Australia’s budding marijuana market
It’s been 5 years since Australia moved to legalise medicinal cannabis.
Let’s take a look at what’s been given the green light.
Weed. Choof. Pot. Devil’s lettuce. Whatever you call it - it’s big business.
In April it was announced that two medicinal marijuana companies had fast-tracked plans to build a gigantic cannabis farm outside Toowoomba, Queensland.
The $400 million facility is set to supply both local and international markets as the global demand for cannabinoid medicines continues to skyrocket.
According to the chief executive Matt Cantelo, Australia is set to become “the global leader in medicinal cannabis production”. This paired with recent updates to regulation has the Aussie industry estimated to reach $1.5 billion by 2025.
So while you may not be able to *legally* roll a jozza before seeing the next Marvel movie, here’s what it does mean:
You can now purchase CBD oil from your chemist
Ok not right now, but soon! Because the law literally just passed there aren’t any CBD products available quite yet.
Google searches for CBD oil have gone up 250% over the last couple of years, making it one of the most talked about substances of the moment. Shown to assist with pain, depression, anxiety and sleeping problems, you’ve probably seen it popping up in everything from skincare to sexual wellness products. AND IT LOOKS SO CHIC.
Access to medicinal treatment should become easier
Here’s the deal. Shipping medicinal cannabis is superrrrrr expensive. Matt Cantelo, the CEO of Australian Natural Therapeutics Group says "many patients in Australia are unable to afford the ongoing costs of imported medicinal cannabis - which can be tens of thousands of dollars a year." For this reason, there’s been a rise in patients seeking out illegal alternatives. It’s hoped that Cantelo’s new on-shore facilities will mean more affordable access for Australian patients.
Recreational weed could be on the way
Look, I’m no oracle, but it seems inevitable that cannabis reform will eventually reach Aus. Especially given our friends across the ditch are already in the process! In fact, perceptions are already shifting. Recent research from Roy Morgan showed that across Australia, the total number of people wanting to legalise marijuana increased to 42% - up 9% from a few years earlier.
Image Source: Shifting Attitudes via Pondering Pot
So watch this space!