Elixinol Global purchases site for state-of-the-art Australian manufacturing facility

Elixinol Global Ltd (ASX:EXL) has further developed its Australian medicinal cannabis business with the purchase of a property for an integrated cultivation and manufacturing facility.

The property is a unique 60-acre lot with the first stage of planning involving a 5,000-metre footprint on a secured 4.9-acre block within the area.

READ: Elixinol Global attracts $40 million to accelerate international growth initiatives

Elixinol Global CEO Paul Benhaim said: “We are confident that our expertise in creating high-quality cannabis formulations in the USA under our Elixinol brand will position Nunyara to take a leading role in the establishment of the Australian medical cannabis industry.

“Our purchase of this unique property is simply another step in that process.”

Capacity to expand

The company will have the capacity to expand the proposed greenhouses as well as in-built expansion capacity within the GMP-certified pharmaceutical-grade manufacturing facility.

The Australian subsidiary has also been changed its name from Elixinol Australia Pty Ltd to Nunyara Pharma Pty Ltd (Nunyara).

Nunyara is an Australian indigenous word meaning ‘to be made well again’.

The name change is designed to differentiate the medical cannabis activities of Nunyara from those of EXL’S Colorado-based business, Elixinol, which is focused on hemp-derived CBC dietary supplements and fast-moving consumer goods.

Nunyara was formed in 2014 to participate in the emerging Australian medicinal cannabis market and submitted licence applications for cultivation and manufacture to the Office of Drug Control in early 2018.

These applications are pending approval.

- Jessica Cummins 

Story by ProactiveInvestors