Cannabis hits high as exports get nod
MEDICINAL cannabis is set to be the country’s next big export market after the $100 million domestic industry was given the green light to send its products across the globe.
But a Queensland grower says the priority will be getting the highly desired treatment into the hands of Aussie patients first.
Sunshine Coast-based cultivator Medifarm, which employs about 30 staff, will be able to export its produce after the Turnbull Government announced its intention to legislate the exportation of medicinal cannabis.
But chief executive Adam Benjamin said while it was “excellent news and a great opportunity” for the industry, its focus would remain on the rapidly growing domestic market and its goal of producing enough medicine for 5000 patients this year.
“As a company, we are really only focused on the Australian patient first – that’s the reason we set up a local production facility here on the Sunshine Coast,” he said.
“Should there be a surplus down the track, then we might consider exporting.”
Mr Benjamin said the legalisation was a “smart move” for Australia, given the country’s world-class reputation in both agriculture and healthcare.
The University of Sydney has predicted the medicinal cannabis industry could be worth up to $100 million a year domestically, while some forecasts have the global demand reaching $200 billion by 2020.
Following the announcement shares in several ASXlisted companies associated with medicinal cannabis skyrocketed, with investors correlating the export lift with a potential boom in revenue and jobs.
Cann Group Limited chief executive Peter Crock welcomed the news as the company’s shares hit a record high.
“Importantly, this decision will help ensure Australians benefit from a stronger, economically viable industry that is incentivised to develop worldleading medicinal cannabis products to which their will have access,” he said.
Announcing the move, Health Minister Greg Hunt said Australian patients would be given first priority for any cannabis products.
“We have a world-class reputation for our clean and green farm products,” Mr Hunt said.
“Put them all together and we are brilliantly placed to be a world leader in medical development and medical cannabis.
“This is about giving patients the best access to the safest high-quality supply. Australian patients are guaranteed first access under this export regime.
“By having an export products and an export market, we provide additional security for potential Australian producers.”
Mr Hunt said medicinal cannabis was a “growing industry”.
Labor backed the move, with shadow frontbencher Anthony Albanese saying it was sensible to open up the industry to the export market..