The Australian government has realised it is liable to make huge capital investment in legalised medical cannabis, thereby promoting an increase in its price.
After several efforts made by medical practitioners, cancer patients and their well wishers, medical cannabis has been legalised despite being known as the building block of the criminal gangs. It has not even been months when the federal government has penned down the laws for legalising marijuana for medical use, yet there are number of players who are all set to attack the government’s decision.
Once the state laws are drafted and a national regulator for the proper medical cannabis regulation is established, the industry is speculated to become a billion-dollar industry. There are Aussies who have started buying the product already without being certain about the impact of the murky legal amendment relating to medical cannabis.
Canada’s Tilray is preparing to take the world’s biggest clinical trial to see the effect of medical marijuana on patients taking chemotherapy. The company will conduct this trial test in collaboration with the NSW government along with the University of Sydney. If the trial is successful, the Canadian company will import the product from Vancouver Island, which is a spot where the product is not only grown and extracted but has also made a venture worth $250 billion that constitutes a major portion of the global industry. Further plans of initiating the medical cannabis plantation on Australian soil also seems to be on the list of changes.
“In Australia, we think that medical cannabis has potential to be a billion-dollar industry, and can create thousands of skilled jobs and generate tens of millions of dollars in foreign investment,” Tilray’s global president Brendan Kennedy told news.com.au. “We hope to invest significant capital in Australia in coming years … We intend to break ground on an Australian facility in the next 12 months.”
According to The Conversation, some of the positive points that have grabbed attention when it came to legalising the drug included the shift of the focus of authorities from cannabis crimes to healthy healing and treatment programs, eradication of underworld drug market, and establishment of a medically rich society. Raising of tax imposed on the drugs would then benefit the community.