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The steady bloom of Australia's canna-biz

The steady bloom of Australia's canna-biz

Amid the pandemic the medicinal marijuana industry is approaching maturation, as bankers and regulators cautiously take a toke.

Cann Group has taken a 2% stake in iuvo.  

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When Rich Lister Barry Lambert and his family gave $33.7 million to the University of Sydney to fund research into medicinal cannabis in June 2015, he liked the idea he was helping to break a taboo.

The retired accountant – who sold his business Count Financial to the Commonwealth Bank for more than $373 million and reportedly had never smoked a joint before becoming the plant's most notable (if unlikely) advocate – hoped the record donation would help more people like his four-year-old epileptic granddaughter, Katelyn.

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Aleks Vickovich
Aleks VickovichWealth editorAleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
Carrie LaFrenz
Carrie LaFrenzSenior reporterCarrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com

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Original URL: https://www.afr.com/companies/healthcare-and-fitness/the-steady-bloom-of-australia-s-canna-biz-20201217-p56oe3