A medicinal cannabis grower with crops based in Officer has gone into administration and is reported to owe millions to its backers.
OneLife Labs, which operated facilities in Officer and Wonthaggi to cultivate cannabis crops for medicinal marijuana products, went into administration on 3 December 2024.
As reported by The Age, OneLife owed $18.5 million to its creditors and had $11 million invested by shareholders over the past three years.
Crops were cultivated at their property in Officer and processed at a facility in Wonthaggi, it’s reported to have held $1 million in crops when the company went into administration.
A significant shareholder in the company is Berwick’s Russell Wilson who sits on a billion-dollar fortune made as the founder of cryptocurrency trading platform CoinSpot.
High costs within the industry and the still-developing market of medicinal marijuana in Australia were reported to have contributed to OneLife’s financial struggle.
