Australia aims to become world’s top medicinal cannabis exporter
The Australian Government aims to give a green light to medicinal cannabis exports.
The country’s Government wants to corner the market on legalised pot exporting, joining Canada and The Netherlands as the only nations to export cannabis outside their own borders, the BBC reports.
The use of medicinal cannabis has been legal in Australia since 2016. Recreational smoking is not.
Pending parliamentary approval, cannabis products including including oils, patches, sprays, lozenges and tablets made from locally grown cannabis would be on offer to the global medical cannabis market.
The Aussie Government’s signal has already lit a fire under the country’s fledgling cannabis industry with shares in Cann Group up 27.8 per cent at $3.68, The Hydroponics Company had gained 20.3 per cent to 86 cents, and Auscann had risen 20.7 per cent to 99 cents, according to AAP.
Bod Australia hit record highs, up 25.6 per cent to 54 cents, after inking a manufacturing and commercialisation agreement with pharmaceutical company iX Biopharma Limited to develop a cannabis wafer product.
Australian federal health minister Greg Hunt said allowing medicinal cannabis product exports would help the developing domestic market to grow, and subsequently help Australian medicinal pop users.
“By helping the domestic manufacturers to expand, this, in turn, helps to ensure an ongoing supply of medicinal cannabis products here in Australia,” Mr Hunt said in a statement.
He hopes Australia can be the world’s top supplier of medicinal cannabis.
In 2016, Victoria became Australia’s first state to legalise cannabis for medical use and was quickly followed by NSW.
The federal health department says 350 patients have accessed Australian-grown medicinal cannabis products.
– Stuff with AAP