Cann Group will invest $100m into Australia’s largest medicinal cannabis facility.

The five hectare site will be a much larger facility than the previously proposed 16,000sq m site, in line with the group’s vision to be a leading developer and supplier of medicinal cannabis in the Australian and international market.

“As per our ongoing strategy, the facility provides Cann with the necessary scale to compete on the global stage in the medicinal cannabis sector,” Cann Group chief executive Peter Crock said.

“APAM’s contribution to the construction of these facilities will enable Cann to invest additional capital in increased cultivation capacity; expanded development and production capabilities, while also allowing for further future expansion.”

APAM’s chief of property Linc Horton said the group’s decision to locate its new facilities within the Melbourne Airport precinct is consistent with their strategy.

“To attract high quality tenants that not only contribute to the long term objectives of the business, but seek to connect Victoria’s technology industry to the rest of the world.”

Under the lease agreement Cann will operate cultivation, manufacturing, warehousing and distribution of medicinal cannabis and be responsible for all required government approvals.

 

Cutting red tape

In April health ministers from all states and territories signed up to a national scheme ensuring a streamlined single approval process for prescribed patients waiting to access the drug.

Under regulations patients prescribed medicinal cannabis could wait for months due to a double approval process through the states and the Therapeutic Goods Administration.

Federal Health Minister Greg Hunt described this single process as a “one-stop shop for accessing medicinal cannabis” with “faster and better access” for patients in need.

Source: theurbandeveloper.com