Imported Cannabis from Medicinal Organic Cannabis Australia (MOCA) products from imported cannabis and imports cannabis products from North America and Europe. The imported cannabis products are focused for Medicinal and recreational use.
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 legalised 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