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Home 🌿 Medical Cannabis News 🌿 Tasmania to greenlight cannabis farming, Capital Mining in deal for first licence 🌿

Tasmania to greenlight cannabis farming, Capital Mining in deal for first licence

Submitted by Marijuana News on Fri, 04/17/2015 - 08:00

Tasmania is set to give the green light for Australia's first legal medical marijuana grower, in what is expected to be the start of a new industry for the state. Capital Mining, a failed explorer with a plan to transform itself as the second ASX-listed cannabis company, has struck a deal that puts it in line to be granted the first licence. 

Capital Mining will come out of a trading halt on Friday morning to announce it has struck a deal to pay $250,000 in cash and $100,000 in shares for Cannabinoid Extracts Australia, a subsidiary of ASX-listed Atlas Pearls and Perfumes. The venture has an application with the Tasmanian Department of Health and Human Services for a licence to grow medical-grade cannabis for the purpose of extracting cannabidiol (CBD), one of 85 active cannabinoids found in the plant. 

The company hired Piper Alderman partner Teresa Nicoletti, a 20-year veteran of...

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URL: 
http://www.afr.com/business/tasmania-to-greenlight-cannabis-farming-capital-mining-in-deal-for-first-licence-20150416-1mlllp

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