One of the world’s largest medical cannabis manufacturing facilities is planned in Queensland as demand for pain relievers increases.
The $ 400 million cultivation and processing facility near the regional town of Toowoomba could produce 500 tons of the drug each year and create 1,000 jobs.
The project follows the merger of the Byron Bay-based Australian Natural Therapeutics Group (ANTG) and Toronto’s Canadian Asterion Cannabis.
Construction of the 75 hectare complex next to Wellcamp Airport, west of Toowoomba, is scheduled to begin in the next few months. The first 10 hectare greenhouse and the first production facility should be in operation at the end of next year.
ANTG CEO and Founder Matt Cantelo said the deal is a « golden opportunity » for Australia to realize its full potential in the cultivation and cultivation of medicinal cannabis and serving both the domestic and export markets.
The company signed a nine-year $ 92 million contract with Cannamedical Pharma in Germany earlier this year to export commercially grown Australian medicinal cannabis flowers to Europe.
« We have the gold standard in our legal framework, our depth of research and our climate for growing excellent products, » said Cantelo. « What we didn’t have is the ability to scale. Once we get the scale, we’ll make sure that medical cannabis is more accessible to Australians. »
Australia legalized the cultivation of medicinal cannabis at the federal level in 2016, providing access to a global market valued at $ 22 billion. Applications include pain relief for cancer, arthritis, epilepsy, and multiple sclerosis.
Although Australia is relatively late in legalizing medical cannabis, the government has approved around 30 licenses to grow, manufacture, or manufacture the drug in the past four years. These include Melbourne-based Cann Group, which was listed on the ASX in 2017, and AusCann of Western Australia.
Mr Cantelo said the company planned to buy land for the facility from the Wagner family, who own the Wellcamp Airport and are one of the project’s biggest supporters.
« We have received a lot of support from local and state agencies and communities, » he said. « This is an important regional project and a job creator. »
He said the fundraising for the project is still ongoing but could include an IPO in the next year. « We’re trying to move the project forward pretty quickly, but it will depend on demand, » he said.
Mr. Cantelo, a former executive with Brisbane-based corporate travel management, first became interested in medical cannabis after working in 2011 in the state of Colorado, which legalized the drug.
« There was a young girl with Tourette’s syndrome who had all of these seizures but whose condition was helped with medical cannabis, » he said. « At the same time, my father was suffering from cancer in Australia, but we didn’t have access to it. »
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