The world’s largest medicinal cannabis company, Canopy Growth Corporation, will establish its Asia-Pacific headquarters, research and development centre in Victoria, creating 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, according to a media release by the Victorian government yesterday.
“Our goal is to act quickly and 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,” Spectrum Australia managing director Ben Quirin said.
The new cultivation and production facility will enable the production of medicinal cannabis for domestic and international patients, positioning Victoria as the southern hemisphere’s export hub for medicinal cannabis.
Hosting the company’s Research and Development Centre in Victoria will further strengthen the research collaboration currently underway between Canopy and Agriculture Victoria and delivering world class results in the cultivation and production of medicinal cannabis.
The Victoria government’s Medical Cannabis Industry Development Strategy sets out a plan to grow Victoria’s emerging medicinal cannabis industry into an established sector – and attracting the world’s largest firm to set up operations right here in Victoria is a major step towards that goal.
The strategy aims to have Victoria supplying half of Australia’s medicinal cannabis by 2028, along with the creation of 500 jobs in Victoria.
Victoria was the first state in Australia to legalise access to medicinal cannabis for patients in exceptional circumstances in 2016.