Zelda Therapeutics (ASX: ZLD) has entered into a partnership that could see it grab a serious slice of the US medicinal cannabis market.
Zelda and Ilera Healthcare will explore a range of commercialisation opportunities to tap into the lucrative US medicinal cannabis market.
Though not legal or decriminalised federally, the United States has made progress to making medicinal and recreational cannabis available in a number of states like California, Washington and Colorado.
Ilera, based in Pennsylvania and Louisiana, cultivates, processes and dispenses medicinal cannabis.
The company will collaborate with Zelda to co-develop new medicinal cannabis products, license clinically validated products, and share data and intellectual property.
Managing director of Zelda Dr Richard Hopkins says the two companies are perfectly suited for collaboration.
"As a vertically integrated company, Ilera's strengths in cultivation, extraction/formulation and distribution are complemented by Zelda's expertise in clinical validation, product differentiation and downstream value-adding," says Dr Hopkins.
"Given the current barriers to undertaking clinical trials using medicinal cannabis at the Federal level in the US, Zelda can help fast-track clinical validation of Ilera products while Zelda potentially gains access to a significant North American market for its products."
Zelda Therapeutics was named the number 13 top cannabis company in Australia by Business News Australia in 2018.
Shares in Zelda are up 1.75 per cent to $0.06 per share at 11.13am AEDT.
Business News Australia