Australia’s Murray River Organics (MRO) has been granted a licence to grow low-THC cannabis in Australia.
Agriculture Victoria gave the company the green light to grow the plant on its Nangiloc property, opening up opportunities for the vine fruit producer to enter this growing market.
“The Australian hemp market is in its infancy; the Company now has the potential to be the first large scale grower of organic hemp in Australia to meet the strong demand in global markets,” MRG chief executive Valentina Tripp said in a statement on Wednesday.
“The growing demand for organic hemp-based foods is an emerging trend in the food industry and we believe this offers a unique opportunity for MRG.”
The license will give MRG “additional scope and options” as it reviews its short to medium term plans for the first phase of Project Magnum (the development of the 2300Ha Nangiloc property).
In May, MRG announced that the Project Magnum will see a development of 2,300 Ha arable area on its Nangiloc farm which will begin in FY20.
“This also affords us the opportunity of establishing and developing another vertical integration of production through to retail ready product while building strategic partnerships with such products,” Tripp said.
“We are confident that growing organic hemp will contribute to the growth of the organic food industry in Australia. Low-THC cannabis can be used in a variety of food products including snacks and beverages, as well as supplements, and the potential for the agricultural sector in Australia to embrace crops such as organic hemp is exciting.”