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Markham, Ontario-based medical cannabis producer MedReleaf (TSX: LEAF) announced that its Australian partner, Indica Industries (MedReleaf Australia) received a cultivation and production license effective November 11, 2018.

It is the 11th company to receive a similar license since November 2016, when the Australian Parliament made cannabis cultivation legal for medical purposes.

MedReleaf owns 10% of its partner and is expected to receive royalties on gross revenues as well as future equity

Australia population of 24 million is about 2/3 the size of Canada’s 35 million population.

MedReleaf’s stock closed at $16.60. It is up 124% over 12 months.

Source: MedReleaf press release