One of the world’s biggest medicinal cannabis companies wants to launch its bid for the Asia-Pacific market from the NT.
The Canadian Wayland Group has bought majority ownership of an unknown private company in Darwin to launch its bid.
A trial crop of cannabis was successfully grown at Katherine this year to set the region up the likely location for large scale agricultural production.
Wayland today announced it had bought 50.1 per cent of Tropicann Pty Ltd, a private company which was registered in Perth just two months ago.
“With this acquisition Wayland has positioned itself in the important and burgeoning Asia-Pacific market,” the company said.
“Globalisation of cannabis continues, and we are present in relevant markets, with Asia-Pacific now added to our international footprint.,” Wayland chief executive Ben Ward said.
“The Northern Territory is the ideal location for our new Asia Pacific hub.
“The location provides Wayland with ideal climate conditions in a globally respected and sovereign country with a large and fast emerging market of over 250 million people just four hours north.
“This acquisition accelerates Wayland’s growth strategy in becoming a truly global cannabis company.”
NT chief minister Michael Gunner said medicinal cannabis was a growth industry for the NT.
He said the Government, Tropicann, and Wayland are in discussions about Major Project Status to ensure priority Ministerial oversight to assist with ongoing project coordination and facilitation across different government agencies to secure timely project delivery.
“This is a very real and exciting opportunity for the people of the Northern Territory to enter and participate in a new growth sector in the global economy. It also offers the possibility of creating value-added products through processing here in the Northern Territory,” Minister for Primary Industry and Resources Ken Vowles said.
Wayland has agreed to make an initial payment of $4.8 million Canadian dollars followed by a second payment of $24 million Canadian dollars after milestones are achieved, including issuance to Tropicann of a license to cultivate cannabis in Australia.
Wayland was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada.
The company also has production operations in Dresden, Saxony, Germany and Regensdorf, Switzerland.
Katherine Mayor Fay Miller told the ABC back in May the successful growing trial at Katherine was a positive step for the establishment of an industry here.
"Obviously this is going to have long-term implications that are positive, so it's very, very encouraging," she told ABC.
"We're certainly in the preparations of getting ready for all growth and development ... and this is one of those future crops that will be very, very well catered for in Katherine."