Perth-based medical cannabis company Cannaponics has signed an MoU with medical products supplier Avacare Health Australia, covering the development of a new factory at Collie, supply of Cannaponics’ products, and R&D on hemp-based plastics and textiles.
According to an announcement from the company last week, it will build a new 2,000 square meter facility for processing cannabis flower next to a 3,600 square meter greenhouse currently under construction at Collie.
The greenhouse has been supported by a $2 million Collie Futures Industry Development Fund grant from the Western Australian government.
The MoU with the local subsidiary of Avacare – a South African-headquartered company with annual revenues of approximately $345 million – includes R&D on hemp materials “as a replacement for petroleum-based plastics and textiles” as well as “the opportunity for Avacare to distribute Cannaponics Ltd products around the world.”
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