Canadian-based cannabis producer Asterion has announced it will invest at least $10.6 million into a new facility in regional Queensland.
Asterion's wholly-owned Australian subsidiary, has now set plans in motion to create the world's largest greenhouse cannabis production facility, capable of producing in excess of 500,000kg of cannabis per year.
The 75-hectare parcel of land, located close to the city of Toowoomba in southern Queensland, will be transformed from farmland alongside the Toowoomba Wellcamp Airport into a new 400,000sq m facility.
The move will help Asterion keep pace with some of Canada’s biggest distributors, Aphria, Aurora, Canopy and Tilray.
Farmland owner Wagners Properties will now wait for Asterion to perform their due diligence and obtain required approvals.
If built, it would be only one of a handful licensed to grow the restricted drug in Queensland.
Asterion's new production facility, which will specialise in the production of organic medical cannabis, will feature six 10-hectare greenhouses will be developed over three stages.
The 75-hectare project will be powered entirely by renewable energy and will house a research and development facility for the development, extraction and processing of next generation cannabis products.
While the majority of Asterion's Australian grown cannabis will be distributed internationally, the calls for the legalising medicinal marijuana within Australia have become stronger.
Last month two Canadian producers announced plans to invest $30 million into Victoria's medicinal cannabis industry, with hopes of turning the state into the “medicinal cannabis hub of the southern hemisphere”.
Cronos Australia also announced that Victoria will become home for its Asia-Pacific headquarters with plans to establish a state-of-the art research and development centre.
ASX-listed medicinal cannabis grower Cann Group announced plans in 2018 for a $100 million state-of-the-art medical marijuana facility at a new five-hectare site in the Melbourne Airport precinct.