MediPharm Labs Australia has won a A$466,577 grant from the federal government in round two of its Manufacturing Modernisation Fund (MMF) allocation.
The Victorian company will put the funds towards a ~$1.9m upgrade of its Wonthaggi production facility with new technology enabling it to increase production and purity of its medicinal cannabis products.
Current operations have been focused on purified cannabis API development which includes raw material extraction and cannabis oil purification.
With an increasing number of customers both domestically and internationally, MediPharm said it needs to increase its throughput of finished goods manufacturing.
On top of the current orders for finished products, MediPharm is about to launch its soft gel cap line and is also exploring GMP vapes and topicals.
A spokesman said: “This investment helps realise these initiatives quicker. There are only a handful of companies that can achieve pharma GMP manufacturing in the cannabis industry.
“This sets us apart from many other organisations in the industry as we have narrowed our focus on the medicinal cannabis value chain and are endorsed to produce the highest quality medicinal cannabis products.”
The MMF awards grants of $100,000 to $1m to fund up to 25% of eligible project expenditure. It has awarded $55m in grants to 86 businesses across Australia.