Australian Cannabis Business Heating Up as Canadian Firms Pile In

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Australia is swiftly emerging as one more important battleground for Canadian cannabis firms that seek to dominate the burgeoning worldwide marijuana market.

This week MediPharm Labs Corp. (TSXV: LABS OTCQB: MLCPF) made Australia its initial export marketplace immediately after tying up a private-label CBD oil provide deal with AusCann (ASX: AC8). It will now commence shipping purified oil concentrates there and AusCann will turn them into capsules to meet elevated demand for marijuana across the nation.

MYM Nutraceuticals Inc. (CSE: MYM OTCBB: MYMMF) then announced that it has established an Australian subsidiary known as MYM Australia Pty Ltd. It is setting up a head workplace on Queensland’s Gold Coast, when it is poised to commence cultivating cannabis on a 400ha plot in Henty, New South Wales.

The initial phase of the project will see it cultivate 50ha of cannabis plants, and the remaining 350ha will be created on the adjacent land in the coming years.

MYM Australia will personal 75% of this project and the remaining 25% will be controlled by CPRSX Holdings. That firm’s principles, such as the Muller household, handle a lot more than five,000ha of farmland in the area, so they will supply agricultural experience.

Fabian Szatmary, former principal of Sunmark Development, will spearhead the project. MYM chief executive Howard Steinberg expects it to be the initial of a lot of projects for the firm in the Asia Pacific area.

MediPharm is a B2B supplier of CBD oil and concentrates and it is also keen to expand its tentacles across the globe. A further Australian cannabis business, MMJ PhytoTech Ltd. (ASX: MMJ), is an investor in MediPharm.

Patrick McCutcheon, chief executive at MediPharm, has promised to pursue a robust worldwide expansion drive and he was pleased to safe the deal with AusCann. Australian firms are also hunting at exports, as Creso Pharma (ASX: CPH) has begun a cultivation project in Nova Scotia and AusCann has partnered with Colombian counterpart Khiron Life Sciences (CVE: KHRN) in a bid to dominate the Latin American marketplace.

Colombia is arguably the most significant battleground for North American firms suitable now and GNCC Capital (OTC: GNCP) has just purchased Colombian producer BioCann Pharma S.A.S. for $120 million. We are probably to see a lot of a lot more acquisitions in the months ahead as large firms compete for share on a swiftly expanding worldwide marketplace.

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