There is a strong possibility that soon, Australia will legalize the exports of medical marijuana products. This will make it the fourth country in the world to do so. Marijuana plantations in Australia aren’t that much because the use of the product for recreational purposes is still illegal. But with the legalization of medical marijuana, Australia might start exporting the product. This will lead to an increase in production.
With this move, Australia will secure a section of the global medical marijuana market. The global medical marijuana market is valued at an estimated 55 billion dollars.
According to Greg Hunt, the Australian Health Minister, the legalization of medical marijuana will help to make Australia a chance at becoming the prime exporter of medical marijuana in the world.
But, growers will be legally required to meet the local demand before they can export what remains.
The last few years 29 states in the United States and various countries worldwide have legalized medical marijuana. This is coming as a result of the proven value of medical marijuana for treating multiple sclerosis, chronic pain, managing chronic pain amidst other medical benefits. Moreover, the recreational use is also permitted in some States and that opened new possibilities for people to taste famous strains like the k2 cannabis strain.
Reasons why Australia wants to become the prime exporter of medical marijuana
There are several reasons why Australia want to become the top exporter of medical marijuana in the world. The reasons will be enumerated below:
To maintain a domestic supply of medical marijuana:
The Australian government wants its people to benefit from all the therapeutic benefits of medical marijuana. Medical marijuana has been proven to help those suffering from chronic pain, loss of appetite, glaucoma, side effects of chemotherapy, seizures etc.
To develop the exportation of medical marijuana:
Various licenses have been granted for the exportation of medical marijuana and not just its export alone. Once medical marijuana is legalized, there will be a stable supply adequate for local needs. Once local needs have been met, the remainder shall be exported. These exports will be in the form of tablets, sprays, edibles, licenses, patches, lozenges.
To promote foreign investments and boost taxes
With the legalization of medical marijuana, investors will flock to Australia from other countries. There has been an influx of foreign investment into other countries that legalized medical marijuana and Australia is expected to witness the same growth. These investments will lead to more exports from Australia and more taxes for the government.
After the announcement of the legalization of medical marijuana, the share value of some marijuana producers listed on the Australian Stock Exchange rose up.
Exports are expected to begin in some months. Australia will join the likes of the Netherlands, Canada, and Australia in exporting medical marijuana.
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