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Australia's medical marijuana industry is set to boom: report

If seven people a day are approved for medical cannabis, as new research suggests that the $ 18 million industry…

If seven people a day are approved for medical cannabis, as new research suggests that the $ 18 million industry could be billions worth within a decade.

Drug availability is still severely limited two years after drug use has been legalized nationally, but a new online application system has increased approvals in recent months.

Therapeutic Goods Administration approved 469 applications for the drug during the special access schedule between August and September. It ranges from just 97 between January and February.

TGA notes that it is not possible to accurately calculate patient numbers and it is possible for a patient to have multiple applications approved. The industry is also expected to grow in the next few years, the exciting pharmaceutical industry for drugs, advocates and patients who have converged in Sydney this week for the CannaTech conference.

Market intelligence agency Prohibition Partners discusses its new report proposing the nation’s legal medical cannabis market, currently valued at $ 1

7.7 million annually, could balloon to $ 1.2 billion in 2024 and then $ 3 billion in 2028.

Australia’s cannabis industry could grow even more with a recreation market worth $ 8.8 billion a year for a decade if it’s legalized soon, says the report.

One of the first Australians who had access to legal cannabis oil was NSW father Simon Sweeting, who had treated his chronic spinal cord pain with 10-15 tablets a day. He said he needed to jump through all kinds of hoops, including easing his GP’s concern for almost a year to access legal cannabis oil.

But after starting the oil in February he is now tablet-free. 19659003] “I take the oil daily, orally in liquid form that tastes a bit like grapefruit oil,” said the 47-year-old to AAP. “It has changed my life.”

Joshua Eades, chief executive officer of Canadian cannabis producer Tilray, acknowledges that medical staff on board is an integral part of allowing more patients to access legal cannabis treatments.

He said the biggest misconception is that side effects and damage to cannabis are worse than other analgesics like opioids.

“As with all medications, there are side effects but … medical cannabis can be a much less harmful alternative for patients,” he said.

The researcher also stressed that the recreational and medical cannabis industry is on very separate lines with its employer focused on safe ways to treat epileptic seizures, PTSD and other diseases.

“It’s a completely different story for the use of cannabis use,” said Dr. Eades.

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