Like all other countries that chose to support the cannabis industry, Australia is experiencing a major boom. According to the latest data, the cannabis market in Australia will reach 1.5 billion dollars by 2025.
The most interesting thing about this is that there is much more money to be made. Like with most other countries, Australia didn’t legalize marijuana all at once.
Furthermore, the legalization varied from region to region. If the trend continues, Australia will remain the largest cannabis market in Ocean and beyond.
But, the increase didn’t come overnight. It was a result of a long hard work by the companies and the government bodies that ensured that the market would grow as it did. At this point, the cannabis market in Australia is valued at 40 million dollars. So, the expected jump (if it occurs) will be massive.
The economic experts predict that the market will rise to $170 in the next year, tripling in the year after, and going all the way to $1 billion in 2023. Legal cannabis in Australia is really popular, like in many other countries, so there is a good chance that these forecasts will come true.
The jump is not based on a hunch or optimistic calculations. It has to do with the forthcoming legal changes that will take effect in the next several years. Marijuana is getting better and better rep in the region, and it is being used for an increased number of medical treatments.
Unlike some other countries that focus on medical marijuana, Australia also allows recreational use.
Cannabis Australia: The History
Like in all other countries, the changes didn’t come overnight.
For the longest time, marijuana was seen as nothing more than a gateway drug. The stance had changed in the last decade or two when we arrived at new and exciting scientific discoveries regarding this amazing plant.
The legislative changes were slow, and they started with industrial hemp. It was the first product type that was legalized in this country. Of course, we all know how great hemp is; there is a wide variety of products and industries where it can be used.
When talking about Australia, they allowed the use of hemp for plastics, fabrics, paint, food, and for various construction products and substances.
Each province had to make their own decision regarding the hemp. The first province to legalize it did so in 1998. The others soon followed. But, Australia had to wait for a long time for a major breakthrough.
It came in 2016 when parliament decided to allow medical marijuana. As time went by, there was an increased effort from the government to standardize and include these products in their medical assortment.
After seeing the impact on the market, and of course, on the patients, the government decided to proceed with these changes. Of course, the biggest issues regarded the perception of the plant; there were factions within the government that opposed the inclusion of marijuana.
However, the economic advantages prevailed, so the country continued working on their legislative framework that would create a stable environment for the growth or companies while also protecting the users.
Prohibition Partners had a crucial role during this time. They were one of the organizations that fought for cannabis in the best way possible. They advocated an increased number of research that would support all the claims regarding the plant.
The focal point was the studies that were meant to explore the medical benefits of marijuana. As the country gained better insights back up by its scientific elite, the public opinion changed and slowly started trending toward free cannabis use.
Now, we have the first regions that also allowed the use of marijuana for recreational purposes.
Future predictions on cannabis in Australia
In January 2020, Australia finally allowed its citizen to use marijuana recreationally. Every person is allowed to have 50 grams of marijuana in their possession.
Alternatively, you can grow up to 2 marijuana plants at your home residence. But, this only pertains to organic cannabis. The country prohibits the growth of artificial cannabis.
All these freedoms spearhead the development of cannabis in Australia. However, there are also some challenges ahead. Although certain regions allow the use of marijuana (in variable capacity), it is still forbidden on a Federal level.
This is very similar to the situation in the US. There are a lot of different views regarding the plant. For example, some parts of the government are strongly against it, while others look forward to its medical use.
The year 2019 was especially important. During this year, Australia decided to remove any legal barriers that would prevent companies from exporting cannabis to other countries.
As already mentioned, while there is some opposition to recreational marijuana, the government of Australia is fully committed to promoting and helping the medical cannabis market.
In fact, they would love to develop the market so that the country becomes one of the biggest global exporters of the product.
The Australian government has even started 6 projects that would assist the market. Nevertheless, there are still some challenges ahead and questions to be answered.
For example, the country has to decide how it will treat recreational marijuana. Cannabis as a drug has much more potential than CBD marijuana and would lead to much more profits.
In time, Australia will resolve all these issues.