MANILA, Philippines — Greenergy Holdings Inc. of businessman Antonio Tiu has acquired a majority stake in an Australian firm, expanding the listed company’s portfolio to include biotechnology.
Greenergy in a stock exchange filing said it acquired 51 percent of Yakuru Group Pty. Ltd. (YGPL), which recently introduced its Yakuru line of cannabidiol (CBD) or medicinal marijuana products in Australia.
The Philippine-listed company, through the Yakuru Group, will be focusing on development and global marketing of medical hemp and its primary byproduct, CBD oil.
Greenergy said its entry into the flourishing CBD industry comes after the recent decision of Australia’s Therapeutic Goods Administration for over the counter cannabidiol sales without prescription, which led to a significant jump in share prices of CBD firms listed in the Australian Securities Exchange.
CBD oil, it said, has been well received in Australia and other parts of the world, as it is used for pain management, anxiety disorders and a host of other physiological conditions without getting “high.”
“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 in a statement. [Read more @ Philstar]