Australian medical cannabis company Cannaponics is looking to expand its production capacity soon. The company last week announced it signed a memorandum of understanding (MoU) with medical products supplier Avacare Health Australia to build a 2,000 square meter cannabis processing facility in Collie, Western Australia.
As part of the MoU, Cannaponics will research and develop hemp materials to replace petroleum-based plastics and textiles. Avacare will also have the opportunity to distribute Cannaponics Ltd products worldwide. Cannaponics is currently building a 3,600 square meter greenhouse in Collie. The company plans to go public on the Australian Securities Exchange next year.
