The Cannabis Industry in Australia

As of September 2021, cannabis is legal for medicinal use in Australia, but remains illegal for recreational use. This means that patients with certain medical conditions can access cannabis products with a prescription from a doctor. However, the regulations around medical cannabis in Australia are strict, and access can be difficult for some patients.

The cannabis industry in Australia is still relatively small, but it is growing rapidly. There are a number of companies in Australia that are involved in the cultivation, processing, and distribution of cannabis products for medical use. Some of these companies also export their products to other countries where medical cannabis is legal.

In addition to medical cannabis, there is also a growing interest in hemp and CBD products in Australia. Hemp is a variety of cannabis that is low in THC (the psychoactive compound that produces a "high"), but high in CBD (a non-psychoactive compound that has potential therapeutic benefits). CBD products, such as oils, capsules, and creams, are legal in Australia as long as they contain less than 2% THC.

Overall, the cannabis industry in Australia is still in its early stages, but there is a lot of potential for growth and innovation in the coming years. As regulations around cannabis continue to evolve and more research is conducted on the potential medical benefits of the plant, we can expect to see continued growth and development in this industry.

Summary - Cannabis is the fastest growing industry in the United States and the market presently stands at US$10 billion per year. It is anticipated that at maturity, the global market for cannabis will exceed US$500 billion. 

Description – Sales of cannabis products is anticipated to increase by over 700% in the next 2 years in the United States. This can be traced back to a scientific breakthrough in the end of the 20th century, when the Endocannabinoid System (ECS) was discovered in human beings. 

The ECS is considered one of the most important human functions and its main role is to maintain homeostasis (balanced health) therefore, cannabis is now viewed as one of the most important and versatile medicines of all time. A whole new world is rapidly emerging on the multiple benefits of cannabis; on health, on social structures and on government regulations. The number of conditions treated using medical marijuana is growing rapidly.