Victoria continues to lead the way in developing a robust medicinal cannabis export industry, securing a $30 million investment by Cannatrek, creating up to 75 new local jobs in Shepparton and Latrobe University.
Fast-growing start up Cannatrek is expanding its Australian production and manufacturing capacity in Victoria, through a strategic partnership with the listed Canadian company CannTrust, which will provide vital financial management and marketing support.
The positions include approximately 65 roles at a new Shepparton cultivation and manufacturing facility and around 10 roles at the company’s Australian Headquarters at the La Trobe University campus at Bundoora.
Cannatrek is also working towards a research and education partnership with La Trobe University at its Research and Innovation Precinct.
The Andrews Labor Government’s Medical Cannabis Industry Development Plan sets out a strategy to grow Victoria’s emerging medicinal cannabis industry into an established sector.
Attracting business investment is a major step towards that goal. The plan aims to have Victoria supplying half of Australia’s medicinal cannabis by 2028, along with the creation of 500 jobs in Victoria.
Victoria was the first state in Australia to legalise access to medicinal cannabis for patients in exceptional circumstances in 2016.
This project is evidence that Victoria’s vibrant start up ecosystem has all the right ingredients for companies to thrive and will boost local expertise across this new industry.
As noted by Minister for Agriculture Jaclyn Symes
“Victoria is continuing to lead the way as the medicinal cannabis hub of the Southern Hemisphere and we are proud to support Cannatrek’s significant expansion in regional Victoria.”
“We’re proud to be actively attracting investment in this ground-breaking industry that will not only improve the lives of patients around the world, but also create local jobs.”
As noted by Cannatrek CEO Tommy Huppert
“Regional Victoria is blessed with abundant daylight, possessing the ideal climate for growing this valuable medicinal resource. Cannatrek is grateful for the opportunity to pioneer this industry.”
As noted by La Trobe University Vice-Chancellor Professor John Dewar
“Recognised as a national leader in the fast-developing field of medicinal agriculture, La Trobe University welcomes support for this emerging company and looks forward to the co-location of Cannatrek within our Research and Innovation Precinct.”