Medical cannabis company Zelda Therapeutics will hit the Australian Stock Exchange tomorrow, according to a Proactive Investors report. Zelda will become the fifth medical cannabis company to be listed on the exchange, following a reverse takeover by Gleneagle Gold Ltd.
The move comes after the U.S.-based medical cannabis group – Aunt Zelda’s – was spun off and subsequently raised $4 million and transitioned into a publicly listed company, the report says. The funds will be used to continue its pre-clinical research and development, fund human clinical trials and expand the management and advisory teams.
Due to its success treating patients in California, Aunt Zelda’s boasts an extensive network on human data related to medicinal cannabis-based products and treatments; Zelda Therapeutics has been granted a worldwide, exclusive and perpetual license to this data and to other related systems, treatment protocols and formulations owned by the California-based firm. The flagship Aunt Zelda’s is continuing its California operations. The company has focused throughout the years on developing products for treating skin conditions, insomnia, and cancer.
Zelda Therapeutics has also forged partnerships with AusCann, the University of Madrid and New Frontier Financials.
Zelda will join Creso Pharma, MMJ Phytotech, MGC Pharmaceuticals, and Medlab Clinical as cannabis companies listed on the exchange.