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