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Animal therapeutics company CannPal (ASX: CP1) has entered into an agreement with the CSIRO to conduct research into the potential of medicinal cannabis.
As part of the CSIRO's Kick-Start initiative CannPal will receive dollar-matched funding to contribute towards a collaborative research project with CSIRO researchers.
The two will undertake research into the use of food production technologies to enhance the delivery of CannPal's cannabis-derived therapeutic formulations in animals.
The listed company hopes to develop new delivery systems to create proprietary formulations of CannPal's therapeutic products.
CannPal founder and managing director Layton Mills says the collaboration will put them in a great position as they move towards becoming a leader in medicinal cannabis.
Earlier in 2018 CannPal announced it had secured key export permits from the Canadian government to receive cannabis formulations in Australia.
The oils will be used in clinical trials for CannPal's lead drug candidate CPAT-01.
CPAT-01 is a cannabis-derived medicine which is being developed as a treatment for pain in companion animals, an alternative to non-steroidal anti-inflammatory medications which often incur a long list of side effects.
The Cannabis Index: A complete guide to cannabis stocks on the ASX
CannPal founder and managing director Layton Mills says the global market for pain treatment in companions is worth more than US$1.4 billion, one which his company is now closer to cornering.
At the beginning of 2018, CannPal received its medical cannabis import license from the Office of Drug Control in Australia.
The company listed on the ASX in late October 2017 and has since gained small-medium enterprise (SME) status by the European Medicines Agency.
Shares in CannPal closed at $0.19 per share on Wednesday afternoon.
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