MELBOURNE, Australia, 28st January 2019/- The Victorian Government has today announced the provision of financial support to Cannatrek Ltd (“Cannatrek” or the “Company”) for the development its 160,000 sqm cultivation operation in Shepparton, Victoria. The project, scheduled to be in production by 2020, is the largest medicinal cannabis greenhouse project of its kind in Australia to date and plans to invest over $30 million during phase 1 and employ over 200 people within 5 years.
Coming of the back of a strategic partnership with 2018 Canadian Producer of the Year, CannTrust Inc. and the establishment of its headquarters at La Trobe University fast-developing Research and Innovation precinct, the Victorian Government announced the provision of support to assist the establishment of a world-class cultivation facility in regional Victoria.
The project will aim to use solar and alternative power generation and be fully automated with the goal of being Australia’s lowest cost producer of medicinal cannabis in the rapidly growing global industry. “Our mission is to not only place the cannabis plant front and centre in production excellence, but to funnel our resources for patient care, with affordable medicine to those in need”, says Tommy Huppert, Cannatrek, CEO.
The current illicit cannabis industry in Australia is estimated at $11 billion annually, making it the largest cash crop in Australian history and the time has come to allow consumer access via commercial regulation. Upon full industry production within 36-48 months, an entirely new inflow of revenues and taxes will join into the new cannabis economy to provide thousands of jobs, medical innovation and a better quality of life for many.