An Australian company called RxMM Health, based in Perth, is making a play for the fast-growing, American marijuana industry. The company has applied for a license to grow and sell medical marijuana in southern California.
RxMM, who specializes in climate-controlled, hydroponic cultivation, is specifically seeking patents for cannabinoid-based medicines. The company plans to grow and cultivate unique strains of marijuana for health purposes, citing that “cannabinoids have a beneficial impact on numerous debilitating illnesses.” RxMM has already teamed up with two American medical specialists to develop prescription medicines based on cannabis extracts, hoping to target the medical marijuana market.
The company is proposing a business model that starts by cultivating marijuana year-round, in state-of-the-art, climate-controlled greenhouses. They plan to produce 2000 kilograms of product each year. Within two years, RxMM expects sales of its annual cannabis crop to exceed $20 million.
And should medical cannabis become legal in Australia? RxMM plans to jump into the market there, too, using what they’ve learned in America. “Australia is moving rapidly towards a regulated market,” their website claims.
The company intends to be traded on the Australian stock exchange.
Photo Credit: Leslie J. Clary
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