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.

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