Construction of a major medicinal cannabis production site at Lemnos will be boosted by an approved debt facility from the Commonwealth Bank.
Cannatrek, which has built up a 25 per cent share of the Australian medicinal cannabis market was building outdoor and indoor grow facilities, a post-harvest facility, an extraction plant and a packaging, storage and national distribution centre, due to open this year.
The Shepparton development would produce plant-based medicinal products, with the capacity to yield between five and 10 tonnes of dried premium-grade flower a year.
More than 75 jobs were expected to be created once a new production facility was up and running.
Cannatrek chief executive Tommy Huppert described the project as a breakthrough in an industry that heavily relied on imported medicinal cannabis.
“Our Shepparton facility dramatically reduces the need for imported products and secures an essential low-cost medical supply chain for Australian patients,” he said.
“Our Shepparton facility will enable Australia to continue innovating in quality plant-based medicines for people experiencing chronic pain, anxiety and insomnia, while also assisting with medical conditions including epilepsy, Parkinson’s and terminal illnesses.’’
The debt facility would Cannatrek help build a “seed to patient” supply chain.
“To have a tier one bank in the CBA supporting our projects in Shepparton is a tremendously positive sign of growth for our industry and the general health sector,” Cannatrek chief financial officer Brett Schwarz said.