Melbourne based medicinal cannabis company, Cannvalate, has recently purchased over 100 acres of farm land in the south-east of Melbourne, with plans to become Australia’s largest cannabis cultivation hub.
The company will build a number of individual facilities that have full Office of Drug Control approval on behalf of four international companies who have already signed pre-commitment agreements to lease them.
The purchase is part of a broader company strategy focused on facilitating the seamless entry of global Licensed Producers of medicinal cannabis into the Australian market.
CEO and cofounder, Dr Sud Agarwal said, “After a number of months researching the market we secured a number of sites in Melbourne which we believe have all the key facets to meet the needs of cannabis cultivators to create over 200 jobs in the region.
“Cannvalate will continue to work with global licensed providers to ensure they have full access to the Australian cannabis market, and assurance that all compliance, regulatory and license requirements are met.”
Cannvalate are currently Australia’s largest network of medicinal cannabis prescribing clinics, consisting of 1,000+ referring doctors and 600 affiliated pharmacies spanning all states of Australia. Cannvalate prescriptions currently account for over 30% of the Australian market, which has seen the number of total monthly prescriptions increase by over 800% in the last twelve months.
The company completed a Series A $4 million raise in October 2018 and has plans to IPO later in 2019.