- Cannatrek achieves Good Manufacturing Practice (GMP) accreditation for its Shepparton facility in regional Victoria from the Therapeutic Goods Administration (TGA)
- The internationally recognised accreditation reflects the achievement of high standards for the manufacturing of pharmaceuticals, medical devices, and other healthcare products
- Certification unlocks export opportunities for locally produced plant-based medicines
Melbourne, Australia – 5 September 2023
Cannatrek, Australia’s leading vertically integrated plant-based medicine company, has received GMP accreditation from the TGA for its Shepparton facility in a major boost for Victoria’s advanced pharmaceutical manufacturing sector.
The $5m manufacturing facility is part of a broader planned $17m investment by Cannatrek into the Shepparton region that is supported by the Victorian Government and includes both cultivation and end-to-end manufacturing of plant-based medicine products.
Cannatrek Founder and CEO Tommy Huppert said that the accreditation represents a significant milestone for the business, which has been recognised by both Deloitte and the AFR as one of Australia’s fastest-growing companies.
“GMP accreditation is a major milestone for the Cannatrek team, our patients and Victoria’s pharmaceutical manufacturing sector,” Mr Huppert said, “Our approach from the very beginning has been a patient-first mindset and with this latest industry-leading validation, it will enable us to do even more of our production in-house, deliver full control over product quality, and will see more product available to support patients, faster and at a lower cost.”
“This project places Shepparton at the forefront of plant-based medicine production and distribution, creating local jobs and export opportunities right here in regional Victoria and supporting thousands of patients across the country,” said Member for Northern Victoria Jaclyn Symes.
“We’re proud to support Cannatrek in growing the local workforce needed to support their expansion and the growth of plant-based medicine in regional Victoria.”
Over the next three years, the facility and its nearby grow and post-harvest facility are expected to create over 70 jobs in regional Victoria. It also delivers enhanced benefits for the whole sector by opening up local Victorian manufacturing opportunities for both Cannatrek as well as other brands in the industry.
“Through this facility, we are not only generating jobs in the Shepparton area, we are also introducing valuable skills and career paths. Our team members receive extensive training to ensure the production and packaging of pharmaceutical-grade plant-based medicine meet internationally recognised standards.”
Importantly, the accreditation further enhances export opportunities for Australia’s fledgling but fast-growing, plant-based medicinal industry. This is because GMP-compliant facilities are more likely to gain acceptance in international markets, including the US, the European Union and Asia, where pharmaceutical manufacturers can anticipate facing fewer regulatory barriers or restrictions.
The announcement is also a key growth marker in the expansion of Cannatrek’s Australian operations and demonstrates the success of its vertically integrated, patient-centred model in the face of significant challenges for other operators within the sector.
“At its core, we are proud that GMP certification offers a TGA-approved stamp of quality for our products, ensuring that Cannatrek’s plant-based medicines can compete among the best on the world stage.”
Key growth figures:
- Over the past two years, Cannatrek has experienced rapid growth across all key measures including revenue, profit and its customer base.
- This includes the more than doubling of revenues across the 2022 ($42m audited) and 2023 ($89m unaudited) financial years
- More than two years of consecutive monthly profits
- Units sold in FY23 936k (almost 1M) (previous year 418k – almost 500k)
- Since it was established seven years ago, the company has grown from a team of 3 in 2019 to over 130 people in 2023 across multiple locations, mainly in Victoria and Queensland
- As a brand, Cannatrek is Australia’s only fully integrated plant-based medicine company, encompassing and supporting all stages of the patient journey – from seed to patient
- In 2021, it announced a landmark partnership with Chemist Warehouse which will expand distribution capability nationwide.
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Cannatrek is a vertically integrated, Australian-owned producer and health tech company that offers plant- based medicines and digital health services. Cannatrek is redefining the Australian healthcare industry through its end-to-end supply chain, from seed to patient. www.cannatrek.com
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