PUF Ventures, the Vancouver-based biomedical ACMPR applicant with a production facility in London, Ontario, has just announced a strategic partnership to construct a 1 million sq. ft greenhouse operation in Australia, which will allow for large scale cannabis cultivation and production.
PUF Venture’s new production facility is a strategic partnership with the Richmond Valley Council, a local government in the New South Wales region of Australia, and the facility will have the capacity to produce as much as 100,000 kg of cannabis a year. At full capacity, the facility would produce an estimated value between $800M-$1.1B CAD worth of cannabis, based on Australia’s current prices.
If Australia legalized recreational cannabis, it’s estimated that within seven years, the Australian cannabis market could be $9B! Australia has already introduced new medical cannabis laws over the last few years, and PUF Ventures is poised to gain considerable market share of both the medical and potential recreational markets with their new facility and early market entry.
“We are continuing our strategy of global expansion by building a state-of-the-art, 1 million-square-foot facility which, when complete, will be the largest cannabis cultivation operation in the southern hemisphere and one of the largest in the world,” said Derek Ivany, President and CEO of PUF Ventures.
In addition to their Australian facility, PUF is working hard to become a Licensed Producer in Canada and will also be selling a CBD product line in Croatia and Germany.