Elixinol just bought land in NSW to grow pot and changed its name to the Australian indigenous word ‘Nunyara’
Health & Biotech
Health & Biotech
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Elixinol Global Limited (ASX:EXL) just paid $2.6m for 60 acres of land in northern NSW on which it hopes to grow medical cannabis.
It’s so confident in the healing properties of hemp, it’s renamed its subsidiary, Elixinol Australia Pty Ltd, to Nunyara Pharma Pty Ltd.
“‘Nunyara’,” Elixinol states, “is an Australian indigenous word meaning ‘to be made well again’.”
The land also includes a 5000 sq m footprint on a block inside the property for the first stage of a “planned facility” – namely, greenhouses.
The only things Elixinol doesn’t have is an Australian Medical Cannabis Licence and a Manufacturing Licence from the Australian Office of Drug Control, and DA approval from the local council.
Managing director Linda McLeod said while the lack of ODC licences was “disappointing”, it was “in no way reflective of the quality and robustness of our submissions”.
“We understand the department is under-resourced and has been unable to assess applications within the time-frame originally suggested.”
The ODC licences were submitted in early 2018.
As for the name change to Nunyara, it’s designed to differentiate its medical cannabis activities from those of the company’s Colorado-based business, Elixinol.
That business focuses on hemp-derived CBD dietary supplements and “fast-moving consumer goods”.
Elixinol is one of the ASX’s pot stock success stories so far, with the stock rising 248 per cent from the issue price just over a year ago.
Elixinol also recently announced a move to Europe, setting up sales networks there for its hemp products.