Australia Aims for Global Domination of Medicinal Cannabis Market

January 4, 2018

Australia’s fledgling medicinal cannabis market is about to get a big boost, with the Federal Government to allow exports of cannabis-based medicines.

Key points:

Regulations that currently prevent exports of medicinal cannabis products will be changed

The Government has high ambitions for the emerging industry

There will be “more than enough” for Australian and international consumers, Greg Hunt says

The move aims to create a bigger market for locally produced medicines so that there is a more stable and secure supply for Australian patients.

It is also a shrewd business move, with ambitions for Australia to become the biggest producer of medicinal cannabis products in the world.

“This is actually a very important step for our domestic patients and our domestic supply,” Health Minister Greg Hunt said.

“By knowing they have an Australian market and an international market, that improves the likelihood of growing and production in Australia.”

Regulations that currently prevent exports of medicinal cannabis products will be changed once Parliament resumes in February.

The changes will cover cannabis-based treatments such as oils, patches, sprays, lozenges and tablets that have the potential to relieve the pain and symptoms of a myriad of conditions.

The Federal Government has high ambitions for the emerging industry.

“We would like to be, potentially, the world’s number one medicinal cannabis supplier,” Mr Hunt said.

He said it was likely there would be “more than enough” for both Australian patients and international consumers.

“One of the conditions of any licence for export is that medicinal cannabis be made available to Australian patients first,” Mr Hunt said.

“The sector is fully supportive of that. Australian patients come first.”

‘No real government barriers’ to accessing cannabis

The number of patients being prescribed medicinal cannabis has been limited since Parliament passed laws permitting its use in 2016.

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