RICHMOND Valley Council and Australian-owned SANA Nutraceuticals are working hard to establish a medicinal cannabis facility in the area, with Council having a memorandum of understanding with SANA Founder and CEO Michael Horsfall.
Mr Horsfall said following an amicable split from Canadian companies Agraflora Organics International (formerly PUF Ventures Inc) and MYM Nutraceuticals last year, SANA was ready to move forward with its project.
Touted as the “largest medical cannabis facility in the southern hemisphere”, at full scale it will have 11 hectares under greenhouse conditions with the capacity to support annual production of more than 100,000 kilograms of high-quality cannabis, which equates to an associated annual revenue generation potential of between $800 million and $1.1 billion, based on current pricing metrics in the global cannabis marketplace.
Mr Horsfall said SANA expected to create at least 300 direct and indirect jobs in the Northern Rivers region from its medicinal cannabis greenhouse project.
He said this would provide a significant boost to the local economy, provide education, training and additional pathways and opportunities for people and other businesses in the region.
General Manager Vaughan Macdonald said the proposed medicinal cannabis project would go a long way to meeting Council’s commitment to reduce unemployment through economic development, and improve the prosperity of our community.
He said if approved, the project would be a game changer for the Richmond Valley and the wider Northern Rivers region.
“We look forward to working closely with SANA Nutraceuticals to bring this project to reality, and working to create a new agricultural industry of medicinal cannabis in our region and across Australia,” Mr Macdonald said.
Mr Horsfall said the company was currently in the assessment stage for three licenses with the Federal Government’s Office of Drug Control in Canberra