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March 3, 2024

Casino earmarked for medicinal cannabis operation

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A Canadian company wants to grow medicinal cannabis near Casino.
A Canadian company wants to grow medicinal cannabis near Casino.

A Canadian company has announced it wants to build a 1 million-square-foot greenhouse operation near Casino to grow medicinal cannabis.

PUF Ventures Inc announced yesterday that it had entered into a purchase option agreement with Richmond Valley Council for a 27-hectare parcel of land on which to  construct the $51 million facility.

PUF president Derek Ivany said under the agreement, the council would provide the land for no cost for five years, with an option for the company to purchase the land on ‘favourable terms’ after the fifth year.

Richmond Valley Council general manager Vaughan MacDonald said the council was excited to working with an international company on the project.

‘We are very excited by the prospect of working with an international company like PUF to support the development of this important new industry which will significantly add to our gross regional product, create approximately 300 direct new jobs in our local economy, and lead to other follow-on local and regional employment opportunities,’ Mr Mcdonald said.

‘This locally-supported project will go a long way to meet our commitment to reduce unemployment through economic development and improve the prosperity of our community.

‘We look forward to working closely with PVA to bring this project to reality and working to create a new agricultural industry of medicinal cannabis in our region and across Australia.’

At full scale, the new facility will have the capacity to support annual production of 100,000 kilograms of high quality cannabis, which equates to an associated annual revenue generation potential of between C$800 million and C$1.1 billion.

The company hopes to begin production within 12 months, with the first crop expected to be planted in the fourth quarter of 2018.

 

 


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3 COMMENTS

  1. Why would council provide the land at no cost for 5 yrs then allow the company to purchase under favourable terms….a company with the potential for annual revenue expected to be 800 million to 1.1billion…..yes I understand the benefit of job potential and flow on benefit to the region….but it should stand on its own merit with such potential profits envisaged not be partially funded by ratepayers. Same old same old thing over again!

  2. Well…
    Looks like NSW is answering the $51 million question we’ve all been waiting for – will the government support smaller, home grown growers contributing to this nascent industry, or sell out to Big Hemp, following in the historic successes of Big Tobacco, Big Pharma and Big Bucks in general.

    As we’ve seen overseas, the cannabis industry has the potential to support smaller scale agriculture and spread the benefits around to many, rather than the usual few. It can – and has successfully been – regulated, licensed, and cost effective in delivering high quality products to the consumer. Most of all, it supports diversity in both production outcomes and participants.

    PharmaBlends, for example, is a Colorado-based company that for years has been developing specific medicinal cannabis strains for tailored prescriptions and has a proven track record as far as purity, consistency and efficacy – and that’s just one small company. By opening the industry to five hectare-plus plots, tightly controlled and regulated, the government has the opportunity to bring competition, greater, more varied research and development, and products that are more responsive to specific needs.

    “This locally-supported project will go a long way to meet our commitment to reduce unemployment through economic development and improve the prosperity of our community.”

    Really? Compared to broad-based development along the lines of, say, local Australian boutique wine producers?

    Here’s hoping we’ll see a bit more community consultation in how an industry with so much potential is to be developed. Sure, putting everything in the hands of overseas multinational corporations is one avenue, but it is far from being the only one.

    Let’s make sure it isn’t…

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