Canadian firm planning massive MMJ greenhouse in Australia

PUF Ventures plans to build a 1-million-square-foot medical marijuana greenhouse in Australia that could eventually generate about 1 billion Canadian dollars ($850 million) annually, according to a news release from the company.

The company – based in Vancouver, British Columbia, and traded as PUF on the Canadian Securities Exchange – said the phased build-out will have a production capacity of about 100,000 kilograms (220,462 pounds) of marijuana per year.

The build-out is currently unfunded.

The proposed facility will sit on a 66-acre parcel of land that Richmond Valley Council in New South Wales, Australia, agreed to supply the company’s subsidiary, PUF Ventures Australia (PVA), at no cost.

PVA will have an option to purchase the parcel on favorable terms after five years.

CEO Michael Horsfall told the Fraser Coast Chronicle that PUF Ventures Australia hasn’t applied to the Office of Drug Control for a license to cultivate medical marijuana.

Australia has been the focus of a number of Canadian medical marijuana companies this year.

Smiths Falls-based Canopy Growth signed a deal two weeks ago to be the exclusive supplier of medical marijuana for Australia’s AusCann Group Holdings.

Earlier this year, Aurora Cannabis took a 19.9% stake in Melbourne-based Cann Group Limited. Cann is the first Australian company licensed to conduct research on and cultivate medical cannabis.

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One comment on “Canadian firm planning massive MMJ greenhouse in Australia
  1. George Bianchini on

    “The build-out is currently unfunded”.
    so there is no story here! just like the many want to be’s. What stands out here? anything! or just more THC dank weed. What are your medical cannabis specialties. what new cannabinoids have you discovered? Any work in THCV or CBDV. Any awards? Any medical journals write up’s.
    Beware investors, most of you will be departed from your money. Take a look at their 9-27-2017 press release. They claim to make a
    C $billion + on cannabis pricing from two years ago. the market is now half of that and will go much much lower over the next several years. I remember when the one video rental store in town was a goldmine. when there was two it became competitive. when the store count went to five, they all went broke. the supply chain already produces enough product. what will the price go to with massive over production? And why go indoors if the land is free? It costs three to five times more to grow indoors rather than outdoors. great weather down in your neck of the woods. October 15th planting time with a March harvest. Grow in hoophouses and take a second harvest. 90% less investment money needed.

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