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Creso Pharma (ASX:CPH) could receive up to $17.4 million in extra funding
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  • Shares in Australian pharmaceutical cannabis company Creso Pharma (CPH) are up 27 per cent after the United Nations (UN) recognises marijuana as a less dangerous drug
  • The United Nations Commission on Narcotic Drugs voted to downgrade marijuana from a Schedule IV substance to a Schedule I, the least restrictive classification
  • The decision is expected to create multiple near term opportunities for the small-cap lister
  • Creso touts the decision as a significant global trend towards relaxing access requirements to cannabis
  • Shares in Creso are up 27 per cent and trading at 8 cents each

Creso Pharma (CPH) is set to benefit from a United Nations decision to withdraw marijuana's classification as a dangerous Schedule IV substance.

Cannabis will now be classified under Schedule I — the least restrictive drug classification — which the company says is a recognition of the potential medical properties of the drug.

It is anticipated the ruling will create numerous new near term opportunities for Creso.

The vote was cast by the Vienna-based Commission on Narcotic Drugs (CND) on December 2, 2020, after a series of recommendations were put forward by the World Health Organisation (WHO).

The change in classification was also driven by Creso Co-Founder and Director Boaz Wachtel, who is part of the European Coalition for Just and Effective Drug Policies (ENCOD).

Boaz attended a number of UN Drug Convention meetings in Vienna and assisted in preparing research papers that were submitted to the CND ahead of the vote.

He said the announcement is a landmark decision for the industry.

"The result of this vote follows 60 years of status quo, three years of scientific review by the world’s leading health organisations, two years of diplomatic discussions and considerable lobbying from NGOs," Boaz noted.

"I am very confident that this decision will unlock a number of near term opportunities for Creso Pharma."

Shares in Creso Pharma are up a health 27 per cent on the back of the announcement, trading at 8 cents each at 9:12 am AEDT.

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