Medical cannabis company Cannatrek has been successful in securing Good Manufacturing Practice (GMP) accreditation for its Shepparton facility in regional Victoria.
The $5 million manufacturing facility, which has received support from the Victorian Government, is part of a planned $17 million investment by Cannatrek into the region that incorporates cultivation activities as well as manufacturing of cannabis medicines. It is expected 70 local jobs will be created over the next three years through the venture.
“GMP accreditation is a major milestone for the Cannatrek team, our patients and Victoria’s pharmaceutical manufacturing sector,” said Cannatrek Founder and CEO Tommy Huppert (pictured above left). “Through this facility, we are not only generating jobs in the Shepparton area, we are also introducing valuable skills and career paths.”
Member for Northern Victoria Jaclyn Symes (pictured above right) is enthusiastic about the project and the benefits it could bring to the region – and Australia.
“This project places Shepparton at the forefront of medicinal cannabis production and distribution, creating local jobs and export opportunities right here in regional Victoria and supporting thousands of patients across the country.”
Beyond the growing local market, the GMP certification will also help unlock export opportunities for Cannatrek’s locally produced plant-based medicines.
“This is because GMP-compliant facilities are more likely to gain acceptance in international markets, including the US, the European Union and Asia, where pharmaceutical manufacturers can anticipate facing fewer regulatory barriers or restrictions,” says the company.
Cannatrek states it is experiencing rapid growth, more than doubling revenues across the 2022 ($42m audited) and 2023 ($89m unaudited) financial years. In FY23, the firm sold 936k product units, a big jump on the previous year’s tally of 418k units. The company has grown from a team of just 3 in 2019 to more than 130 people in 2023.
“As a brand, Cannatrek is Australia’s only fully integrated medicinal cannabis company, encompassing and supporting all stages of the patient journey – from seed to patient,” says the firm.
Earlier this year, Cannatrek also launched a not-for-profit organisation focused on providing support and access to medicinal cannabis therapies for vulnerable groups.
“We believe in giving back,” said Mr. Huppert at the time. “We aim to make life-changing medicines accessible to all patients in Australia, regardless of their socio-economic status.”