AusCann Group, a company that develops medical cannabis, is establishing a research and development facility in Perth, Western Australia.
The 7,300m2 facility will focus on AusCann’s cannabinoid pharmaceutical product pipeline, supporting development of both innovative formulations and dose forms.
AusCann is aiming to improve both health outcomes and building company value with the new facility.
AusCann exeutive director and inteim CEO Dr Paul MacLeman said the aqucition of the resarrch and develppment site is a major stepping stone for AusCann as t allows the creation of a fully intergrated facility for medicinal cannabis.
The facilty was bought for $5.25 million, woth the company to invest firther capital of up to $6 million over time to customise and fit out the site to purposr.
The facility is expected to be ready for use during 2019.
In 2018, medicinal cannabis company, Canopy Growth Corporation, announced it too would be createing a research and devlepment centre in Austrlai.
The centre, in Victoria, would creat more than 200 jobs
Canopy Growth Corporate, through its wholly owned subsidiary Spectrum Cannabis Australia, will invest up to $16 million in Victoria to establish the centre.
In April, Spectrum Australia managing director Ben Quirin said the goal is to act quickly and to establish a market presence here in Victoria.
“Spectrum genetics are growing healthily here in the country and we are well on our way to identifying suitable locations for a hi-tech greenhouse and processing facility to produce them at scale,” said Quirin.