Report: Australia’s Cannabis Industry Expected to Boom
Every locale that has legalized cannabis, be it medicinal use or full legalization for all adults, has created more jobs and revenue for their respective economies, as well as decreased needless and wasteful arrests and convictions. Most legalized jurisdictions have even experienced overall economic benefits that have exceeded initial estimates. Canadian policymakers obviously didn’t expect sales to be so robust after Canada became the first G7 nation to regulate cannabis commerce for all adults.
Countries that have legalized medical use, including the soon-to-be-medical United Kingdom, can expect to see their medical programs grows, just as Germany and other programs around the world have seen. According to Australia’s SBS News, cannabis revenue is about to boom Down Under:
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.
Market intelligence firm Prohibition Partners will discuss its new report that suggests the nation’s 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.
The movement to end cannabis prohibition is only picking up steam and Canada’s experience and the ongoing political and financial success stories will only spur more progressive laws around the world. While jobs and revenue make most of the headlines, Australia’s and other new medical programs, most importantly, will provide much-needed relief to patients in need. Once countries legalize, the end of harmful arrests and prosecutions are most important to longtime advocates, while it is imperative that patients’ needs are met. When taking account the overall implications of sensible cannabis reform, it is easy to see that progress reforms will continue to be implemented nation by nation.
Learn the latest about the cannabis industry and network with top investors and entrepreneurs from around the world at the next International Cannabis Business Conference in San Francisco, California, on February 7-8, 2109. Be sure to secure your place and take advantage of early-bird pricing by purchasing early-bird tickets by January 18th. After San Francisco, the ICBC will be heading to Barcelona for a special event with Spannabis, followed by a two-day conference in Berlin.