CannPal Animal Therapeutics Ltd (ASX:CP1) has been granted an authorisation to possess and supply cannabis for scientific research by the New South Wales Ministry of Health.
The authorisation has been issued under the provisions of the Drug Misuse and Trafficking Act 1985.
Importantly, the permit allows CannPal to apply for permits to import cannabis for the clinical trials planned for Q1 CY18.
CannPal is a pharmaceutical-focused animal health company researching the benefits of medical cannabis for companion animals.
The company listed on the ASX in October 2017 after raising $6 million at an issue price of $0.20 per share.
CannPal has been working closely with Invetus, Australasia’s largest veterinary research organisation, to facilitate the importation of cannabis for scientific research in companion animals.
CannPal’s agreement with Invetus allows the company to store and research its prohibited substances at a secure purpose-built animal health research facility.
The cannabis oils being imported are for the company’s pharmacokinetic and safety