Erin Resources has acquired licences to grow cannabis in Namibia.
The miner is the latest to act as a backdoor listing vehicle for medical marijuana companies, after it ‘acquired’ 100 per cent of the capital of MGC Pharmaceuticals in late May.
ASX listed Capital Mining stepped into the field earlier this year, acquiring Broken Coast Cannabis, and soon after announced plans to become Australia’s first listed domestic cannabinoid producer.
International Goldfields also joined the burgeoning new market, after acquiring Winter Garden Biosciences.
Junior miners in Australia and Canada have reportedly been turning to technology and medical marijuana companies to act as a vehicle for backdoor listing for what has been described a potential $1 trillion market.
Erin Resources new agreements provide it with permits to grow unlimited amounts of product for processing and trade in Namibia, and follow its establishment of facilities in Slovenia.
Closer to home, earlier this year NSW state premier Mike Baird announced the start of medical marijuana trials which would include children with epilepsy, and now Queensland and Victoria have joined the race with Premier Anna Palaszczuk announcing Queensland will undertake similar government-funded studies.