Sydney University scientists will be given more than $30 million to research the medical applications of cannabis, the largest research donation in the university's history.



The $33.7 million donation, from Barry and Joy Lambert, is among the largest research donations to any university in Australian history.

The Lambert Initiative will bring together three of the university's leading researchers who argue cannabis is the next frontier for medical discovery and a potential treatment for obesity, schizophrenia and drug addiction.

"This is something that is going to reverberate around the world," Premier Mike Baird said. "We are now leading this country and, in many respects, the world".

Mr Lambert – a BRW rich-lister who made his fortune in financial planning - said the family was inspired to make the donation after his granddaughter Katelyn found relief from epileptic seizures through cannabis-based medicine.