Medicox Accelerates Medical Cannabis Business... Invests in Australian Green Farmers

Medical Cannabis Cultivation Facility of Green Farmers Australia

[Asia Economy Reporter Chunhee Lee] Medicox announced on the 25th that it has made a strategic investment in Green Farmers, an Australian cannabis cultivation specialist company. Earlier in June, Medicox signed an exclusive contract with Green Farmers for the import of cannabis raw materials to expand its medical cannabis business infrastructure, followed by this strategic investment.

Green Farmers is a cannabis cultivation specialist company holding the largest cultivation volume and area in Australia. Recently, it also acquired Apollogreen, a Canadian cannabis cultivation company, securing ownership of over 800 cannabis strains necessary for clinical research and pharmaceutical manufacturing.

Through this investment, Medicox has acquired most of the cannabidiol (CBD) strains essential for the domestic market from the strains held by Green Farmers and Apollogreen. This establishes a foundation to secure exclusive rights in Korea and globally for specific dominant strains, aligned with the growth speed and sales volume of the Korean medical cannabis market.

Recently, the government announced 100 major regulatory innovation tasks for food and medicine, including the allowance of manufacturing and import of cannabis component pharmaceuticals. This is expected to pave the way for the full-scale manufacturing and import of cannabis-containing pharmaceuticals.

CBD oil has been reported effective for brain diseases such as pediatric and adult epilepsy, autism spectrum disorder children, Alzheimer's dementia, and other dementias based on overseas clinical data. Currently, national health insurance covers pediatric epilepsy patients in Korea. The prescription scale of CBD oil reaches 400 billion KRW. Including the non-reimbursed market such as adult epilepsy, the market size is expected to grow further. The Korea Bio Association forecasts the medical cannabis market to grow at an average annual rate of 22.1%, reaching 51 trillion KRW by 2024.

Odaihwan, CEO of Medicox, said, “Based on our global market know-how, we are preparing to produce refined medical CBD oil domestically,” adding, “As soon as domestic regulations are eased, we will do our best to quickly proceed with domestic supply through the Ministry of Food and Drug Safety’s approval process.”

This content was produced with the assistance of AI translation services.