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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

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