World news – Byron-based medical cannabis group hits a $ 92 million deal

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A company moving its headquarters to Byron Bay has signed a $ 92 million contract to supply medical cannabis to the European Union.

The Australian Natural Therapeutics Group has shipped the first Europe-grown batch of Australian-grown commercial medicinal cannabis flowers.

It marks the beginning of a landmark ten-year agreement between ANTG and the EU market.

In the first 18 months of the contract, around two tons of products are expected to be delivered to Germany.

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Matt Cantelo, CEO of ANTG, said it was a big step for Australian industry given the EU’s advances in medical cannabis legislation and its strict import regulations.

« While the German cannabis industry is still in its infancy, it is the third largest market in the world after the USA and Canada.

« We are the first local producers to break into the EU market, which currently has most of the imported products from Canada and the Netherlands.

« Now that we have the gold standard for growing and manufacturing medical cannabis – in line with the strictest in the world – this means that our product is also suitable for export to all other countries. »

He said their growing standards were based on tight controls, from water quality to the available light and carbon dioxide levels in the air.

« The high benchmarks in Australia have been a welcome approach – they make us the best in the world and keep the cowboys out of the industry, » said Cantelo.

« Australia also has a reputation and climate for generally growing great produce. It makes sense that we also produce the highest quality non-irradiated cannabis medicine. »

Health Secretary Greg Hunt said Autralia’s « gold standard regulation » along with a « premium agro-manufacturing industry » has « positioned the local industry well to become a preferred supplier for the global market ».

« This has the potential to create jobs and fuel economic growth in Australia as we look for new and different export channels, » said Hunt.

« In the next 12 months, we expect the medical cannabis industry to grow strongly, both domestically and in the export market.

« We congratulate the Australian Natural Therapeutics Group on this milestone, which marks the first major commercial export of medicinal cannabis to the EU.

« We continue to work with the industry to expand domestically growing and manufacturing, and to ensure a steady supply of cannabis medicines that are sourced from locally grown cannabis and made entirely in Australia. »

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Ref: https://www.northernstar.com.au