Three medicinal cannabis cultivation and production facilities in Victoria and South Australia have received major project status from the Federal Government today.
The projects, run by medicinal cannabis companies LeafCann, Cannatrek and PhytoGro are expected to create thousands of jobs in the two states and boost the country's medicinal cannabis cultivation capacity.
The largest of the three is a production facility in Adelaide's southern suburbs run by LeafCann worth $350 million.
The biotech company intends to produce high quality, pharmaceutical grade medicinal cannabis ingredients and medicines in Adelaide.
When the production facility is fully operational LeafCann expects to generate more than 1400 jobs, in addition to 850 created during development.
PhytoGro's operations will be conducted in Melbourne's inner west and will see the company's $140 million operation cultivate the drug and manufacture medical devices.
The company expects to create an estimated 300 new jobs when the facility is at full capacity.
Finally, Cannatrek will construct a medicinal cannabis cultivation and manufacturing facility in Victoria's Goulburn Valley region worth $160 million.
The facility is expected to create 400 new full-time jobs once complete.
Federal Minister for Industry, Science and Technology Karen Andrews says the projects will be a boost for Australia's medicinal cannabis industry.
"When you combine our world-renowned agriculture sector, with our trusted reputation for medical products, Australia is in a unique position to dominate the global medicinal cannabis industry," says Andrews.
"Each of these projects will also drive economic growth, including in regional areas."
Since the government announced it would prioritise applications for medicinal cannabis companies looking to receive major project status in 2019 six projects have received such status since then.
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