By Mitchell Clarke
A high-tech facility in Pakenham, which will produce medicinal cannabis, has been granted Major Project Status by the Federal Government.
Canopy Growth Corporation, through its Australian branch Spectrum Therapeutics, is expected to invest $50 million into the economy and create over 200 direct jobs in Pakenham.
The Major Project Status (MPS) will mean Canopy Growth license applications are prioritised through the Office of Drug Health, meaning patients with chronic or terminal illnesses are guaranteed access to the product sooner.
The facility will enable the production of medicinal cannabis to meet the immediate and future needs of domestic patients while also supporting the expansion into other regional markets.
Demand for medicinal cannabis is on the rise, with patient approval rates growing over 1000 percent since 2018.
Federal Health Minister Greg Hunt said the announcement demonstrated the Government’s commitment to helping people with chronic or terminal illnesses.
“The medical community is increasingly recognising the value of medicinal cannabis,” Mr Hunt said.
Canopy Growth Corporation managing director Ben Quirin said the status will allow Spectrum Therapeutics to expedite and deliver locally produced pharmaceutical-grade medicinal cannabis products.
“Receiving Major Project Status is testament to Spectrum Therapeutics on-going commitment to addressing the immediate and future needs of patients in Australia,” Mr Quirin said.
“We believe our locally produced pharmaceutical-grade medicinal cannabis products will improve the quality of life of patients in Australia and across the Asia Pacific region.”
It’s predicted the cannabis industry could grow to a $1.2 billion industry over the next decade.
“By acting now and fast-tracking medicinal cannabis facilities, we have an opportunity to create an entirely new industry with tremendous export potential,” Industry, Science and Technology Minister Karen Andrews said.
“With Canopy Growth establishing their Asia Pacific headquarters here, the stage is set for regional Victoria to dominate an entirely new industry and export trusted Australian medical products to the world.”
And the company has been welcomed locally, with La Trobe MP Jason Wood excited about the potential opportunities it’ll provide.
“I think it’s really exciting to start producing medicinal cannabis in Pakenham but also to have a major global company coming to the area is great,” Mr Wood said.
“The company are very keen to employ locally which will save people travelling to and from the city.
“It’ll also encourage other businesses to come into the south-east and develop because they know the government is investing in this area.”
The Pakenham facility will feature a cultivation site which is set to be up and running by early next year, while a neighbouring onsite manufacturing complex is anticipated to open in late 2020.
