Cannatrek, an Australian medicinal cannabis company, has made a significant leap in the industry, more than doubling its revenue to $90 million in the 2022-23 financial year, up from $41.9 million the previous year. This remarkable growth has positioned Cannatrek second on the AFR Fast 100 list, demonstrating the demand for medicinal cannabis.
Tommy Huppert, the CEO of Cannatrek, attributes this success to the company’s commitment to making plant-based medicines both affordable and accessible for eligible patients. Since the legalisation of medicinal cannabis treatment in Australia in 2016, the industry has seen a rapid expansion. Huppert forecasts that by 2028, around 240,000 patients will have used Cannatrek’s treatments. The company’s facilities, located in Queensland and Victoria, are designed to not only meet but exceed this growing demand.
Cannatrek’s business model is robust, focusing on patient care while ensuring economic viability. The company, established in 2016 following federal legislation, has seen rapid growth in revenue, profit, and customer base, achieving over two years of consecutive monthly profits. With a workforce of 130 people and facilities in Melbourne, Queensland, and Shepparton in north-eastern Victoria, Cannatrek has developed a ‘seed to patient’ model that integrates advanced manufacturing with top-tier cultivation and production.
The company has reached around 50,000 people with its products and has approximately 900 shareholders. Despite the capital-intensive nature of constructing cultivation facilities and the challenges posed by inflation, Cannatrek is strategically preparing for continued growth, ensuring ample capacity to meet rising demand.
Deloitte’s modelling suggests that by 2028, the medicinal cannabis sector could contribute up to $1.39 billion annually to Victoria’s GDP. This projection underscores the significant economic and therapeutic potential of the medicinal cannabis industry, with Cannatrek at the forefront of this evolving market.
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