Cannaponics raises $1.5m for WA-based medicinal cannabis hub

Perth-based medicinal cannabis company Cannaponics has raised $1.5 million in its first round of seed capital as it works to develop a $15m cannabis and hemp hub in Collie, in WA’s South West. The State Government has backed the project, which will include a manufacturing facility, tourism centre and clinical research lab. Cannaponics previously bought a 64ha piece of land to develop the project on, and plans to build 60,000sqm of greenhouses. Founder and managing director Rod Zakostelsky said the hub would bring economic opportunities to WA and have a positive social impact on Collie. The global medicinal cannabis industry is expected to exceed $US100 billion by 2024, according to Prohibition Partners, a market intelligence firm on the cannabis industry. Mr Zakostelsky, who also co-founded supplement range Miss Vitality, said Cannaponics was seeking strategic partners to move into the next phase of business with. Once operational the hub is expected to employ about 70 people, with room to expand.