Medlab Clinical, which listed on the ASX this month, has been given NSW Government approval for trials of medical cannabis as a pain reliever.
The company says it is one of the first commercial corporates in Australia to do this type of cannabis work.
Medlab’s Sydney laboratory will research cannabis for therapeutic purposes, including development of an alternative method of drug delivery.
The company says it intends to use its patented small particle delivery platform, NanoCelle, for
therapeutic cannabis applications.
Medlab believes smaller doses of a cannabis compound can be used to reduce risks and complications for patients.
NSW is positioning itself as a global research centre with a $12 million Centre for Medicinal Cannabis Research and Innovation.
Premier Mike Baird was inspired by the plight of 24-year-old Daniel Haslam who had used cannabis to alleviate his stage 4 colo-rectal cancer.
Medlab was formed by Sean Hall after he sold his familyâ€™s companies Bioceuticals and Hall Drug Technologies to vitamin giant Blackmores in 2012.
Medlab shares were up more than 5% to $0.195.