Shifting our focus away from Canada for a moment, Vancouver’s MYM Nutraceuticals has big plans for an Australian expansion.
Last week Australia decided to end the export ban on cannabis products starting in February 2018. Australia will allow the worldwide exportation of cannabis-based treatments such as oils, patches, sprays, lozenges and tablets. This puts MYM in a great position moving forward as they will have the largest growing operation in the country. The Northern River project will be a 1.2M square foot greenhouse in New South Wales, Australia. MYM is projecting that this would be responsible for an annual revenue of between 800 million and 1.1 billion dollars. The first crops are expected to be planted in quarter 4 of 2018.
According to an ABC study around 750,000 Australians use cannabis every week and approximately 300,000 smoke every day. The Financial Times calls Australia the fast-growing legal global marijuana market, which forecasters predict could be worth $63.5 billion by 2024.