$100m medical cannabis facility to be built in Melbourne
Australian-listed Cann Group has secured the site for its proposed Stage 3 medicinal cannabis cultivation and GMP manufacturing facility.
Under the agreement, the Australia Pacific Airports Melbourne (APAM) will fund and undertake the primary build of the 37,000 m2 facility, representing a multimillion-dollar contribution to the project. The facility construction is being designed by Aurora Larssen Projects (ALPS), a greenhouse engineering consultancy providing technical consulting to the greenhouse industry worldwide.
Upon completion of the construction, Cann — with the support of ALPS — will be required to complete the fit-out and technology deployment required at the facility. While specific details are subject to final design, it is estimated the investment by Cann in the project will represent a total capital expenditure of approximately $100 million, and will employ 170 staff.
Cann successfully completed a capital raising late last year and will use a combination of debt and equity to fund the new expansion project.
The five-hectare site allows for a substantially larger facility than previously proposed by Cann, being part of the 2500 hectares of land available within the Melbourne Airport precinct.
Cann Group CEO Peter Crock said the support of APAM puts Cann in a strong position as it embarks on 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.
“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.”
“As per our ongoing strategy, the facility provides Cann with the necessary scale to compete on the global stage in the medicinal cannabis sector,” Crock said.
APAM Chief of Property Linc Horton said, “Cann’s decision to locate its new facilities within the Melbourne Airport precinct is consistent with our strategy to attract high-quality tenants that not only contribute to the long-term objectives of the business, but seek to connect Victoria’s technology industry to the rest of the world.”
Under the lease agreement Cann is permitted to operate cultivation, manufacturing, warehousing and distribution of medicinal cannabis, remaining responsible for all necessary government approvals required. The heads of agreement is subject to the approval of the board of APAC and the execution of additional documentation by the parties.
Researchers have discovered a mechanism that eliminates T cells that pose autoimmune dangers.
As part of World Antibiotic Awareness Week (12–18 November 2018), NPS MedicineWise has...
Even minor changes in genetic sequences in HLA molecules can impact dramatically on immune...