Australia aims to become world's top medicinal cannabis exporter

Violet Powell
January 6, 2018

Australian medicinal cannabis producers are on a high after government across the Tasman gave them approval to begin exports.

The use of medicinal cannabis has been legal in Australia since 2016.

AusCann revealed it will now start producing cannabis products to treat chronic pain and epilepsy, among other conditions, with a view to export by late 2018.

Only a small group of nations now allow medicinal marijuana exports, among them Canada, Uruguay, and the Netherlands, with Israel and some others planning to follow suit.

Domestically, "we are continuing to make it easier for doctors to access medicinal cannabis products more rapidly", noted Australian health minister Greg Hunt in a statement today.

Cann Group ended the day up 35 percent; AusCann Group rose almost 54 percent; and BOD Australia closed up about 39 percent. Even firms such as Hydroponics ended up with a 30% rise in its share prices, which were at their peak during the span of thirty-five days.

GETTY STOCK IMAGE    
     WEED But the recreational use of cannabis in Australia remains illegal
GETTY STOCK IMAGE WEED But the recreational use of cannabis in Australia remains illegal

"We want a robust Australian medicinal cannabis industry so that doctors have safe, quality domestic products that they can confidently prescribe to their patients", said Hunt.

"The sector is fully supportive of that", he said. "Australian patients come first".

"While the Australian patient base is growing, it is very small", Crock told Reuters. Israel has said it intends to do so within months. "By knowing they have an Australian market and an global market, that improves the likelihood of growing and production in Australia".

As per the health minister of Australia, the government's objective behind legitimizing cannabis exports is to be the Numero Uno exporter of the drug in the world. It is learnt that the nation's main opposition, the Labor Party, is likely to support the proposal.

We asked if you would benefit from a more stable and secure supply of medicinal cannabis.

US consultancy company Grand View Research previous year forecast the global medicinal cannabis market would be worth $55.8 billion by 2025.

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