The world's biggest cannabis farm is on track to be built on the outskirts of a regional city two hours outside of Brisbane.

Canadian-based company Asterion Cannabis has announced, via its wholly-owned Australian subsidiary, plans to invest at least $10 million into their new project in rural Queensland.

The company has set itself ambitious goals and hopes their latest venture will have an annual cannabis production capacity in excess of 500,000 kg.

The world's biggest cannabis farm is on track to be built on the outskirts of a regional city outside of Brisbane (stock)

Canadian-based company Asterion Cannabis has announced, via its its wholly-owned Australian subsidiary, its plans to invest at least $10 million into their new project (stock)

The company has set itself ambitious goals and hopes their latest venture will have an annual cannabis production capacity in excess of 500,000 kg (stock)

The company said their latest venture will aim to be the largest greenhouse cannabis production facility the world has ever seen.

The world's largest legal cannabis farm is currently considered to be located in British Columbia and run by Canadian company Canopy Growth.

Asterion Cannabis plans to build the farm across approximately 75 hectares (185 acres) of land close to the city of Toowoomba in southern Queensland, with an option for Asterion to purchase up to an additional 15 hectares (37 acres).

The land will largely be taken up by secure, purpose-built greenhouses within which the cannabis plants will grow.

Asterion pledged the farm would be run on renewable energy and will include full extraction and processing equipment, as well as a research and development facility for the development of 'next generation cannabis products'.

Speaking to the Courier Mail, Toowoomba Regional Council Mayor Paul Antonio declined to comment on whether negotiations had begun between the council and Asterion.

The world's largest legal cannabis farm is currently considered to be located in British Columbia and run by Canadian company Canopy Growth (stock)

Asterion is a Canadian cannabis company with operations in Australia, specialising in organic medical cannabis (stock)

However he told the publication the project would 'employ a lot of people'.

'As far as labour is concerned this is going to require a lot of it.

'We support it and we think it is a big part of the future.'

Asterion is a Canadian cannabis company with operations in Australia, specialising in organic medical cannabis.