...

 
Cannvas.Me
Sign Up For Free
  • Post Time Posted October 29, 2018

According to new reports, about seven people a day are being approved for medicinal cannabis in Australia as part of a burgeoning $18 million industry that could balloon to billions within a decade.
 

Australia’s medicinal cannabis regulations are extremely tight relative to Canada and many US states that have legalized the plant, but the industry is still growing rapidly. A new online application has increased approvals, and the Therapeutic Goods Administration (TGA) approved 469 applications between August and September. This may seem small, but compared to the 97 approvals between January and February, it is a major jump. 

The TGA noted that it is possible for one patient to have multiple applications approved. 

The report by market intelligence firm Prohibition Partners suggests that Australia’s medicinal cannabis market could skyrocket to $1.2 billion by 2024 and then $3 billion by 2028. A recreational market, according to the report, could add an extra $8.8 billion annually in a decade if it is legalized soon.

Source: https://www.news.com.au/technology/science/human-body/australias-cannabis-industry-set-to-boom-report/news-story/8900ec761318b3b66f90c254c23d9948

This article is now marked as read.

Was this article helpful?

Review this article to help us continue creating and sharing relevant content.

Please note it may take up to two business days for reviews to be validated and published.

Reviews

Review this article to help us continue creating and sharing relevant content.

Write Review

Would you like to
make this review public?

Please disable your ad blocker to avoid issues using social plugins on Cannvas.Me. Thanks.
Close