Health: Ecofibre's CBD hemp extract could help alleviate the opioid crisis

Pot stock Ecofibre (ASX:EOF), which has enjoyed an extraordinary start to life on the ASX, might have a product that could help alleviate the worldwide opioid crisis.

Ecofibre listed in March, selling hemp-derived products to consumers and retailers both in Australia and the US, and investors have gobbled it up: shares are up 223 per cent, making it the fourth-best performing IPO of 2019.

Today it told investors that an eight-week study on its hemp-derived cannabidiol (CBD) had a positive impact on patients struggling with opioid use from chronic pain.

Fifty-three per cent of 94 patients reduced their opioid use while 94 per cent of patients reported quality of life improvements, specifically sleep, pain or mood.

“All of these patients had been using opioids for over a year to manage chronic pain. Some patients had been using opioids for decades,” Dr Alex Capano, chief science officer of Ecofibre’s Ananda Health business in the United States, told investors.

“Outside of survey studies, this has been the largest study on the use of CBD to reduce the use of opioids in the treatment of chronic pain.

“It’s also the first study on CBD and opioid reduction to identify key data points, such as hemp extract doses, delivery method, and specific cannabinoid content.

“Most participants used a relatively low dose of 30mg of CBD per day, whereas other studies on CBD have tested very large doses, 10x or 20x that amount. Lower doses of CBD mean reduced risk of side effects and improved outcomes.”

Ecofibre is one of several ASX-listed small caps trying to tackle the opioid crisis, which has been reported to be killing as many as 130 people a day.

Introducing 2019’s first new pot stock: Ecofibre is bringing its US hemp business to the ASX

In other ASX health news today:

Starpharma (ASX:SPL) launches its bacterial vaginosis treatment in the UK. The company told the market today it had successfully launched its VivaGel BV product in the UK, via its distribution partner Mundipharma. It is available in all of Europe now over the counter.