The Australian legal cannabis market was worth nearly $105 million in 2022, and it’s expected to grow to $1.28 billion in a decade.
Cannabis is still widely illegal for recreational use in Australia.
Many experts find that it’s either misunderstood or that the public and those in charge aren’t educated enough on the matter.
“We used to think cannabis was really dangerous even though cannabis has been used for thousands and thousands of years…”CEO of ASX-listed Little Green Pharma Fleta Soloman said.
“So when it came to medical use, it was a relatively easy transition.”
Ms Soloman did emphasise that many doctors are still not quite across it.
Cannabis has been linked to causing chronic pain, muscle spasms and even nausea.
The active compound in cannabis includes THC & CBD, which can interrupt the body’s cannabinoid system leading to relief for patients.
Ms Soloman also spoke on the concerns of abuse.
“When countries do legalise cannabis, there is always [the question] do we need to be prescribing so much?”
She goes on to speak about how recreational users, when moving to the medical side, often receive lower doses yet achieve better results.
Australia has one of the most restrictive accesses to cannabis in the world.
“Anybody that is growing cannabis in Australia, that is for medicinal purposes… You can be sure that the quality is better than what you can possibly get on the market.”
“The Australian produce is the highest quality.”
Tony Lee, an independent marketing expert suggests there’s no legal recreational market and certainly no commercial recreational market for cannabis.
Mr Lee states that international markets are key for cannabis growers in Australia.
“It’s typically a staged approach in terms of the recreational legalisation of cannabis.”
“We could easily see legislation come into the marketplace, dare say, not this term. But there has already seen bills pushed through parliament in three states, as well as federally.”