The proposed cannabis facility is expected to generate over 1,000 jobs in regional Queensland
The Australian Natural Therapeutic Group (ANTG) is undergoing a merger with Vancouver-based Medicinal cannabis company Asterion Cannabis in order to build a 75-hectare, $400 million medicinal cannabis facility near Toowoomba in regional Queensland.
Once completed, the facility will be able to produce up to half a million kilograms of medicinal cannabis annually and will create roughly 1,000 jobs for the area.
Additionally, it may bring Australia into the center stage when it comes to cannabis cultivation.
The CEO of ANTG, Matt Cantelo has said as much, stating that ANTG "See[s] Australia becoming the global leader in medicinal cannabis production."
"Once we get the scale we need, we will be working to ensure medicinal cannabis is more accessible to Australians," Cantelo continued.
"This has meant we could mostly meet the demand to the general market, but in the coming years, we see demand will absolutely outstrip supply. Through this new partnership, we will be able to expand our range to meet the growing number of conditions being prescribed by doctors."
Development of the facility will occur in phases, with a 10-hectare glasshouse and manufacturing facility expected to be operational by the end of 2022.
Stephen Van Deventer, the CEO of Asterion, has said that both companies in the merger share a vision of their future goals.
"This provides early revenue for Asterion and scalability to ANTG. We are extremely excited about this merger as both companies have the same vision, priorities, and mindset."
As both ANTG and ECS Botanics both have plans to establish large-scale cannabis facilities, Australian SAS-B portal medicinal cannabis approvals continue to skyrocket, having reached nearly 10,000 approvals in March.
While April's SAS-B approvals dropped to just over 6,600 for the month, the long-term trajectory is still pointed toward growing acceptance of medicinal cannabis products, among both patients and prescribers alike.
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