LISTED medicinal cannabis company Cann Group has announced it has signed a heads of agreement with Australia Pacific Airports Melbourne (APAM), securing the site of Cann's proposed Stage 3 medicinal cannabis cultivation and GMP manufacturing facility.
Under the lease arrangement, it is proposed that APAM will fund and undertake the primary build of the 37,000m2 facility, representing a multi-million dollar contribution to the project.
The facility construction is being designed by Aurora Larssen Projects (ALPS), a specialist greenhouse engineering consultancy providing technical consulting to the greenhouse industry worldwide.
The company says this is to be "Australia's largest state-of-the-art medicinal cannabis operation".
Cann, with the support of ALPS, will complete the fit-out and technology deployment, an estimated investment by Cann of approximately $100 million, and will employ 170 staff.
The company successfully completed a capital raising late last year and will use a combination of debt and equity to fund the new expansion project.
Cann Group ceo Peter Crock (pictured) said the support of APAM put Cann in a strong position as it embarked upon its Stage 3 expansion.
"This site is ideally suited to our needs and the heads of agreement represents an important step that allows us to proceed with final design," 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."
The above article was sent to subscribers in Pharmacy Daily's issue from 28 Jun 18
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 28 Jun 18
