WA iron ore magnate Gina Rinehart is getting into medicinal cannabis, backing a Perth-based company to expand into the European market.
Ms Hancock has invested $15 million into Little Green Pharma so they can buy an existing cultivation and manufacturing site in Denmark, which already has the required licences.
If you’ve watched enough Shark Tank, you’ll know that the investor usually gets a slice of the company they’re investing in, and it was reported that out of this deal, Hancock Prospecting gets a 10 per cent stake in Little Green Pharma.
This investment has put Little Green Pharma’s expansion plans into the fast lane by two years, the Sydney Morning Herald reported their annual cultivation capacity is expected to go up immediately from three tonnes of biomass at its existing WA facility… to a total of 23 tonnes.
They also reported that Aussie revenue from medicinal cannabis is projected to double in 2021 (compared to last year) to $200 million.
Hancock Prospecting said they were keen to help people access cannabis-based medicines.
“We believe medicinal cannabis has a vital role in helping to treat a range of chronic conditions, and we’re pleased to support an Australian medicinal cannabis company in Little Green Pharma that continues to put patients first and contribute to the development of this helpful and emerging industry,” business development general manager Dan Wade had said.