Australia-based Greenfield MC has signed a deal with the US-Canadian company Emerald Plants Health Source (EPHS) to boost cannabis market in Australia and accelerate export across the Asia-Pacific marketplaces
As reported in the Business Insider Australia, the two companies will form a joint venture (JV) namely Greenfield MC Cultivation, which is expected to boost up the agribusiness of cannabis across the Asia-Pacific region.
A study by London-based Prohibition Partners has estimated that the Asian cannabis market is set to be worth as much as US$5.8bn by 2024.
With this joint initiative, the Asia-Pacific medicinal cannabis market is set to grow rapidly in the coming days. Australian Office of Drug Control has listed 20 organisations in its website as having secured a licence to cultivate medicinal cannabis. However, it is unclear how many have actually started producing.
Speaking to the source, Kevin Smith, vice-president for strategy and business development at EPHS, explained that Australia is globally renowned for its state-of-the-art agricultural practices, crop safety management systems and quality control measures. With the new JV, Australian-grown cannabis are expected to lead the global medical plant market.
“The major advantages of medicinal cannabis, from what has been demonstrated so far, are the positive benefits for patients with unmet medical needs or where standard regimens have not provided patients with a successful outcome”,” said Katy Williams Day, chief operating officer at Greenfield MC.
“We believe that focusing on providing affordable access to medicinal cannabis, supporting education programmes and ongoing research and development efforts are the areas where Greenfield MC has the experience and most potential to help patients in need. We want to make sure that every Australian who needs medicinal cannabis can access and afford it,” Day added.
