The large-scale capacity will allow the Company to grow plants using both its proprietary strain IP and imported strains from commercial partners attracted in the first half of 2018.
The Company continues to be engaged with the relevant Australian Government authorities to pursue the Company's licencing and permitting program for its medicinal cannabis operations.
Pharma-grade Bio-manufacturing facility enabling full sale pharma production
The Company acquired a bio-pharmaceutical manufacturing facility on 1 May 2018 for $2.55 million. Following a revaluation of the facility by AON Valuation Services, the asset now sits on the Company's balance sheet at over $16 million. The acquisition secures an industry-leading asset for the Company allowing it to move towards the sale and export of locally produced medicinal cannabis products. The acquisition places the Company far ahead of other medicinal cannabis companies who lack any significant means of moving to full-scale commercial pharma-grade production of medicinal cannabis products in the near term.