Two Canada-primarily based cannabis firms announced updates Wednesday concerning their Australian operations.
Cannabis oil producer MediPharm Labs Corp. (OTC: MLCPF) mentioned it signed its initial deal to export cannabis oil to the land down below, even though MYM Nutraceuticals Inc. (OTC: MYMMF) announced the initial phase of a healthcare marijuana outside cultivation operation.
MediPharm Labs mentioned it has entered into its initial definitive international sales agreement with AusCann Group Holdings. Beneath the terms of the agreement, MediPharm will provide private-label, purified, pharmaceutical-grade cannabis oil concentrates or resin for export to Australia. AusCann will use MediPharm Labs’ concentrate to manufacture cannabinoid capsules. Considering that getting its sales license in November, MediPharm has completed 5 private label sales agreements.
MYM Nutraceuticals mentioned it established the Gold Coast, Queensland-primarily based firm MYM Australia, which will develop an outside cultivation facility. As the initial phase, MYM Australia mentioned it will create 50 hectares in New South Wales and more than the coming years will create another 350 hectares. The project will be created in partnership with CPRSX Holdings.
MYM Nutraceuticals’ wholly owned subsidiary will personal 75 percent of the project and CPRSX will personal the other 25 %.
Australia is most likely to legalize recreational weed in the not-so-distant future, and it could potentially come to be an significant market place for cannabis firms. New Frontier Information estimates that the Ocenia cannabis market — each legal and illegal — is worth $five billion.