A MEDICINAL cannabis cultivation site under construction near Mildura is set to receive a boost of nearly $2 million.
Cann Group announced on Friday it had been awarded a grant of $1.97 million under the Victorian Government’s Regional Jobs Fund.
In a statement to the Australian Securities Exchange, the company said the grant had been confirmed by Agriculture and Regional Development Minister Jaclyn Symes.
The grant was to assist funding of electricity upgrades at the Sunraysia site.
Cann Group announced the intended $130 million facility in March last year and work began later in the year, though it moved to a “revised, staged construction plan”, according to a February announcement.
In April the company said timeline estimates may be affected by delays due to the coronavirus.
Cann Group chief executive Peter Crock welcomed the jobs fund grant, saying government support was critical in developing Victoria’s “leadership position in the emerging Australian medicinal cannabis industry”.
“Our plans to develop commercial-scale production capacity at Mildura are central to the company’s strategy of being a fully integrated medicinal cannabis company that can service both Australian domestic patients and access valuable overseas markets,” Mr Crock said.
“This grant is a tangible demonstration of support from the Victorian Government in terms of our objectives.”
Shares in the ASX-listed Cann Group rose after the announcement.
