There are a number of people who denounce medical marijuanas in Australia as being an industry that is not worth investing in – they could not be more wrong. While the road toward legalisation is long and arduous for many, there have been a number of meaningful and important steps in the right direction with medical marijuanas in Australia that have led to tremendous potential being uncovered in the industry as a whole.
Since the landmark decision in 2016 by the federal government to allow medical marijuanas in Australia, there have been significant revelations made about the untapped utility of the substance as a possible medication alternative to traditional pharmaceuticals. This is not to say that there is still much to be researched and ascertained before being normalised across the board – but every little step counts.
Already several approved websites and providers are able to prescribe legal medical marijuanas in Australia online, there is more research occurring than ever before by accredited organisations, and the cultivation side of the industry is seeing a great increase in interest.
So, what is it about medical marijuanas in Australia that ascribes it as a growth industry?
Read on to find out.
Reason 1: Research & Development
A key factor in determining the viability and potential growth of an industry is in the research and money invested into understanding it more. Government organisations like the NSW Centre for Medicinal Cannabis Research and Innovation have several trials underway to determine the efficacy of medicinal cannabis in certain conditions and situations such as:
- Palliative Care
- Chemotherapy-induced Vomiting & Nausea Symptoms
- Paediatric Epilepsy
- Advanced Cancer
As more research is released and more opportunities are presented for medical marijuanas in Australia to be tested and analysed, the more legitimacy this industry will have.
The growing number of patients being prescribed medicinal cannabis is also indicative of the potential growth that the industry has. According to reports, 85% of the 248,000 prescriptions of medical marijuanas in Australia since the 2016 decision have been given in the last 2 years. One of the major contributing factors to this was the change in legislation that effectively streamlined the process of garnering approval for prescriptions.
Reason 2: Worldwide De-Stigmatisation
Another reason for considering medical marijuanas in Australia to be a growing industry is in the examples being set around the world. One only has to look at our American counterparts (who are admittedly on a different stage of their journey towards legalisation) to see the incredible potential for growth that accompanies the de-stigmatisation of the substance.
Speaking from a purely fiscal perspective, one can also see that there is a lot of money to be made in the cultivation and research side of the equation as well.
Reason 3: The Proof Is In The Data
The final reason to concede that medical marijuanas in Australia is a growing industry is in the data itself. Not only in the previously mentioned prescription number increases but also on the political spectrum as well. Take the recent election as an example where a staggering number of political parties that favoured more progressive views on medical marijuanas in Australia saw huge bumps in popularity and representation.
This not only signifies a growing change among the population, but it also shows that there is still much to see in the growth of medical marijuanas in Australia as an industry and avenue of approach for political pundits.
While we are still in the earlier days of the medicinal cannabis industry, we can see from the above reasons that there is tremendous growing potential.