Shares in Medlab Clinical jumped after the biotech was granted a licence to export cannabis.
A short time ago, the shares were up 11% to $0.515.
The licence, issued by the Office of Drug Control, relates to Medlab’s cannabis-based medicines, NanaBis and NanaBidial.
Both use Medlab’s patented NanoCelle delivery platform which allows the delivery of nanoparticles into the side of the cheek.
The company is advanced in developing therapies for pain management, depression and obesity.
CEO Sean Hall says the licence allows Medlab to have more formal overseas trade conversations because it can supply legally overseas.
“This Licence is a welcome addition to our other approvals, allowing Medlab to research, manufacture, conduct research trials, supply within Australia, and now, pending the right partner, foreign markets,” he says.
Medlab Clinical, which listed on the ASX in 2015, was formed by Sean Hall after he sold his family’s companies Bioceuticals and Hall Drug Technologies to vitamin giant Blackmores in 2012.