This ASX cannabis share is zooming higher on Olivia Newton John formulations news

The Cann Global Ltd (ASX:CGB) share price is zooming higher after striking a deal for cannabis formulations used by Olivia Newton John…

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The Cann Global Ltd (ASX: CGB) share price is zooming higher on Tuesday.

In morning trade the cannabis company's shares are up 13% to 1.7 cents.

Why is the Cann Global share price on a high today?

This morning Cann Global announced an agreement to secure the exclusive rights to the intellectual property of the unique medicinal cannabis formulations that have been used by Olivia Newton John in her recent health challenge.

According to the release, these formulations are known as XO 27 XP, and ONJ 18 XP and ONJ XO. They are intended to be distributed to the global marketplace under Cann Global's label.

The release explains that these cannabis formulations have been uniquely developed, formulated, and researched over the past six years by Newton John's husband and world-renowned, plant-derived medical formulations expert John Easterling.

Mr Easterling is a non-executive director of Cann Global.

The existence of these formulations has recently been widely publicised in the media by Newton John. She attributes, in conjunction with her conventional treatments, much of her recent positive developments in the restoration of her health to these formulations.

Newton John reported improvements in three main areas: 1) Pain relief 2) Increased mobility 3) Increased healthy blood count numbers.

Olivia Newton John said: "John's unique cannabis formulas have been a huge help to me with sleep, stress, mood, and of course pain. I was able to wean myself completely off morphine and all pain meds using cannabis which is something I think everyone should know is possible."

What now?

Cann Global intends to produce these formulations in Australia and make it available to patients as soon as possible through the Special Access Scheme, Medical Cannabis program. It will also explore its export potential to provide to patients globally.

The company also intends to actively support Olivia Newton John's wish for clinical trials using these formulas to be conducted with cancer patients.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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