Cannabis: ‘You’re the one that I want!’ Cann Global picks up Olivia Newton-John’s choice pot formulas
Health & Biotech
Health & Biotech
Link copied to
Cann Global (ASX:CGB) has had another win from its relationship with cancer survivor Olivia Newton-John’s husband, medical cannabis pioneer and director John Easterling.
US-based Easterling is a non-executive director of Cann Global and has been involved with plant medicine therapeutics for more than 30 years.
And when Newton-John’s breast cancer returned in recent years, Easterling got to work developing and refining cannabis formulations to complement the Grease star’s conventional treatments.
Newton-John credits the cannabis formulations and conventional therapy for her improved health, saying “John’s unique cannabis formulas have been a huge help to me with sleep, stress, mood, and of course pain.
“I was able to wean myself completely off morphine and all pain meds using cannabis which is something I think everyone should know is possible.”
Now Easterling is making the formulations and associated intellectual property available to Cann to commercialise.
Cann chairperson Pnina Feldman said the company’s research team and management viewed the deal as an encouraging development for the Sydney company.
“The board believes (this deal) will not only be of world health interest, but with the anticipated successful sales in due course, should also bring meaningful income to the company,” Feldman told the market today.
“The deal between CGB and John Easterling is a cash-free deal and subject to shareholder and any other regulatory approvals that may be required, and based upon a stock-for-stock exchange agreement.”
Easterling has housed the IP in Plant Matrix Research, a wholly-owned subsidiary of Australian trustee company Botanical Science which was set up to conduct cannabinoid formula research and development.
Easterling controls the trust and is an advocate for further medical cannabis reforms in Australia.
Cann plans to study use of the formulations in cancer patients.
Newton-John said her mobility had increased after use of the formulations and things like her blood count results were “moving in the right direction”.
“As a complement to my therapies these formulas have been wonderful,” she said.
“If you had told me a few years ago I would be talking openly about my experiences with cannabis, I never would’ve believed you, but I feel so strongly about it that I wanted to let it be known and made available for anyone who may require it for medical purposes.”
The entrepreneur and actress said she was aware of other people who had tried the formulas dubbed Olivia’s Choice and experienced benefit.
“I would love to see these formulas scientifically studied and proven in a clinical setting,” Newton-John said.
Cann’s share price gained 13.3 per cent to 1.7c by late morning.
The $30.9m company’s share price is down 99.1 per cent in the past 12 months, compared to the ASX 200’s 21.3 per cent gain over the same period.
And now for the tad more conventional…
Active mover Bod Australia (ASX:BDA) added 4.8 per cent to trade at 32.5c today after releasing an updated corporate presentation focusing on its recent achievements, including a strengthened board and $7m in capital injections and a licence payment. The $29.7m cannabis-centric healthcare company is up 27.45 per cent in the past six months but down 38.1 per cent in past three months.
Cannpal Animal Therapeutics (ASX:CP1) founder and managing director Layton Patrick Mills has continued to buy shares on market through his outfit DJS Consolidated Holdings, taking his indirect stake to 255,500 shares to supplement a 7.5-million-share direct holding. The director paid an average 11.5c each yesterday after Bank of New York Mellon added the cannabis company’s securities to its permitted to trade list on November 30, 2019.