Two Canadian businesses are partnering to build a 1 million-square-foot greenhouse in Casino, New South Wales, Australia for medical cannabis cultivation, according to a report from the Construction Index. The PUF Ventures and MYM Nutraceuticals project will be completed in two stages; the first phase will cover about 300,000 square feet – which alone would represent the largest medical cannabis greenhouse in the nation.
Derek Ivany, president and CEO of PUF, said the company plans to file their cultivation application with the Australian Office of Drug Control within two weeks and that they have, so far, been met with “positive reception” by the Richmond Valley Council.
The greenhouse construction is expected to cost $39 million and would be able to produce more than 220,000 pounds of medical cannabis per year.
“Assuming recreational cannabis becomes legal and, with a population of more than 24 million people, it is estimated that the cannabis market in Australia will grow to C$9 billion (USD$7.1 billon) over the next seven years, making it a very attractive market,” Ivany said in the report.
MYM is also building a 1.5 million-square-foot greenhouse in Weedon, Quebec, Canada.
“Getting in on the ground level of a market as large as Australia represents a massive opportunity for MYM,” said MYM Chief Executive Rob Gietl said in the report. “Our experience in dealing with all levels of government will certainly pay off, as there are many similarities between the Weedon, Québec project and the Northern Rivers Project in New South Wales.”
The first crop is expected to be planted at the Casino facility in the fourth quarter of 2018.