As the European cannabis scene develops, cannabis growers in Australia are looking to seize the opportunity. Some Australian farmers are already signing multi-million dollar export deals.
Australian Natural Therapeutics Group (ANTG) is focusing on Germany, which recently relaxed its cannabis laws. Among the most significant reforms is the regulation of medical marijuana similar to ibuprofen. ANTG has been exporting to Germany since 2020.
Germany is considered a leader of the European medical marijuana market, accounting for $621 million of the total $821 million sales in 2023, writes ABC news.
“Germany is definitely the key market with a 90 million-odd population and a fairly progressive stance on medical cannabis,” said ANTG CEO Matt Cantelo. “And I would dare to say, also a smart approach to the regulations.”
Cantelo added that a new 10-year supply deal with a company in Cologne could be worth more than $100 million, as the company had already experienced a surge in demand since April when marijuana officially became legal in Germany. Under this first pillar of cannabis legalization, adults over 18 can legally possess up to 25 grams of dried cannabis flower and cultivate up to three marijuana plants at home.
The new deal will raise the company’s annual production to 4.5 tons, from 2.5 and would create 45 new jobs across their Armidale and Brisbane sites.
According to Prohibition Partners’ report, the number of medical marijuana patients in Europe could grow more than 230% over the next four years, with market value hitting $3.3 billion.
Another medical marijuana market with huge potential, in addition to Germany and the UK is France. The Australia-based cannabis grower and producer Little Green Pharma is eyeing France, as it expects the country to fully legalize medical marijuana in 2025. According to the company’s chief executive Paul Long, this could shift the majority of French people, who consume cannabis illegally, to medical use. As per the United Nations, some 6.8 million French are using marijuana illegally.
“People have this preconceived idea that cannabis is … just chasing a high,” Long said. “What we’ve seen [with] the patients coming from the illicit market to the medical [is] the lion’s share — 70 to 80% — have actually been self-prescribed.”
According to data from the Office of Drug Control, Australia produced 23 tons for the domestic market in 2022, with some 1,500 kg exported overseas. The industry contends that these figures will grow significantly as Europe updates its laws.
Continue reading on ABC News.
Medical Marijuana Research, NSW Premier Is Against Decriminalization
Scientists in Australia are looking to research the effects of medical marijuana on various conditions and symptoms. Cannim Group and NICM Health Research Institute recently announced they are seeking participants for an observational study into the safety of medical cannabis as a treatment for menstrual pain, reported Cannabiz.
The study will focus on primary dysmenorrhoea (period pain without a structural cause) affecting a large percentage of women. NICM and Cannim are looking for 65 participants, 15 of whom should be based in Sydney, New South Wales (NSW). The national cohort will be supported by Cannim’s telehealth clinic throughout the research.
Meanwhile, NSW premier Chris Minns said he will support an election commitment and will not decriminalize cannabis for personal use. His comments come after 300 submissions suggested the potential benefits of decriminalization, including for the legal and health sectors, writes ABC News.
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