Published: Sat, January 06, 2018
Global Media | By Garry Long

Government approves medical cannabis exports, sparks ASX price surge

Government approves medical cannabis exports, sparks ASX price surge

Recreational use of marijuana is still forbidden nationwide in Australia. But the government hopes domestic medicinal use, legalized previous year, and exports will rapidly boost production.

Stock analysts have confirmed that the share price of over twelve medical cannabis producers listed on the local exchange skewed up after the government had made the declaration of exporting the drug.

Cann Group ended the day up to 35%, AusCann Group rose almost 54% and BOD Australia closed up about 39%. All were record highs for those companies.

Only a small group of nations now allow medicinal marijuana exports, among them Canada, Uruguay, and the Netherlands, with Israel and some others planning to follow suit. He added being aware that they have an Aussie market and a global market boosts the likelihood of growing and production. According to official authorities, though the cultivation of medical marijuana in Australia is meagre, its domestic application, legalized in 2016, and its increased sale to other countries will result in a surge in its production across the region.

Hunt also said the government's focus was on the patients in Australia.

"We want a robust Australian medicinal cannabis industry so that doctors have safe, quality domestic products that they can confidently prescribe to their patients", said Hunt.

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"This change will not come at the expense of Australian patients", Hunt said.

Several other countries have legalised medicinal marijuana, including Canada, Israel, and more than half the USA states.

"There are now no real government barriers at all to accessing medicinal cannabis", he said. It is learnt that the nation's main opposition, the Labor Party, is likely to support the proposal.

Once the process is complete, exports are expected to begin within months.

We asked if you would benefit from a more stable and secure supply of medicinal cannabis.

US-based Grand View Research estimated previous year that the global market would reach US$55.8 billion by 2025.

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