About seven people a day are being approved for medicinal cannabis as new research suggests the $18 million industry could be worth billions within a decade.
Access to the drug is still severely restricted two years after its medicinal use was legalized nationally but a new online application system has increased approvals in recent months.
The Therapeutic Goods Administration approved 469 applications for the drug under the Special Access Scheme between August and September. That’s up from just 97 between January and February. The TGA notes it is unable to calculate patient numbers accurately and it’s possible for one patient to have multiple applications approved. Regardless, the industry is expected to boom in the coming years.
Market intelligence firm Prohibition Partners new report suggests the Australian legal medicinal cannabis market, currently valued at $17.7 million annually, could balloon to $1.2 billion by 2024 and then $3 billion by 2028.
Australia’s cannabis industry could grow even more with a recreational market worth up to $8.8 billion annually in a decade if it is legalised soon, the report says. Source
Medicinal Organic Cannabis Australia (MOCA) is a working to become a leading supplier of marijuana nationally and internationally. Medicinal Organic Cannabis Australia (MOCA) seeks to produce premium grade marijuana for medicinal and recreational purposes.
According to the Australian government Department of health, the global supplies of additional cannabis are relatively scarce and expensive and the amendments to the Commonwealth narcotics drug act will enable Australia to develop legal, sustainable, local supply of medical and scientific cannabis.