Aussie cannabis company Cann Group Ltd (ASX: CAN) announced it has secured the site for Australia’s largest medicinal cannabis operation at Melbourne Airport.
Cann Group is an ASX-listed company with the hope of building a leading position in the Australian medicinal cannabis market. It is one of a few Australian companies to be issued with a licence to grow medical cannabis in Australia. It is partially owned by Canada’s Aurora Cannabis Inc (TSE: ACB).
In an announcement to the ASX today, Cann Group said it has signed a Heads of Agreement with Australia Pacific Airports (Melbourne) Pty Ltd (APAM) for a cultivation and manufacturing facility. The increased facility will be located within the 2,500 hectare Melbourne Airport precinct.
APAM will pay for and construct the multi-million dollar facility which will be designed by Aurora Larssen Projects. Once it is built Cann Group will fit-out the facility and deploy equipment, which is estimated to cost $100 million and employ 170 staff.
“APAM’s contribution to the construction of these facilities will enable Cann to invest additional capital in increased cultivation capacity; expanded development and production capabilities, while also allowing for further future expansion,” Cann Group CEO Peter Crock said.
“As per our ongoing strategy, the facility provides Cann with the necessary scale to compete on the global stage in the medicinal cannabis sector,” Crock added.
The international market is ablaze with companies vying to control the medical marijuana market. Naturally, the share prices of many of these companies have got high over time as investors wonder what might be possible.
How’s this: Warren Buffett was a millionaire in his late 20’s but ‘only’ worth $300m at his 50th birthday. Now he is a $US84 billion investor. That means he made 99% of his wealth after turning 50! How does a 50-year-old do that? Download the free Aussie investing ebook, “What Buffett’s Investing Checklist Can Teach Aussie Investors“ when you join the free Rask Group Investor Club Newsletter. You’ll get insights into the 4 steps Buffett uses to pick his investments.