Zelira Therapeutics

ASX-listed Zelira has launched licensable technology Zyraydi in a move it claimed would drive wider acceptance of cannabinoid medicines. 

Zelira
Zelira CEO Dr Oludare Odumosu

The proprietary technology substantially traps cannabis distillate in a free-flow powder matrix and increases the rate of dissolution. 

The launch forms part of the firm’s strategy to “create new, innovative ways to produce pharmaceutical-grade cannabinoid oral dosage forms like capsules and tablets”.

CEO Dr Oludare Odumosu said the technology “solves two key issues holding back wider acceptance of cannabinoid medicinal products – the difficulty in formulating solid oral dosage drugs with distillate, and the low rate of dissolution in the body from capsules and tablets”. 

He added: “We strongly believe that the cannabinoid-based medicine market will scale up significantly when the ability to consistently formulate, validate and commercialise dosage forms that closely resemble current pharmaceutical drugs becomes available.”

Hygrovest

ASX-listed specialist investment company Hygrovest (HGV) is continuing to diversify its portfolio away from cannabis, with the extension of an agreement with Canadian asset manager Parallax Ventures.

The company, formerly known as MMJ Group Holdings and which listed on the ASX in 2015, has extended its investment management agreement with Parallax until June 30, 2023, with the option to extend for another two years.

In HGV’s FY22 annual report, chairman Peter Wall told shareholders the move formed part of the firm’s strategy to “transition the portfolio from its current concentration in cannabis businesses to a broader range of investment opportunities in sectors such as healthcare, the digital economy and natural resources”.

Wall added the board viewed Parallax’s asset management expertise and knowledge of HGV’s existing cannabis investments, which still comprise 62% of its portfolio, as “valuable in executing HGV’s stated aim to diversify away from the underperforming sector”.

Among other moves, HGV is looking to further dilute its cannabis portfolio by working with Canadian producer Weed Me, its largest investment at A$11m, on a “liquidity event” during 2022.

Epsilon Healthcare

Following inquiries by the Australian Securities and Investments Commission (ASIC), Epsilon has made amendments to its financial report for the half-year ended June 30 2022.  

The firm wrote down the value of goodwill and plant and equipment in its medicinal cannabis business by $6.08m in the report. 

Following a review of Epsilon’s financial report for the year ended December 31 2021, ASIC had raised concerns relating to the carrying value of the goodwill, and the free cash flow projections used in its impairment model. 

As part of its financial reporting surveillance program, ASIC regularly reviews financial reports of ASX-listed companies and other significant public interest entities selected on a risk basis. 

The program aims to improve the quality of financial reporting and ensure financial reports have been prepared in accordance with the law, supporting investor confidence and the integrity of Australia’s markets. 

Prior to launching Cannabiz, Martin was co-founder and CEO of Asia-Pac’s leading B2B media and marketing information brand Mumbrella, overseeing its sale to Diversified Communications in 2017. A journalist...

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