Exit Tikun, another victim of Australia’s tight regulation and low medical sales

One of the first companies involved in medical cannabis is the latest bankruptcy casualty in the volatile global cannabis market – citing slower than expected sales due to more rigorous than expected regulations.

Tikun Australia, formerly known as Medifarm, built a multi-million-dollar facility in the state of Queensland, where it was officially opened by then federal health minister Greg Hunt in August 2019. The company had planned to produce medicinal cannabis commercially in the first half of 2019, but Hunt said regulations had slowed the process.