Medigrowth and Deakin Uni partner on medicinal cannabis centre

Medigrowth, a fully licensed Australian medicinal cannabis biotech, has announced its plans to further Australia’s medical cannabis industry with the construction of a Centre of Excellence in Geelong. Planning permission has already been granted for the purpose-designed manufacturing, research and genetics hub, anchored within a high-value, advanced agbiotech precinct.

Since launching in 2017, Medigrowth has delivered its medicinal products — including THC, CBD and dry cannabis flowers — to thousands of Australian patients, while also collaborating with Deakin University to find plant-based alternatives to improve the quality of life for patients with neurodevelopmental challenges. The Medigrowth Centre of Excellence will become their hub for accelerating medical cannabis research, as well as undertaking research projects to explore new areas where plant-based medicine can improve the quality of life for all people.

Progression towards construction of the Medigrowth Centre of Excellence will be partially funded by an equity crowdfunding campaign via Birchal. The funds will be used to accelerate this project, as well as further its research, clinical trials and product development pipeline, and position Medigrowth as a global leader in medical cannabis. The facility is said to have already sparked interest from international companies with interests in cannabinoid pharmaceuticals research and strong university alliances.

While it remains a restricted, prescription-only, plant-based medicine, demand for medical cannabis in Australia is high with prescriptions for the product increasing by 295,515 from 1011 between 2016 and 2022, according to the TGA. With the Australian cannabis market forecast to reach AU$1.4 billion by 2032 and a worldwide estimate of US$127 billion, Medigrowth aims to bridge the gap between supply and demand, providing patients with both prescriptions and products and working towards TGA-registered medicines for global markets.

“Australia has the potential to become a major player in the world of medical cannabis from exporting to research to training, but right now we’re overwhelmingly reliant on overseas imports,” said Adam Guskich, CEO and co-founder of Medigrowth. “About 78% of our products are manufactured overseas, which raises costs for Australian patients and forces them to choose between their medicine and their budget.

“There is an opportunity for us to not only distribute Australian-made products to local patients, but to further develop our clinical work to extend our reach overseas. Smart companies will see the value of pursuing clinical trials and following the traditional pharmaceutical pathways towards TGA approvals and registered medicines. Ultimately, this will help patients and differentiate Medigrowth with unique offerings.

“The industry is young in Australia, but ready to explode onto an international stage,” Guskich said.

Image caption: Artist’s impression of the Medigrowth Centre of Excellence.