Australia’s Cannabis Industry: A $1.5 Billion Forecast by 2024
As the global perspective on cannabis continues to evolve, Australia is poised to become a significant player in the burgeoning cannabis industry. With a forecasted worth of $1.5 billion by 2024, the Australian cannabis market is set to experience exponential growth. This article delves into the factors driving this growth, the challenges faced, and the potential opportunities within the industry.
The Growth of the Cannabis Industry in Australia
Since the legalisation of medicinal cannabis in 2016, Australia’s cannabis industry has seen a steady increase in growth. According to a report by Prohibition Partners, the Australian cannabis market is expected to reach $1.5 billion by 2024. This growth is driven by several factors:
- Increasing acceptance: The stigma surrounding cannabis use is gradually diminishing, leading to increased acceptance and demand.
- Legalisation of medicinal cannabis: The legalisation of medicinal cannabis has opened up a new market for cannabis products.
- Research and development: Australia is at the forefront of cannabis research, with several companies investing heavily in the development of new cannabis-based treatments.
Challenges Facing the Cannabis Industry
Despite the promising growth, the cannabis industry in Australia faces several challenges. These include:
- Regulatory hurdles: The industry is heavily regulated, with strict controls on cultivation, production, and distribution.
- Limited access: Despite legalisation, access to medicinal cannabis remains limited due to stringent prescribing guidelines.
- High costs: The cost of medicinal cannabis is prohibitive for many patients, limiting its uptake.
Opportunities in the Cannabis Industry
Despite these challenges, there are numerous opportunities within the Australian cannabis industry. These include:
- Export potential: Australia’s strict regulatory environment ensures high-quality products, making it an attractive source for international markets.
- Job creation: The growth of the cannabis industry could lead to significant job creation.
- Medical breakthroughs: Continued research could lead to breakthroughs in the treatment of various medical conditions.
Case Study: Cann Group
A prime example of the potential within Australia’s cannabis industry is Cann Group. Since its establishment in 2014, the company has grown to become a leading provider of medicinal cannabis products in Australia. With a state-of-the-art cultivation facility and a strong focus on research and development, Cann Group is well-positioned to capitalise on the growing demand for cannabis products.
Conclusion
With a forecasted worth of $1.5 billion by 2024, Australia’s cannabis industry presents significant opportunities for growth and innovation. Despite the challenges, the industry’s potential is undeniable. As acceptance increases and research continues, the future of the Australian cannabis industry looks promising.
By C.N.W
Keywords:
Australia, Cannabis Industry, Forecast, Growth, Challenges, Opportunities, Cann Group
Sources:
Prohibition Partners. (2020). The Oceania Cannabis Report. Retrieved from https://prohibitionpartners.com/reports/the-oceania-cannabis-report/
Cann Group. (2020). About Us. Retrieved from https://www.canngrouplimited.com/about-us/
