Another recently formed company based in Australia is aiming to get a piece of the American medical marijuana market, and this one also hopes to get listed on the Australian Stock Exchange.
RxMM Health, which is based in Perth, was created by Boston Securities Group on behalf of an American and Australian consortium in November. The new firm intends to supply the Californian market with pharmaceutical-grade medical cannabis.
Strategically, RxMM plans to establish a vertically integrated “Farm to Pharma” business model, according to its website, with operations across the supply chain, including cultivation, product development, and distribution in regulated markets.
It has already begun the process of applying for MMJ business licenses in San Diego County, and said it intends to enter the Australian market if medical cannabis is legalized there.
RxMM Health has signed a sales deal for its crop, which it expects to exceed $20 million within two years, and also reached tentative agreements with two U.S. medical specialists to oversee research programs for the development of medicines based on cannabis extracts.
Last month, another Australian firm – Cann Group Limited – cemented a partnership with Colorado-based Dixie Brands.