Canadian owned cannabis cultivator Spectrum Therapeutics was this week granted Major Project Status (MPS) by the Australian federal government.
The Department of Industry, Science and Technology approved the MPS application from the cultivator’s parent company, Canopy Growth Corporation, meaning the company’s licence applications will now be prioritised through the Office of Drug Control in the Department of Health.
The approval follows Spectrum Therapeutics’ commitment to invest more than $50m in regional Victoria to create more than 200 direct full-time jobs, in a market where patient approval rate is growing at over 1,000 per cent since 2018 and more than 20,000 prescriptions have been written for medicinal cannabis since October 15, 2019.
“With Major Project Status, Spectrum Therapeutics is now able to expedite and deliver locally produced pharmaceutical grade medicinal cannabis products for patients across Australia, New Zealand and into Asia, as well as create over 200 new jobs in this fast growing industry sector,” Canopy Growth APAC Regional Managing Director Ben Quirin said.
Announcing the grant of MPS, Minister for Industry, Science and Technology Karen Andrews said: “Medicinal cannabis is a global growth industry. With Canopy Growth establishing their Asia Pacific headquarters here, the stage is set for regional Victoria to dominate an entirely new industry and export trusted Australian medical products to the world.”