Businessman Antonio Tiu’s Greenenergy Holdings is setting up a new company that will venture into biotechnology with primary focus on the development and marketing of medical hemp globally.
In a regulatory filing, Greenenergy said its board approved the incorporation of Australian-based Yakuru Group Pty. Ltd.
The new corporation will be 51% owned by Greenenergy.
According to Grand View Research, the global legal marijuana market is expected to grow to $73.6 billion by 2027, expanding at a CAGR (compound annual growth rate of 18.1%.
Marijuana has become a popular ingredient in many pharmaceutical products for treating severe medical conditions, such as cancer, arthritis, Parkinson’s disease and Alzheimer’s disease.
Tiu has been very active lately. He recently inked a deal to take overfintech company Pay8 Inc. from the DFNN Group in a bid to digitally transform the Philippine agriculture sector.
He is also gearing up to build the Makati subway, estimated to cost around $2.5 billion., Philippine Infradev Holdings Inc. The engineering, procurement and construction contract for the first phase of the project has been awarded to China Construction Second Engineering Bureau Co. Ltd.