- Sydney startup Greenfield MC will launch a joint-venture business with US-listed company EPHS to cultivate medicinal cannabis in Australia, with Queensland’s Sunshine Coast a frontrunner for the operation.
- EPHS has tipped the Australian cannabis industry to become the “envy of the global market” and gateway to the burgeoning Asian market due to high agricultural industry standards. A study bankrolled by cannabis companies estimates the Asian market to be worth as much as US$5.8 billion by 2024.
- Greenfield’s recently-recruited Chief Medical Officer Sree Appu, one of Australia’s top cancer doctors, told Business Insider Australia the medicinal cannabis market is at a tipping point, with mounting evidence of the plant’s therapeutic benefits helping to smash the stigma surrounding the drug.
The Asia-Pacific medicinal cannabis market has been tipped to heat-up by the two companies involved in the launch of a new Australia-based marijuana cultivation business.
The two companies will create a joint venture business, Greenfield MC Cultivation, which will develop a cannabis growing operation in Australia for export across the Asia-Pacific market, Business Insider Australia can reveal. There are 20 organisations listed on the Australian Office of Drug Control’s website as having secured a licence to cultivate medicinal cannabis, though it is unclear how many have actually started producing.
EPHS — which is licensed to grow and distribute cannabis in Canada and listed on the New York-based OTC stock exchange — is anticipating the Asia-Pacific medicinal cannabis market will become the world’s largest as demand for cannabis-based treatment grows.
“Australia’s reputation for best agricultural practices, crop safety management systems and robust quality control will make Australian-grown cannabis the envy of the global market and provide patients with confidence in this new form of medical treatment,” said Kevin Smith, vice president for strategy and business development at EPHS.
“For those very reasons, we see Australia as the gateway to Asia, which it already is in various agricultural and pharmaceutical product categories.”