Australia to allow medicinal cannabis exports

Australia to allow medicinal cannabis exports

Australia could become the world's top supplier of medicinal cannabis - after the government announced it would legalise exports of the drug.

The growth of weed Down Under is still relatively small as recreational use still remains illegal.

The use of medicinal cannabis has been legal in Australia since 2016.

Cann Group ended the day up to 35%, AusCann Group rose almost 54% and BOD Australia closed up about 39%.

"The Australian government's decision to allow medical cannabis exports supports the development of the cannabis industry internationally", noted Jonathan Sherman, a marijuana securities lawyer at Cassels Brock, a Canadian law firm specializing in cannabis legalization. All were record highs for those companies.

Domestically, "we are continuing to make it easier for doctors to access medicinal cannabis products more rapidly", noted Australian health minister Greg Hunt in a statement today. "Being able to export will allow us to have the scale to increase production".

The country's Government wants to corner the market on legalised pot exporting, joining Canada and The Netherlands as the only nations to export cannabis outside their own borders, the BBC reports. "The sector is fully supportive of that", he said. "Australian patients come first".

Israel has claimed it intends to do so within the next few months. The country's main opposition Labor Party has signalled it would support the move.

Speaking to the ABC, Hunt confirmed there would be "more than enough" local production of cannabis products to furnish an export market, while also clarifying that they ought to be made available to Australian patients first.

The medicinal cannabis industry in Australia is now limited, but it's expected this move will see it expand significantly.

Related Articles

  • Analyst Stock Recommendations For NVIDIA Corporation (NVDA), Francesca's Holdings Corporation (FRAN)

    Analyst Stock Recommendations For NVIDIA Corporation (NVDA), Francesca's Holdings Corporation (FRAN)

    Elizabeth Park Capital Advisors Ltd. holds 4.13% of its portfolio in United Community Financial Corp. for 1.11 million shares. The low EPS estimate is $0.88, while the high EPS estimate is $1.12. 65 funds opened positions while 177 raised stakes.
    Rush to fix 'serious' computer chip flaws

    Rush to fix 'serious' computer chip flaws

    But in a matter of hours, more evidence have surfaced showing that the vulnerabilities have massive industry wide implications . And that is what distinguishes them from previous security alerts that have tended to involve software rather than hardware.
    Mega Millions climbs to fourth largest jackpot in history

    Mega Millions climbs to fourth largest jackpot in history

    The odds of winning one of the jackpots is roughly one in 259 million for Mega Millions and one in 292 million for Powerball. If you're one of those people who do better with percentages: You have a 0.0000000000000011% chance of winning both games.
  • Saudi arrests 11 princes over economic protest

    Saudi arrests 11 princes over economic protest

    Dozens of prominent princes, government ministers, and business people were arrested under the pretext of countering corruption. The state would also raise student stipends and cover up to 850,000 riyals of the tax on any citizen's first home purchase.
    Samsung Exynos 9810 Chipsets Officially Announced: Bette AI, Richer Multimedia Support Offered

    Samsung Exynos 9810 Chipsets Officially Announced: Bette AI, Richer Multimedia Support Offered

    Samsung says the new platform has twice the performance when it comes down to a single core, and 40 percent with multiple cores. With the upgraded MFC the users can record & play videos at up to UHD resolution at 120 fps.
    Trump threatens aid to Palestinian refugees in latest controversial tweet

    Trump threatens aid to Palestinian refugees in latest controversial tweet

    But on Tuesday night he acknowledged in a series of tweets that the attempt to revive the peace process had stalled. How does U.S. aid now reach the Palestinians? The US is the largest donor to Palestinian welfare.
  • Reggie Bush to lead 'Who Dat' chant at Saints vs. Panthers game

    Reggie Bush to lead 'Who Dat' chant at Saints vs. Panthers game

    The Saints and Panthers have faced off 46 times since 1995 with Carolina holding a 24-22 advantage in the all-time series. The Carolina Panthers will battle the New Orleans Saints in the Wild Card round of the postseason.
    Paul Sorvino threatens Harvey Weinstein for blacklisting daughter Mira

    Paul Sorvino threatens Harvey Weinstein for blacklisting daughter Mira

    He's going to jail and die in jail, but if he doesn't: "'Harvey come here I have some news for you, '" he said into the camera. Paul Sorvino has threatened to "kill" Hollywood producer for blacklisting his daughter Mira, pictured.
    U.S.  hits 4 senior Venezuelan officials with sanctions

    U.S. hits 4 senior Venezuelan officials with sanctions

    Gerardo Jose Izquierdo Torres, the executive secretary of the presidential border commission. Gerardo Jose Izquierdo Torres who is also a senior border control official.
  • Huntington Bancshares (HBAN) Price Target Raised to $16.50

    It is negative, as 38 investors sold HBAN shares while 175 reduced holdings. 48 funds opened positions while 156 raised stakes. New England Research And Mngmt Incorporated invested 1.27% of its portfolio in Apple Inc. ( NASDAQ :AAPL) for 231,329 shares.

    Wells Fargo & Co Downgrades Express Scripts Holding Company (ESRX) to Underperform

    The top gainer with a security that increased in price during today's trading was Express Scripts Holding Company (NASDAQ: ESRX ). BidaskClub raised Express Scripts from a "buy" rating to a "strong-buy" rating in a research report on Friday, December 22nd.
    A Cadbury's Creme Egg TRIFLE exists and wow, we're totally drooling

    A Cadbury's Creme Egg TRIFLE exists and wow, we're totally drooling

    Supermarket staff have been accused of hatching a plan to find white Creme Eggs by opening them before shoppers have chance. Ryan Reeves tweeted: "Sainsburys, the search for a white chocolate creme egg has gone to your employees head clearly".