Medreleaf’s Australian JV partner receives pot licence
MEDRELEAF CORP.’S Australian joint venture partner, Indica Industries Pty. Ltd., has been granted a licence from the Australian government Office of Drug Control (ODC) for the cultivation and production of medical cannabis. The licence to undertake authorized cannabis activities commences on Nov. 10, 2018, in order to allow time to complete infrastructure development of the facility.
“We’re focused on international expansion in countries with a federal legal framework for cannabis, and Australia is an attractive market with a population about two-thirds the size of Canada and a focus on medicinal applications,” said Neil Closner, chief executive officer of Medreleaf. “Providing our expertise to local partners allows us to participate in a greater number of international markets in a capital efficient way.”
Medreleaf, through its wholly owned subsidiary, Medreleaf Holdings (Australia) Ltd., has a 10-per-cent equity interest in Medreleaf Australia and, subject to the execution of additional documentation, it is contemplated that the company would become entitled to receive certain royalties on the gross revenues of Medreleaf Australia, as well as additional equity in the future.
Legislation to enable the cultivation of cannabis for medicinal and related research purposes was passed by the Australian Parliament on Feb. 29, 2016, with amendments related to licensed domestic cultivation coming into effect on Oct. 30, 2016. Inclusive of the licence issued to Medreleaf Australia, the ODC has issued 11 medical cannabis licences for cultivation and production since November, 2016.
“We’re excited about being among the early producers to be granted a medical cannabis licence,” said Russell Harding, chief executive officer of Medreleaf Australia. “We look
forward to working with Medreleaf to bring its level of scientific and operational rigor to the medical cannabis industry in Australia.” About Medreleaf Corp. Medreleaf sets The Medical Grade Standard for cannabis in Canada and around the world. The first and only ICH-GMP and ISO 9001 certified cannabis producer in North America, Medreleaf is a research and development driven company dedicated to patient care, scientific innovation, research and advancing the understanding of the therapeutic benefits of cannabis. Sourced from around the world and carefully cultivated in one of two state-of-the-art facilities in Ontario, Medreleaf delivers a variety of premium products to patients seeking safe, consistent and effective medical cannabis.
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Norma Beauchamp, Neil Closner, Ronald F Funk, Deborah E Rosati, Lloyd Mitchell Segal
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