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06 January 2018, 12:59 | Marta Robbins
Australia legalizes medicinal cannabis exports
Following a recent federal government initiative allowing the exportation of medicinal cannabis from Australia, medicinal cannabis business The Hydroponics Company (ASX:THC) announced it is well positioned with worldwide partners to take advantage of this opportunity.
The proposal needs the federal parliament to approve it upon returning to session next month, but the main opposition Labor Party has already signaled its support. "By knowing they have an Australian market and an global market, that improves the likelihood of growing and production in Australia". "Being able to export will allow us to have the scale to increase production".
"We would like to be, potentially, the world's number one medicinal cannabis supplier", Hunt said, according to The ABC.
The federal government in 2016 legalised patient access to Australian-grown and manufactured medicinal cannabis, subject to state and territory regulations. New South Wales followed suit.
The growth of weed Down Under is still relatively small as recreational use still remains illegal.
The health minister assured the medical community there was "now no real government barriers at all to accessing medicinal cannabis". It said the move would boost opportunities for domestic manufacturers, noting that a strong industry would mean Australian doctors having high-quality products to prescribe to their patients.
Distributor Bod Australia also hit record highs in early trading - and was still up 24.4 per cent to 53.5 cents - after inking a manufacturing and commercialisation agreement with pharmaceutical company iX Biopharma Limited to develop a cannabis wafer product.
When the Australian Parliament convenes in February, it will amend existing regulations to allow for cannabis exports overseas, the minister said. But he assured they are working along with the College of Global Positioning System and Australian Medical Association to ensure that doctors have access to full information so they can ensure the best interest of patients.
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