- Posted By Amit Pall
Melbourne airport will soon be home to Australia’s largest state-of-the-art medical marijuana facility after signing a deal with ASX-listed medicinal cannabis grower Cann Group.
Cann signed a heads of agreement on Wednesday for the lease of a five-hectare site in the Melbourne Airport precinct.
Australia Pacific Airports will finance and manage the primary construction of the 37,000sq m operation, designed and built by greenhouse engineering consultancy specialist Aurora Larssen Projects, with Cann completing the fit-out and technology required.
Cann will invest $100 million in the development, set to employ 170 staff on completion, after concluding a capital raising last year with plans to use a combination of debt and equity to fund the new stage three expansion.
Cann Group’s shares, which listed on the ASX in May last year at 30 cents a share, increased 6.8 per cent to $2.98 this week after the lease agreement was announced.