$450m medicinal cannabis project kicks off in Queensland
Norton Rose Fulbright has advised Asterion on a $450 million medicinal cannabis project in Queensland.
Firm: Norton Rose Fulbright (Asterion)
Deal: Asterion (Australia) Pty Ltd has been advised on what 's being dubbed one the largest purpose-built medicinal cannabis greenhouse facilities in the world.
Value: $450 million
Area: Projects, infrastructure
Key players: Norton Rose Fulbright partner Tom Young led the team, with assistance from partners Keira Brennan, Rebecca Hoare, Peter Mulligan and Greg Reinhardt; special counsels Julie Brown and Adam Carlton-Smith; senior associates Meg Johnson, Peta Bunce, Rebecca Ebzery, and Matthew McKeown; and paralegal Gail Reade.
Deal significance: The $450 million production facility is located near the regional hub of Toowoomba, Queensland in close proximity to the Toowoomba Wellcamp Airport.
The facility is planned to be automated and powered by renewable energy and is expected to have annual cannabis production capacity of approximately 500,000 kilograms, a statement from NRF said.
“We are grateful to have worked with the Asterion team on such a bespoke and cutting-edge project that will deliver benefits, not only to the Queensland economy, but also to the health of people around the world,” said NRF lead partner Tom Young.
“We undertook extensive due diligence of many potential sites in south-east Queensland in order to identify a property which would meet all of our client’s requirements, including appropriate growing conditions, tenure, zoning, access to labour and export markets, and which could accommodate all regulatory requirements for the cultivation, processing and transport of medicinal cannabis.
“This was a unique opportunity for us to apply our extensive property, aviation, planning and development knowledge to a large infrastructure project of international significance, governed by a newly developing area of law.”