Cannatrek to build $160 million medicinal cannabis facility in Victoria

Cannatrek to build $160 million medicinal cannabis facility in Victoria

One of the world's largest medicinal cannabis production facilities will be built in Shepparton, Victoria by Cannatrek.

The $160 million production facility will create more than 400 jobs a year for the local region and will be able to prouce around 160 tonnes of medicinal cannabis per year.

CEO of Cannatrek Tommy Huppert says receiving approval from the Greater Shepparton City Council to build the $160 million facility was the result of years of work.

"Getting local planning approval has been a huge step for us," says Huppert.

"With the development assistance that we are getting from the Victorian Government, we are confident that we can be a major low-cost producer of medicinal cannabis for Australian patients, as well as for world markets."

"Our aim is to cultivate, process and manufacture affordable medicinal cannabis as a clean, green, therapeutic product of choice for hundreds of thousands of patients in Australia and overseas."

Huppert says that Shepparton could become a major hub for medicinal cannabis activity in Australia thanks to its abundant water, long hours of sunlight and the highly skilled ag-tech-focused population.

"We believe that the region will become a major centre for the production of medicinal cannabis. We are delighted that the local council is so enthusiastic about our project," says Huppert.

"We will be a major employer and there will be significant and positive knock-on effects in the region. We are now preparing the development to build a scalable project and we have received planning permission for the entire project."

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

“Not our desired outcome”: Telix withdraws from $300m Nasdaq IPO

“Not our desired outcome”: Telix withdraws from $300m Nasdaq IPO

Telix Pharmaceuticals (ASX: TLX), one of the nation’s largest...

CommBank joins new ‘intelligence loop’ to combat SMS phishing scams

CommBank joins new ‘intelligence loop’ to combat SMS phishing scams

In an effort to reduce the number of SMS phishing scam victims...

Stralis Aircraft secures funding to make commercial hydrogen planes a reality

Stralis Aircraft secures funding to make commercial hydrogen planes a reality

Brisbane-based Stralis Aircraft has become one step closer to its a...

A year after the PwC scandal, the furore is gone – as well as the appetite for structural change

A year after the PwC scandal, the furore is gone – as well as the appetite for structural change

It was a scandal that rocked the shaky foundations of Australia&rsq...