Indica Industries Pty Ltd, the partner of Canadian licensed producer MedReleaf (TSX: LEAF) (OTC: MEDFF) that is operating as MedReleaf Australia, has commenced commercial operations. The company, which received its cultivation and production license in November, will be initially importing oils and capsules that are available for delivery in the first quarter of 2018 to hospitals and pharmacies.
We’re delighted to have been granted Australian medicinal cannabis licenses and look forward to teaming with MedReleaf Corp to introduce their scientific and operational rigour to the Australian medical cannabis industry.
Russell Harding, CEO of Indica Industries Pty Ltd
The company expects to complete an initial facility of 86K sq. ft. in 2018 and to almost triple it over time. MedReleaf owns 10% of the company.
MedReleaf Corp is focused on international expansion in countries with a federal legal framework for cannabis. Australia is an attractive market with a population about two-thirds the size of Canada that focuses on medicinal applications.
Neil Closner, CEO of MedReleaf
Providing our expertise to local partners allows us to participate in a greater number of international markets in a capital efficient way.
In addition to the cultivation and production license that it holds, MedReleaf Australia has applied for a manufacturing license with the Office of Drug Control.
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