Cannatrek financial officer Brett Schwarz said having a tier one bank support the Lemnos project was a “tremendously positive sign” of growth in the medical cannabis industry.
“It should give the Australian public confidence we are moving forward with a growth strategy to boost our local economy and deliver quality of life therapies to many Australians,” Mr Schwarz said
Cannatrek executive officer Tommy Huppert described it as a breakthrough for an industry that relied heavily 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,” Mr Huppert said.
“(It) 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.”
Work being accelerated thanks to the Commonwealth Bank agreement include: outdoor and indoor grow facilities, a post-harvest facility, an extraction plant and packaging, storage, and national distribution centre.
The Lemnos development will produce plant-based medicinal products, with the capacity to yield between five and 10 tonnes of dried premium-grade flower each year.
The facility enables Cannatrek to be involved in building its own ‘seed to patient’ supply chain, bringing together the network of all the entities involved in the production and national distribution of therapeutic medicines from one site.
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