Filipino tycoon Antonio Tiu is venturing into medical marijuana overseas, as talks on legalizing its use in the Philippines have yet to move forward.

Tiu’s Greenergy Holdings is set to acquire a 51% stake in Australian company Yakuru Group, which produces cannabidiol (CBD) or medical marijuana products.

CBD oil is widely used in other countries which legalized its use for pain management, anxiety disorders, and a host of other physiological conditions without getting “high.”

Greenergy’s entry into the CBD industry also comes after Australia’s Therapeutic Goods Administration approved the over-the-counter sale of cannabidiol without prescription. Share prices of CBD firms listed on the Australian Securities Exchange jumped after the decision.

Greenergy shares were among the top gainers in the Philippines on Thursday, September 10, surging over 8% after the announcement.

Marijuana use is illegal in the Philippines, but the Dangerous Drugs Board (DDB) previously said approval of a cannabis product for compassionate use could pave the way for CBD importation.

“[M]arijuana use remains illegal in the country for both recreational and medical use…. The use of cannabidiol, however, is being considered to be allowed for treatment of certain rare forms of epilepsy like Lennox-Gastaut and Dravet Syndrome,” the DDB said last February.

The DDB also said the move would not require a new law, since the board has the ability to reclassify, add, or remove compounds currently on the dangerous drugs list.

“Just the Philippines alone has a population 5 times bigger than Australia. We want to provide people suffering from various severe illnesses worldwide with this miracle oil to help alleviate their pain,” Tiu said.

“We want to bring the many benefits of CBD to those afflicted by ailments without an appropriate solution in Australia, the Philippines, and other parts of the world,” Stewart Adams of Yakuru Group said. – Rappler.com