HLB Life Science announced on Monday that its subsidiary, HLB Life Science R&D, has been selected as a joint research partner for a national project aimed at developing medical cannabis-based pharmaceuticals.
The consortium including HLB Life Science R&D was chosen to lead the National Essential Medicines Raw Material Supply Chain Response Technology Development Project, an initiative promoted by the Ministry of Agriculture, Food and Rural Affairs and managed by the Korea Institute of Planning and Evaluation for Technology in Food, Agriculture and Forestry.
This project focuses on establishing an advanced production platform for cannabidiol (CBD) raw materials and developing cultivation techniques to ensure a stable supply. The ultimate goal is to domestically produce high-purity CBD active pharmaceutical ingredients (APIs), which are currently entirely imported.
The consortium comprises various academic and research institutions, including HLB Life Science R&D, Neocan Bio, Apac, Topolab, Dongguk University, Kyungpook National University, and the Gyeongbuk Bio-industry Research Institute.
With a total project budget of approximately 5.7 billion KRW (about 3.8 million USD), HLB Life Science R&D will utilize around 1.7 billion KRW (about 1.1 million USD) for crucial research and development activities. These include identifying non-clinical applications for hemp-derived CBD, establishing Chemistry, Manufacturing, and Controls (CMC) processes, and preparing Investigational New Drug (IND) applications.
Kim Yeon-tae, Chief Executive Officer (CEO) of HLB Life Science R&D, commented that the selection for this project reaffirms HLB Life Science R&D’s research capabilities and technological edge. It’s committed to working closely with the consortium partners to establish a foundation for domestic high-purity CBD raw material production and to continually expand the research efforts in this field.