Cannatrek has secured “significant” debt funding from Commonwealth Bank of Australia to accelerate construction of its new A$30 million facility in Shepparton, Victoria.
The ‘seed to patient’ site will feature indoor and outdoor grow facilities, a post-harvest facility, an extraction plant and packaging, storage, and national distribution centre.
It will have the capacity to yield between 5 and 10 tonnes of dried premium-grade flower per annum which CEO Tommy Huppert said would reduce Australia’s reliance on imported products and secure “an essential, low-cost medical supply chain” for patients.
He added: “Our Shepparton project will enable Australia to continue innovating in quality plant-based medicines for people experiencing chronic pain, anxiety and insomnia, while also assisting with conditions including epilepsy, Parkinson’s and terminal illnesses.”
ASX-listed Medlab Clinical is planning a dual listing on the Nasdaq, with the board set to recommend the move to shareholders at an extraordinary general meeting on July 28.
In a statement to the ASX, the board said the move would provide “deeper access to sophisticated investors, specialised biotechnology and healthcare funds, and further position the firm as an advanced biotech company in the world’s largest market”.
It added: “From an operational perspective the company is already heavily US focused with development, manufacturing, and regulatory activities presently in place. We have a significant footprint in the US which will continue to expand in the future.
“Considering the size of the US financial and commercial markets, the glaring opioid problem in the region and increasing negative mental health statistics, the board believes that Medlab’s requirements, offering and vision are all appropriately met and will be well received in the US.”
The company and its executive team will remain based in Australia for the foreseeable future and Medlab will continue to trade on the ASX.
“All existing shareholders will be able to remain active on the ASX or the Nasdaq according to their choice,” the company said.
Creso has made moves to launch Sierra Sage Herbs (SSH) products into the rapidly growing Taiwanese animal healthcare market.
The company has secured a non-binding, non-exclusive Heads of Agreement with China Chemical & Pharmaceutical (CCPC) providing an established partner to drive sales growth in the country.
CCPC is focused on research and development and manufacturing of pharmaceutical and healthcare products for animals and humans and has a dedicated animal healthcare team working with veterinarians throughout Taiwan.
Products will be selected from the SSH range with an initial focus on its Green Goo Animal First Aid formula, which helps soothe and repair minor wounds. The agreement provides the opportunity for the firms to collaborate on other products down the track.
The companies are aiming to establish a collaborative agreement by the end of August.
Creso Pharma CEO and managing director William Lay hailed the development as “a testament to the broader opportunity we see for the Green Goo range in other international markets”.
Ecofibre has obtained a two-year, US$10 million loan from Nubridge Commercial Lending in the US at an interest rate of 8.49% per annum.
CEO Eric Wang said the company had strengthened its balance sheet to provide the flexibility to continue its organic growth strategy across its three business units – Ananda Food, Ananda Health and Hemp Black.
He added: “In addition to this loan, Ecofibre is awaiting receipts of US$4.8m from the US federal government in relation to employment retention credits, which are being paid progressively, and prior period income tax refunds.
“At current exchange rates, the funding available to the company from these sources totals approximately A$20m, of which A$2m will be used to retire existing debt due in July 2022.”