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."
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support