Will Cannabis Be Australia’s Next Growth Engine? – CannaTech News

Medical cannabis is one of the fastest growing industry in the world, and now it may be Australia’s turn to take on a piece of the action.

From 2014 to 2016, growth of the cannabis industry in North America was an eye-watering 34% a year according to ArcView Group, with the US industry already responsible for more than 120,000 full-time jobs in 2016.

In the last few years medicinal cannabis has been legalised in Chile, Brazil, Mexico, Germany, Switzerland, Ireland, South Africa and Australia. These countries have joined established medicinal cannabis markets including Israel, the Netherlands and Switzerland.

But North American revenues have been largely generated from high-volume, low price retail cannabis and the infrastructure that goes along with the dispensary model popular in the USA. In Israel, the Netherlands and Canada, most medicinal cannabis is accessed through a direct link between the provider and the patient, and in Australia medicinal cannabis is being distributed through the existing pharmacy and hospital systems. This means the size, growth rate, and composition of Australia’s medicinal cannabis industry will be substantially different, with some diverse and unique features and opportunities.

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Source: Will Cannabis Be Australia’s Next Growth Engine? – CannaTech News

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