The growing opportunity in the medical cannabis market seems tied up to Australia’s progressive view on cannabis. Lately, the arrival of progressive legislation the Australian government is making is one of the biggest driving forces for the cannabis market to progress.
Following Australia’s move to allow cannabis medical use in 2016, several types of cannabis markets flooded the industry. Cannabis growing, retail, cannabis-focused clinics, medicinal products, pharmaceuticals, and cannabis specialists are just some of the various entities that have grown since 2016.
The exponential growth of cannabis consumer due to Australia’s progressive attitude towards medical cannabis
The government maintains a progressive yet tight view of medical cannabis. Somehow this prompts the increase in growing cannabis consumerism.
By the end of 2017, 158 individuals were approved for medical cannabis, cut to January 2019, where the approval numbers shot to around 2,800 . The number of approved patients is still growing and is further supported by the Therapeutic Goods Administration’s (TGA) new and improved, streamlined process of approval .
In September 2019, the ACT (Australian Capital Territory) parliament passed a bill that would “remove any penalty for possessing up to 50 grams of dry cannabis, or 150 grams of “fresh cannabis,” and for growing up to two plants,” as per The Sydney Morning Herald .
Despite these reforms, there is still a huge space of unrecognized cannabis market types waiting to be prodded on. So, where does this leave the Australian medical cannabis market in terms of business opportunities?
Cannabis cultivation was forced to be established in Australia following the natural course of demand for medical cannabis in the market. Thanks to the mutual want of “job creation” from the national and local governments, cannabis farming positions are rising.
In Victoria since 2016, legalised medicinal cannabis company giants such as Cannatrek (One of CanView’s partners) have been investing in the state. Up to $30 million in investment was made in 2019 to realise the expansion, cultivation, and production of medicinal cannabis .
The approved operations of cannabis production in states seem to attract investments, a trend that doesn’t show signs of stopping anytime soon. New South Wales acquired an investment deal of $7 million on cannabis farming from ASX-listed Elixinol Global Limited last year . Meanwhile, Queensland dealt with Asterion Cannabis in setting up a $10 million cultivation facility in Toowoomba .
Modes Of Distribution
As the medicinal cannabis supply begins to saturate the Australian market, chains of distribution need to keep up.
From the moment that the doctor prescribes a medicinal marijuana product, it’s important that pharmacies are prepared to dispense the medicine promptly. The acquisition of medicinal cannabis comes with a prescription in Australia. Thus, pharmacies are the only retail authority for medicinal cannabis.
Start-up companies as CanView surges as a problem solving, streamlining the ordering process for pharmacies, and integrating the industry parts: suppliers, doctors, pharmacies and patients.
The number of medical cannabis products available in the Australian market, has also rose exponentially, growing from only 11 products accessible in Q3 2017 to a mammoth 150 products in Q3 2020.
Cannabis oils and tinctures currently dominate cannabis products in Australia. While doctors aren’t inclined to prescribe cannabis vaping or smoking products at this point, the innovation of cannabis products is poised to encourage business opportunities soon.
But how is it likely that the government will allow innovation such as “cannabis edibles” to flourish? There is no telling on the future tide of legislation. While the ACT seems to favour liberating the use of cannabis, Australia has several international agreements and laws that would most likely preclude legalisation.
Still, nothing is permanent. Sooner or later, conservative countries will succumb to the changing times.
CanView does not endorse the use of Medicinal Cannabis without lawful prescription. Just like any Medicine, Medicinal Cannabis may have both positive and negative side effects on the user and should only be prescribed to patients by a Health Professional with the authority and expertise to do so. The information provided by CanView is for informational and educational purposes and is of a general nature. If you are interested in accessing Medicinal Cannabis please talk to your doctor and request a referral to a Medicinal Cannabis clinic.
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