High aims to study pot for drugs
Start-up Greenlight has attracted government funds to study cannabis oil, writes
WITH plans to establish itself as the global leader in the production of prescription medicines using cannabis, Irish start-up Greenlight Medicines is aiming high.
In September, the company, which is the only Irish firm specialising in cannabis research, went to market with cannabinoid oil, a food supplement containing Cannabidiol, a non-psychoactive cannabis compound, which it is selling to pharmacies around the country.
Now, Greenlight is making plans to launch a new medical cannabis product and to start clinical trials on prescription medicines using cannabinoid compounds, which will specifically target epilepsy, cancer, addiction, and arthritis.
Employing a team of seven, Greenlight received €3m in research funding in 2017 and has now embarked on a €5m fundraising round which will be used to establish a new facility in Donegal by the summer.
“By the end of this year we expect to have a staff of 120 and to increase this to 500 within five years,” said Greenlight CEO and founder James Linden.
Mr Linden, who has a PhD in biochemistry, started Greenlight in 2015, to explore the medicinal uses of cannabinoids, the compounds in cannabis which have been found to be effective in reducing inflammation and pain.
While there are a number of products, legal and illegal, available across the world, he decided that there was space for the creation of a ”safe and trusted brand” backed by comprehensive research and an opportunity to develop life-changing prescription medicines.
Operating from a base in Dublin, he linked up with 13 universities in Ireland, the UK, and the US and began carrying out research into the therapeutic uses of cannabinoid compounds.
Greenlight’s first product Cannabinoid oil, which is classified as a food supplement, has now gone on sale pharmacies around Ireland, including at Sam McCauley, Hickey’s, and Lloyds, at a cost of €50 for a 10ml bottle.
“We are now planning to move to start selling in the UK and France and subsequently move into the US, Mexico, and other EU states,” said Mr Linden.
He explained that legislation in Ireland does not apply to products containing the cannabis compound Cannabidiol (CBD) which is non-psychoactive.
CBD is widely available in Ireland as a food supplement, however, cannabis products with a TCH (the psychoactive cannabinoid) content greater than 0.2% require a licence, he said.
Greenlight’s cannabinoid oil will provide it with a revenue stream as it starts human trials on specific prescription medicines, an undertaking which is likely to take several years and involve very significant costs.
Mr Linden said the launch of medical cannabis later in the year in Ireland, the UK, and Europe will bring in additional revenue: “We are targeting a turnover of €2.5m in 2018.”
Since setting up the company, it has raised a significant amount of private equity. Last year it was awarded €1.4m by Science Foundation Ireland to study the use of cannabinoids on epilepsy. It has also received funding from the Irish Research Council and the North’s Department of Employment and Learning.
In recent weeks, the company has scaled up its development plans.
“We originally planned to grow staff to 60 this year and 300 within three years but now we plan to recruit 120 this year including chemists, horticulturists and admin staff,” he said.
He said that although cannabinoid compounds and cannabis has been used both legally and illegally around the world for many years, and their efficacy has been well documented, there has been a lack of specific research, which Greenlight is aiming to rectify.
Licenced to import and use cannabis for research purposes, the company is in discussions with the Department of Agriculture about the possibility of growing cannabis at its new facility.
Mr Linden said Greenlight wants to produce strains that would provide specific cannabinoids for medical use.
He thinks it likely that as the company develops specific products targeting cancer, epilepsy, arthritis, and addiction, that pharmaceutical companies around the world will show a lot of interest.
