I am thinking to keep the design simple and corporate-style (not cartoony). 
Font can be either all capitals or otherwise maybe a rounded font may also work. 
The word "STEAM" and the word "AUSTRALIA" could be electric blue colour.  
The word "WEED" could be darkish green. 
The word "AUSTRALIA" can be smaller sized font.
I like colour gradation/variation/highlights such as darker towards the bottom and lighter towards the top.
The logo icon can be based on the concept of the fire and water yin yang (fire is to be on the bottom- some examples of this icon concept are attached- please use vibrant colours. Don't copy these icons, they are just for a rough concept, I think you can do much better..) 
Please incorporate some steam into this icon design as well, either around the edge or coming off the top. Thank you.

Well done ! thanks for your prompt revisions.

STEAMWEED AUSTRALIA