A 'billion dollar' medicinal opportunity for ag to tap into

Australia's ag reputation is opening the perfect opportunity

Agribusiness
From February 1, cannabis oils can be sold over the counter in Australia.

From February 1, cannabis oils can be sold over the counter in Australia.

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Australia's reputation and regulation is making the country a major player for medicinal cannabis.

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The economic potential of medicinal cannabis is often celebrated by its advocates; highlighting a brand new stream of tax revenue and job growth on top of the medicinal benefits it offers.

From February 1, Australians will technically be allowed to purchase medicinal cannabis over the counter, as long as it has less than 2 per cent of THC (cannabis' psychoactive chemical). This is one of the biggest breakthroughs cannabis production has had in Australia, however, the Department of Health has not yet approved any product for sale.

Data analyst and co-founder of international finance-app Grafa, Dan Petrie, said the country's slow regulatory process proves Australia is on track to be a major player in medicinal cannabis.

"One of Australia's most heralded industries is our high quality agricultural production," he said.

"Australian product can satisfy stringent regulations across the European, Asian and North American markets for the production and delivery of medicinal cannabis."

Mr Petrie said medicinal cannabis could add $1 billion to Australia's agricultural export value by the year 2030.

"Australia's export value sits at around $4b and if you add medicinal cannabis you easily add $1b conceivably by the turn of the decade," he said.

Mr Petrie said that as the science and education around medicinal cannabis grows, access would become inevitable.

"Being able to medicate around pain, particularly for end-of-life and serious diagnosis has a serious demand, and as the population ages the demand for that product will only increase."

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