UK cannabinoid firm to take steps into multi-billion dollar "pain" market

A London-based cannabinoid company has announced an exclusive licensing agreement with Canopy Growth Corporation.

Oxford Cannabinoid Technologies Holdings plc (OCT) is developing licensed prescription cannabinoid medicines for approval by regulatory agencies worldwide and targeting the multi-billion US “pain market.”

The terms of the agreement provide OCT with an exclusive worldwide licence to Canopy Growth’s cannabinoid derivative library, including 335 derivatives of cannabidiol (CBD), tetrahydrocannabinol (THC) and cannabigerol (CBG), intellectual property rights including 14 patent families and associated product research and development.

OCT is already working on developing several pain relief medications and it is hoped that access to Canpoy’s library will help accelerate this process.

Under research, known as programme three, OCT is already developing cannibinoid medicines for neuropathic pain. The company also has a programme four for the development of drugs to help with neurological pain and for use in oncology.

Dr John Lucas, OCTP chief executive, said: “Acquiring an exclusive licence to Canopy Growth’s pharmaceutical cannabinoid derivative library is a significant achievement for the Group and speaks volumes about our international reputation within our market.

“Not only does the Canopy Library provide us with over 330 “new” compounds that we can put to immediate use in our screens, we will also have an exclusive license to 14 patent families covering a wide-range of cannabinoid derivatives.

“We believe this will increase the probability of a favourable outcome from Programmes 3 and 4 and accelerate the timeframe to clinical trials. Importantly, the library offers the opportunity to develop additional drug development programmes that should expand our drug development pipeline.”