Smokin’ hot: $10 million medicinal cannabis farm sparks intense interest
A listing on the Central Coast is sparking up interest with buyers in the market for a licensed medicinal cannabis farm.
The 107-acre property is located at Mangrove Mountain in NSW, however, the exact address cannot be disclosed.
Described as presenting a unique opportunity for hemp growers, the acreage is listed with Scott Wall at Stone Real Estate Wyong Lisarow who is guiding $10 million for the property.
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By continuing you agree to our Terms and Privacy Policy.Mr Wall’s phone has lit up with hundreds of enquiries into the property since it hit the market on June 3.
“I have had around 300 phone calls and around 10 to 15 per cent of that has been genuine enquiry,” Mr Wall said.
“The dollar value is where it pulls out around 99 per cent of buyers, but people are curious about these types of things.
“It is a medicinal cannabis operation, low THC, however, a lot of the details are not open for discussion.”
Under its current license, the license holder has the authority to cultivate and supply cannabis for commercial production.
Mr Wall said the property offered an ideal investment for those looking to expand or enter into the lucrative hemp industry.
Included in the sale is a 42-meg water license, guaranteeing a sustainable and consistent water supply which is essential for maintaining crop health and optimising yields.
It also includes all farming machinery and manufacturing equipment.
Mr Wall said the property is currently under lease and, due to the nature of the business, certain security measures are in place to facilitate the sale.
The listing has also drawn enquiry from buyers interested in securing a large land holding.
“We have had a couple of parties interested in the land because it is 107 acres, which is a large parcel, especially for people with horses,” he said.
In addition, the property has a seven-bedroom home and a two-bedroom cottage that could serve as a manager’s residence or staff quarters.
In 2022, a medicinal cannabis farm in Tasmania became the first of its kind to be listed for sale in Australia.
The fully operational 44.26-hectare medicinal cannabis facility in Tasmania was sold by ASX-listed company, ECS Botanics, for $3 million.
The niche agricultural sector is growing as demand for medicinal cannabis products has increased in Australia and abroad.
This article first appeared at view.com.au
