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.
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