A massive new cannabis farm will be built in South East Queensland, fast-tracked by the federal government.

The $333 million 'Hydroganics' facility has been granted major project status in order for it to be operating by 2023.

When up and running, it's expected to support 140 jobs and have an estimated turnover of $366 million with 90 per cent generated from exports.

Industry minister Karen Andrews. (9News)

The location for the new farm is top secret but federal industry minister Karen Andrews said the Sunshine Coast was perfectly placed to become a hub for growing medicinal marijuana.

"We want as a government to do what we can to support emerging businesses and medicinal cannabis is certainly an industry that we're keen to support," Ms Andrews said.

"What major project status does is enable us to offer a concierge-type service to make sure that we are eliminating as much red tape as possible but providing a stewardship responsibility through to this business so that it can navigate its way through state, local and federal regulation."

Australia's first fully operational medicinal cannabis farm opened on the Sunshine Coast earlier this year operated by Medifarm.