WA medical marijuana firm leases US crop

West Perth-based medical marijuana company RxMM Health has taken a slice of a US crop so it is eligible to apply for production licences in 2018.

A West Perth-based medical marijuana company has leased part of a US crop so it has skin in the game when it seeks cultivation licences in California.

RxMM Health chief executive Ross Lyndon-James said the pilot program would position the firm to bid for licences in 2018.

"To be eligible, you have to have been in production and growing and selling by the end of last year. If you weren't, you couldn't apply for a licence, so we've been able to `grandfather' ourselves in," Mr Lyndon-James told AAP.

RxMM Health is currently raising capital ahead of plans to backdoor-list on the ASX this year.

Mr Lyndon-James said he was confident the company's goal to raise $US4 million ($A5.68 million) would be easily achieved as investor interest had been intense.

The recent appointment of American neuroscientists Kerry O'Banion and David Felten were a boon for the company, which had high hopes for a regulated medical marijuana market in Australia, he added.

Source AAP

Stay up to date with SBS NEWS

  • App
  • Subscribe
  • Follow
  • Listen
  • Watch