Uribio, Approval Granted for 'Medical Cannabis Research Permit'

[Asia Economy Reporter Yoo Hyun-seok] Woori Bio announced on the 22nd that it has obtained approval from the Ministry of Food and Drug Safety (MFDS) for 'Narcotics Handling Academic Researcher' and 'Narcotics Raw Material Handler' for medical cannabis cultivation and cannabis component research.

The 'Narcotics Handling Academic Researcher' license authorizes the cultivation of cannabis, currently classified as a narcotic, for academic research purposes, and the extraction and study of cannabidiol (CBD) components from the cultivated cannabis. This license is granted under the strict management standards of the MFDS.

This approval includes both product extraction and component research, enabling Woori Bio to cultivate cannabis in its state-of-the-art LED plant factory and commence research and development to extract and purify high-purity functional components from the cultivated cannabis.

Cannabidiol (CBD) is known to be effective for epilepsy, including pediatric epilepsy, as well as Alzheimer's disease, Parkinson's disease, multiple sclerosis, depression, and anxiety. Unlike other cannabis components, CBD is recognized for its excellent tolerability and safety.

Currently, cannabis-based medicines prescribed for pediatric epilepsy and multiple sclerosis are entirely dependent on imports.

The representative pediatric epilepsy treatment Epidiolex is priced at approximately 1.64 million KRW per 100ml bottle. Since it is not covered by medical insurance, the economic burden on patients is increasing, making the domestic production of cannabis component medicines urgently needed. A Woori Bio official stated, "We aim to develop various functional materials for improving brain diseases and to commercialize raw materials," adding, "We have a roadmap for long-term entry into the North American cannabis market through our U.S. branch."