Irish startup gets €500k investment to research medical benefits of cannabis
GreenLight Medicines has secured €500,000 from a consortium of Irish investors to fund research into the potential medicinal benefits of cannabis extracts.
The Irish pharmaceutical start-up, founded in 2015, has also secured €1.35 million in cannabidiol (CBD) hemp oil from Swiss-American firm, Isodiol. The CBD, which comprises around 40% of the cannabis plant’s extract, will assist GreenLight in conducting its research studies in Irish universities over the next five years.
GreenLight is the first indigenous company to focus on the production and sale of molecules from marijuana. Founder and CEO, Dr James Linden, says: “There’s mounting evidence that cannabinoids are an effective form of treatment for many illnesses, including Multiple Sclerosis (MS), glaucoma, arthritis, epilepsy and cancer.
“Our private investors have a track record in pharma investment in Europe and the US, and their knowledge and financial commitment, in addition to Isodiol’s investment, will enable us to complete our initial research modules into cannabinoid treatment for inflammation, eye disease and pain relief amongst other conditions.”
Since its inception, Linden and his team at GreenLight has focused on collaborations with Irish universities, such as UCD, UCC and NUI Galway, with this month seeing the beginning of the first research projects for these potential treatments.
