Australian company Cannatrek is building a growing facility at Lemnos, which will draw on the findings of a new study.
The six-month study was focused on understanding the medicinal cannabis plant’s demands for essential nutrients such as nitrogen, phosphorus and potassium.
Study results indicated the application of potassium can be drastically reduced, by up to 50 per cent in specific growing environments, with minimal impact on crop development and yield, saving money and resource load, and reducing environmental impacts.
This shows that major sustainability gains can be achieved when bringing evidence-based research to cannabis mineral nutrition.
Cannatrek founder and chief executive officer Tommy Huppert said with global supply chain issues and a significant increase in the cost of fertiliser over the past year, the study results were a welcome step in the right direction for all cannabis suppliers in Australia.
“The medicinal cannabis economy in Australia is currently valued at over $400 million and continues to climb at a rapid rate,” Mr Huppert said.
Research that improved manufacturing processes, ultimately created higher quality medicinal cannabis, which was vital for Australia to compete in a global market, he said.
“Until now, scientific literature around medicinal cannabis mineral nutrition has been sparse, and many other cultivators rely on nutrient recipes developed by fertiliser companies.
“This can lead to over-fertilization of the medicinal cannabis crop, which can produce environmentally damaging waste.
“It also comes at a higher cost for the producer, which has a direct impact on patients.”
Construction work is continuing on the Lemnos site and Mr Huppert said the site endured the recent wet weather well, although there were some interruptions.
He expected there would be some employment opportunities on the site next year.
Cannatrek is celebrating after being recognized in Deloitte’s annual Technology Fast 50 Australia Awards on November 24.
Now in its 22nd year, the Deloitte Technology Fast 50 Australia program ranks the 50 fastest-growing technology companies in the country, with a minimum cumulative revenue of $8 million over a three-year period.
Deloitte recognized Cannatrek as one of Australia’s most successful technology innovators, ranking the company sixth on Deloitte’s Fast 50 Australia Awards for 2022.
Cannatrek has been profitable for 24 consecutive months since November 2020 and has achieved a 2990 per cent growth in revenue over the three financial years to 2022.
Mr Huppert said the company was honored to be recognized for its tech innovation.
“It is remarkable for us to receive this kind of recognition from outside our industry. We are thrilled to be counted as one of the country’s leading technology innovators,” he said.
“Legislative approval for medicinal cannabis was only gained in 2016. Since then, the market has been expanding to meet increasing demand.
“We continually develop our technological capabilities to service a rapidly growing market.
“We use a blend of AI technology, telehealth, script management, digitally managed therapeutics and supply chains to service our diverse ecosystem of suppliers, doctors, pharmacists and patients.”