Australia's Largest Medicinal Cannabis Grower Is Packing Its Bags and Moving to the US
Australia’s largest medicinal cannabis grower, which is backed by finance sector identities Barry Lambert and Chris Cuffe, has decided to stop production here and move to the US where it says the legal framework is much more favourable.
Ecofibre recently completed a $12 million capital raising with cash from Mr Lambert and Mr Cuffe. But it will close a business that has grown cannabis on 340 acres in the Hunter Valley in NSW – used for medical experiments on rats at the University of Sydney during the past year – and move to Kentucky in the US.
Mr Lambert, a BRW rich-lister who last year gave $34 million to Sydney University for research into medicinal cannabis, says a federal law passed this year that was supposed to legalise medicinal cannabis has so many restrictions that it is practically unworkable. He says the law goes well beyond what is required to prevent...
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