Poland: Labocanna plans to launch a medical marijuana plantation

Labocanna, a company from the hemp industry listed on NewConnect, concluded a preliminary agreement for the purchase of real estate with an area of over 5,000 m2. The company intends to start operations related to the cultivation of medicinal marijuana there. Analyzing the progress of legislative work in Poland, the company is preparing to launch a medical marijuana plantation using the indoor method, ensuring optimal control over all the most important cultivation parameters. The price of the property was set at PLN 5.45 million, including PLN 450 thousand. PLN is due to a deposit payable by March 8 this year.

– We are observing large changes in the perception of medical marijuana among Poles on the domestic market. It is estimated that up to one million people suffer from conditions for which treatment with marijuana could help. At the moment, marijuana is available in Polish pharmacies in the form of dried seeds, containing approx. 19 percent. THC and about 1 percent. The current legal situation allows you to buy medical marijuana, but it prohibits its cultivation within the borders of our country. This whole situation causes that, despite legalization, access to it is much more difficult and, above all, expensive – informs Michał Jura, president of Labocanna SA.

Despite the fact that the amendment to the regulations allowing the preparation of drugs with the use of cannabis entered into force in Poland at the end of 2017, the use of medical marijuana in Poland, according to Labocann, leaves much to be desired. In 2019, it only sold 70-80 kg. According to market experts, medical marijuana is very rarely prescribed by doctors for economic reasons. Chemical medicine is often an expense of a few zlotys, and one gram of medical marijuana is several dozen zlotys.

– 1 gram costs a minimum of approx. PLN 60, while on average a patient per month may need approx. 30 g. PLN 1,800 for a monthly treatment is definitely too much for most Poles. The price is mainly the result of the high costs of importing marijuana from abroad. According to simple calculations, domestic production could reduce the price even to PLN 4.5 per gram – comments Michał Jura. He also adds that Labocanna is to focus primarily on crops in cooperation with research institutions.

The promised contract will be concluded by October 29, 2021, and the property in Koszalin will be delivered to the company on the date of payment of the entire transaction amount. Until then, Labocanna will carry out renovation works in order to provide adequate infrastructure to start cultivation. To obtain high-quality medical marijuana in a closed room, it is essential to provide the plants with an airtight and light-tight cultivation space. In addition, important factors in cultivation are appropriate soil mixtures, fertilizers or the level of humidity. Thanks to this, it is possible to standardize the processes and repeat the expected quality and characteristics of flowers. The male turkey method produces higher yields than other types of cannabis cultivation – from 4 to 8 per year.

About Labocanna:

Labocanna SA conducts activities focused on three main areas:

  • distribution of food and medical hemp-derived products
  • product work on the use of hemp in cosmetics, plastics and textiles
  • hemp cultivation and production

The company’s goal is to build an ecological hub that will consist of companies focusing their activities in many segments of the cannabis market, and thus to become the leader of the cannabis market in the Central and Eastern Europe region by the end of 2026.

Source: Company, #LCN

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