Australia Plans for Medicinal Marijuana Exports

Australia is working to become the next country that will allow medicinal marijuana exports.

Australia Plans for Medicinal Marijuana Exports

The plan was put forth by Australia’s government and still needs approval from the federal parliament before the change is made. The Labor Party has said that it will support the decision once parliament returns next month.

While the change will allow those growing marijuana to seek customers outside the country, there will be some restrictions. The big one is that growers can only export the medicinal marijuana products once they have supplied all of their patients in the country. However, there isn’t much demand for the products in the country, which should make this easy enough to do.

Even if the legislation to allow medicinal marijuana exports does pass in February, it will still be a few months until exports start. When they do, Australia will become the fourth country to allow these types of exports. The others are Canada, the Netherlands and Uruguay, reports Reuters

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“We would like to be, potentially, the world’s number one cannabis supplier,” Greg Hunt, Australia’s Minister of Health, told Financial Times. “By helping the domestic manufacturers to expand, this is turn helps to ensure an ongoing supply of cannabis products here in Australia.”

News that Australia is planning to allow medicinal marijuana exports was a boon to pot companies in the country. Many saw their share prices increase on Thursday following the announcement and several reached new all-time highs.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/01/australia-to-legalize-medicinal-marijuana-exports/.

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