Forrest pitches in for cannabis research

Shares in Perth-based medicinal cannabis aspirant Emyria were up as much as 21 per cent after the business revealed a $5 million backing from Andrew Forrest’s investment business, Tattarang.

The clinical development company claims it is the only ASX-listed company that controls patient treating clinics in Australia, which seek to gather data on the effectiveness of synthetic cannabinoids and psychedelics as treatment for a range of health conditions.

Emyria says it is this lack of data holding back further commercialisation in Australia.

“Regulators, mainstream doctors and prescribers all want data to see that what they’re getting is safe, effective and cost effective,” Emyria managing director Michael Winlo told Business News.

“Our vision is to develop medicines and treatments that can transform the lives people living with chronic pain, autism, post-traumatic stress disorder, insomnia, IBS and countless other conditions.”

Emyria plans to spend the Tattarang funds - which have granted the Forrests a 7.3 per cent stake the company - on progressing synthetic cannabinoid, MDMA and novel MDMA-like treatment trials.

The company will issue 20 million shares to Tattarang at 25 cents per share under the placement.

“We’re delighted to have Tattarang’s support,” Mr Winlo said.

The company’s subsidiary, Emerald Clinics, has seven sites across Australia and has treated more than 5,000 patients.

Dr Winlo said it was his company’s data and clinics that offered a competitive advantage in a medicinal cannabis landscape flooded with products.

The investment also signals a first push from Tattarang into the healthcare technology sector.

“Emyria’s data driven approach positions it strongly to lead the accelerated development and registration of new treatment options that can potentially benefit millions of patients,” Tattarang chief investment officer John Hartman said.

Emyria plans to enter registration for its cannabinoid programs at the beginning of 2022.

Emyria shares are up 16.92 per cent to trade at 38 cents at 2:53pm AEDT.