acquisition of shares in an Australian firm engaged in the production of cannabidiol or medicinal marijuana products.

In a statement, Greenergy Holdings said it would acquire 51 percent of Yakuru Group.

Cannabidiol, used in advanced countries for pain management, anxiety disorders and other physiological conditions "has been well received in Australia and other parts of the world," the company said.

Cannabidiol or CBD oil is a product derived from hemp seeds and it does not create an effect of being "high," it said.

Australia's Therapeutic Goods Administration (TGA) recently approved the sale of cannabidiol without prescription, Greenergy Holdings said.

“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,” Greenergy president and CEO Antonio Tiu said in a statement.

“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.

The use of marijuana is still illegal in the Philippines. The Dangerous Drugs Board however said 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.