Medicinal pot stocks high on export move

Build out of the growing facility is well advanced

Faye Gross | 06 January, 2018, 00:55

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.

It is set to allow exports of cannabis-based medicines, and assured that Aussie patients will be prioritised.

The products will be distributed throughout Australia and made available to eligible medical practitioners through government-approved schemes.

"We have some of the best farmers in the world, we have some of the most secure conditions for the production of medicinal cannabis in the world", he said.

In an effort to join the estimated $55 billion global export cannabis market while also improving supply for the domestic market, the country of Australia announced Thursday it would be shipping medicinal pot beyond its borders for the first time. "By knowing they have an Australian market and an worldwide market, that improves the likelihood of growing and production in Australia".

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"We would like to be, potentially, the world's number one medicinal cannabis supplier", Mr Hunt said. Victoria in 2016 became Australia's first state to legalise cannabis for medical use, quickly followed by NSW. "In fact, by helping the domestic manufacturers to expand, this, in turn, helps to ensure an ongoing supply of medicinal cannabis products here in Australia".

"While the Australian patient base is growing, it is very small", Crock told Reuters. But the government hopes domestic medicinal use, legalized a year ago, and exports will rapidly boost production.

The use of medicinal cannabis has been legal in Australia since 2016. He maintained that the sector is supportive of that and cited a "progressive increase" in prescriptions.

The Australian Government aims to give a green light to medicinal cannabis exports.

"Because under the new regulations, they will have the first right of access". Since Parliament passed laws allowing its use, the number of patients being prescribed medicinal cannabis has been limited.

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Medicinal pot stocks high on export move

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