Listed medicinal cannabis specialist, Emerald Clinics, is to rebrand as Emyria Limited.
The company said the name change is “consistent with its global ambitions and expanded offerings”.
Shares soared almost 30% on the news, to close at $0.079. Emerald listed on the ASX earlier this year, reaching a share high of $0.14 in February.
The name change, which must be approved by shareholders at a general meeting next month, comes after Emerald signed a deal with Spectrum Biomedical UK (SBUK), the UK subsidiary of the world’s largest cannabis company Canopy Growth, to develop a Real-World Evidence system.
“The recently announced data deal is the first step towards bringing our evidence-generating care model to international markets,” chief executive Dr Michael Winlo said. “We expect to build off that quickly in several geographies and across different health monitoring applications, where our real-world evidence asset can be utilised.
Winlo added that while Emerald has become a ‘trusted brand’ among clinicians and patients, the evolution of the business and its international reach required a new identity.
“It has become clear that a rebrand was the best way forward to help communicate the breadth of what we do and our global aspirations,” he said. “Emyria speaks to our mission to use a myriad of data to provide individualised care beyond the physical confines of a clinic.”