An industry report has warned Australia risks losing a billion dollar industry.
Australia risks losing a billion dollar industry if medicinal cannabis is not correctly regulated, an industry report has warned.
The report, published by FreshLeaf Analytics, forecasts Australia’s medicinal cannabis industry will double in size from $100m to $200m by the end of the year.
Currently there are about 45,000 people accessing medicinal cannabis legally in Australia but this will likely reach 75,000 patients by the end of 2021, according to the report.
Medicinal cannabis patients have complained about excessive costs to access the drug through legal channels — with the average patient spending $359 per month.
The report forecasts that if medicinal cannabis is made more accessible it could generate $1.5 billion each year.
The National Drug Strategy Household Survey 2019 revealed that 600,000 Australians are believed to be illegally accessing cannabis for a medicinal purpose.
The same study said that the average spend on illegal medicinal cannabis was $50 per week.
A report by FreshLeaf Analytics explained that transitioning the illegal market, called the green market, to legal methods could result in a $1.5 billion industry emerging.