The Conversation (0)
January 30, 2025
20 February
Exceptional silver and cobalt assays from seaweed
22 January
Completion of Indonesian Seaweed Joint Venture Transaction
17 December 2024
BPH Global receives funding commitment of A$100,000
09 May
A State-by-State Guide to Cannabis in Australia
Australia federally legalised medicinal cannabis in 2016, and Australia's cannabis market has seen major growth since then.
Medical cannabis approvals were up by 120 percent in the first half of 2023 compared to the same period in 2022. Statista forecasts that Australian cannabis revenue will reach AU$3.73 billion in 2024 and grow at an annual rate of 3.22 percent, culminating in market volume worth AU$4.53 billion by 2029.
However, Australia’s cannabis industry is still young. Despite there being a strong case for a regulated market, which was outlined in a July 2024 report by the Penington Institute, recreational use is not legal and medical access remains limited and regulated.
Medical cannabis patients have access to various forms of the drug, including flower, oils and tinctures. However, only two medicinal cannabis products, Sativex and Epidyolex, are registered with the Therapeutic Goods Administration, and none are subsidised through the country’s Pharmaceutical Benefits Scheme. Patients who want access to medicinal cannabis must go through special pathways, and doctors who want to prescribe medicinal cannabis have to apply to do so.
Public support for recreational cannabis legalisation is growing. YouGov data released in January 2024 showed that over half of Australians polled are in favour of decriminalising cannabis, and half of the respondents between the ages of 18 and 49 support legalising personal use.
In 2023, the Australian Greens, the country’s only seat-holding federal party in favour of legalisation, introduced the Legalising Cannabis Bill 2023. Sponsored by the party’s leader Senator David Shoebridge, the bill was Australia’s first parliamentary effort to legalise cannabis.
The legislation proposed that all citizens above the age of 18 can grow up to six plants per household and share homegrown cannabis products with others. Additionally, it proposed allowing individuals to possess up to 50 grams of cannabis.
The Legalising Cannabis Bill was amended based on survey results and expert feedback to address concerns related to underage buying and consumption, as well as quality, packaging and labelling of cannabis products. The Senate Legal and Constitutional Affairs Committee began an inquiry into the Legalising Cannabis Bill 2023 in September 2023 and released its report on May 31, 2024, in which the committee recommended that the Senate not pass the bill.
On November 27, 2024, the parliament voted on the bill, marking the first time the Federal Parliament voted on a plan to legalise recreational cannabis across the country. The result was a 13 to 24 vote against the legalisation.
Following the vote, Shoebridge said on Bluesky, "Labor and the Coalition once again teaming up to vote down law reform the community wants." He promised that they not giving up on legalising cannabis in a post on X, formerly known as Twitter.
Come February 19, 2025, the Legalise Cannabis Party once again called for the legalisation of cannabis. This time, the party highlighted the devastating impact of criminalisation on young people, especially Aboriginal youth, saying that legalisation can break the cycle of youth criminalisation.
“One-third of adults in jail in Australia are Aboriginal, and the numbers are even worse for youth—100% in the Northern Territory and 60% in NSW,” the party's president, Michael Balderstone, said. “How’s the future looking there? Are we really going to keep investing in child prisons instead of real solutions?”
Supply-wise, the Australian Cannabis Cultivator Guild has recently formed, with an ABC News report on May 6, 2025, saying they are calling for changes to the current system as "they are being pushed out of what is currently an import-dominated market."
According to the group, which represents 80 percent of Australian medicinal cannabis growers, Australian farmers are disadvantaged by rigorous and expensive licensing processes and can't compete with cheap imported products.
While personal use cannabis remains illegal at a federal level in Australia, at the state and territory level, the situation is more complex, and each area of Australia has different rules that must be followed. Read on for a breakdown of the laws for medicinal and recreational cannabis in Australia’s six states and two territories, including one that legalised recreational cannabis possession.
In this article
Guide to cannabis in Australia: New South Wales
Use, supply and possession of cannabis is illegal in New South Wales (NSW), but first-time offenders with less than 15 grams on hand may only be issued a caution. Up to two cautions can be received; they often come with a referral for drug-related information. In February 2024, the NSW government expanded the program, allowing offenders to complete a drug and alcohol intervention program in place of paying the AU$400 fine.
However, any doctor can prescribe medicinal cannabis if it is determined an appropriate treatment and the doctor has the approvals required to do so. The NSW government has also allocated over AU$9 million to the Centre for Medicinal Cannabis Research and Innovation to educate the community, monitor clinical trials and conduct research into cannabis’ efficacy in treating conditions such as epilepsy and nausea associated with cancer treatments.
In February, while announcing a task force to drive growth in NSW’s hemp industry, Agriculture Minister Tara Moriarty told Guardian Australia that while the cultivation of hemp and cannabis are separate issues, she was open to increasing medicinal cannabis production and reforming state drug laws.
During its run for the last election in 2023, the Labor Party of NSW promised to hold a Parliamentary Drug Summit, the first of its kind since 1999. The four-day summit is scheduled to took place in late 2024, with two days of forums held in regional towns in November and meetings in Sydney on December 4 and 5.
An inquiry into the “true socio-economic cost and the opportunities of cannabis legalisation” was launched on March 21, 2024, chaired by Legalise Cannabis MP Jeremy Buckingham. The views and opinions of health experts, advocates and users have been submitted to the inquiry as of June, and the inquiry will report its findings before the summit.
According to the release, NSW treasurer and upper house MP Daniel Mookhey said the government “welcomed the opportunity to hear from experts, but warned any potential policy reform would be examined at the state’s drug summit later this year.”
Buckingham has also called on the NSW government to investigate a defence for unimpaired drivers who use medical cannabis.
The NSW Drug Summit sought to "bring together a range of perspectives and build consensus on the way NSW addresses drug use and harms." It took input from the public, inviting individuals and organizations to submit their proposals and/or opinions pertaining to the summit's discussions. A total of over 400 participants and 3,600 written submissions were recorded. The list of submissions is available here.
A report on the Drug Summit was received by the government on April 3, 2025, which has put forward 56 recommendations across key areas including prevention, early intervention, community support, stigma, workforce and reform. The NSW Government said in a statement that it will now "carefully consider" these findings and respond in due course.
Guide to cannabis in Australia: Victoria
Victoria was the first state to legalise medical marijuana use, and young children living with epilepsy were the first to gain access. Medical cannabis can be prescribed by any physician to a patient with any medical condition if the physician believes it is clinically appropriate and has obtained the necessary approval from the relevant regulatory body.
Recreational cannabis possession and use is a criminal offence in Victoria, but similar to New South Wales, those caught with a first offence of 50 grams or less are typically given a caution and directions to attend drug counselling. It’s more serious if there are additional charges or if a person is found with over 50 grams; 250 grams, or 10 plants, is considered a traffickable quantity of cannabis.
Last year, a Legalise Cannabis MP put forward a private member's bill for personal use cannabis reform. The bill was discussed in an upper house debate in December, with opponents citing the risk of abuse and need to protect young and Indigenous Australians and supporters arguing that prohibition causes more harm. While it did not receive government support, the current Labor Party of Victoria has expressed a willingness to explore reformation.
On May 20, the government announced the launch of a closed-circuit trial in partnership with Swinburne University to assess driving abilities of medical cannabis users. Under the current law, drivers found with any trace of THC in their saliva face a mandatory licence suspension and fines, even though THC is detectable for several hours after ingestion.
The trial was scheduled to begin in September 2024 and last 18 months. Advocates were disappointed that it will not finish in 2024 as previously promised, with the completion expected in late 2025.
Cannabis Council Australia said in a November 13, 2024 newsletter that both houses of parliament in Victoria have successfully passed the Roads and Road Safety Legislation Amendment Bill 2024. This bill provides magistrates the discretion to evaluate individual cases where drivers, holding valid medicinal cannabis prescriptions, test positive for THC but show no signs of impairment.
According to the Victorian government's timeline of the bill, the royal assent was given in November 19, 2024, and the bill is expected to take effect in mid-2025.
Guide to cannabis in Australia: Queensland
In Queensland, growing cannabis and recreational use are illegal under four different acts. Under the Drugs Misuse Act 1986, unlawful possession, supply, production and trafficking have maximum penalties of up to 20 years imprisonment, depending on circumstances such as how much cannabis is involved.
Medicinal use is less frowned upon in Queensland as any registered medical practitioner in the state can prescribe medicinal cannabis if clinically appropriate. Previously, the medical practitioner must have obtained Commonwealth approval in most circumstances; however, after new legislation changes in June 2020, any Queensland doctor can prescribe Schedule 4 CBD or Schedule 8 THC or CBD oil products without formal approval from state health authorities.
Medicinal cannabis can be administered via vapour, capsules, sprays or tinctures — smoking cannabis is not allowed in Queensland. Advertising medicinal cannabis is restricted to the medical, wholesale and pharmaceutical professions only.
However, Essential’s August 2023 poll results show that half of Queenslanders support the state's legalisation, and members of the Labor party have called for the legalisation of personal possession of small quantities. This year, several Legalise Cannabis MPs joined festival-goers at MardiGrass 2024, an annual Cannabis Law Reform Protestival held in Nimbin, a small town about 20 kilometres from the NSW border that’s known for its residents’ alternative lifestyles as well as for cannabis culture.
A petition was also posted by Greens MP Michael Berkman to call on the government to make Queensland the first state to fully legalise cannabis. It had a target of 500 signatures, which it had passed as of November 2024. By early May 2025, the petition had gathered 670 signatures.
Guide to cannabis in Australia: South Australia
Cannabis flower, cannabis oil and cannabis resin are all illegal to keep, use, grow, sell or give away in South Australia. Possession for personal use can be penalised with an expiation, which is a fine without a criminal conviction. Large-scale trafficking or selling can attract big penalties of up to AU$1 million, 15 years to life imprisonment or both.
Those looking for medical cannabis products can obtain them via prescription from an authorised medical practitioner in the region. Approval under South Australian Controlled Substances legislation is also often required, although there are exemptions for elderly and terminal patients.
Despite South Australia having the most supporters for legalisation, reformation attempts have been unsuccessful. Member of Legislative Council Tammy Franks of the South Australian Green Party re-introduced the Cannabis Legalisation Bill 2022 in May 2022, but it has not progressed through the legislative process.
In September, a joint committee including members from several parties, including Franks, put forward an interim report with 13 unanimous recommendations. Among them was a call to reform zero tolerance roadside drug-testing laws to protect medicinal cannabis users in the state.
A spokesperson of the government said that the recommendations would be considered in "due course," and that "the government is open-minded to further improvements while ensuring road safety outcomes are maintained and any action taken is informed by research.”
Guide to cannabis in Australia: Western Australia
Even though Western Australia previously decriminalised cannabis in 2004, Liberal Premier Colin Barnett repealed the decision in 2011 as part of a “tough on crime” approach.
Possession of 10 grams or less can lead to a cannabis intervention requirement (CIR). This means the individual can attend a cannabis intervention session instead of facing a criminal conviction. If the person is 18 or older, they may receive only one CIR; however, those younger can receive two. Possessing more than 10 grams can result in a fine of up to AU$2,000, two years in jail, or both. Penalties are more severe for possession of over 100 grams.
Medicinal cannabis is available via prescription from any doctor in WA providing they have the required government approval. Prescriptions can be dispensed at any pharmacy. Driving with THC in your system is an offence in Western Australia.
Recently, two Legalise Cannabis MPs proposed bills to the State Parliament. The first would allow Western Australians to possess up to 50 grams of cannabis and to grow up to six plants per household. The Bill was introduced on March 21, 2024, with a debate held on June 21. However, the bill was rejected. The second bill called for a referendum question on the subject to be included on the state election ballot in March 2025.
On September 12, 2024, Dr. Brian Walker of Legalise Cannabis Party in Western Australia shared that the Legislative Council approved the motion to review the state’s industrial hemp legislation and regulation to make the plant easier to grow. He regarded the debate as “open and healthy,” adding that he hopes this would lead to “more acceptance of a crop which stands to deliver billions of dollars for the WA economy each and every year.”
The Greens in Western Australia published its plan to legalise cannabis on February 2, 2025, saying that WA "needs a comprehensive plan for legalisation that will provide safe access to cannabis and cannabis products, end over policing and draw people away from the illicit market."
The plan includes, but is not limited to, decriminalising the personal use and possession of cannabis, legalising growing of cannabis on private property for personal use and updating drug driving laws.
“A new study from Swinburne University concluded that the consumption of medical cannabis containing THC has a negligible impact on driving performance when used as prescribed," Greens (WA) Legislative Council candidate Clint Uink said. “In Tasmania, there is a medical defence for driving with THC in your system, provided you are not impaired. Victoria is likely to follow suit, so should WA.”
Guide to cannabis in Australia: Tasmania
Prior to July 1, 2021, obtaining medicinal cannabis was fairly complicated in Tasmania — patients had to be referred to a specialist by their general practitioner, and then the specialist would make a decision. Generally cannabis would only be provided by specialists in limited circumstances once conventional treatment had been unsuccessful. Now general practitioners can fill out prescriptions if they believe it is clinically appropriate and if they have both Commonwealth and state approval to do so.
Possession of cannabis is illegal in Tasmania — in fact, any utensil or appliance for preparation, smoking or inhalation of cannabis is illegal and can attract a maximum fine of AU$7,950. Trafficking an amount of 25 grams of oil or 1 kilogram of plant material carries a serious imprisonment term of up to 21 years. However, police may issue up to three warnings for possession of less than 50 grams.
On January 23, 2025, a report by The Mercury Newspaper said that Tasmanian lawyer Greg Barns called for clarity on the state’s medicinal cannabis laws after a 60-year-old woman was convicted of drug-driving despite holding a legitimate prescription.
Last September, ABC reported Barns said that the ban on having any THC in a person's system was "not based on science."
He cited the two-year trial underway in Victoria looking at how much medicinal cannabis "you can have in your system before you are a risk to other road users," adding that the inquiry research was also underway in the United States and Canada to set an "impairment level such as we have in relation to drink driving to end this sort of injustice."
Guide to cannabis in Australia: Northern Territory
Cannabis is largely decriminalised in the Northern Territory (NT), but possession of a small quantity in a public place still carries an imprisonment penalty. Possession of less than 50 grams in your own home is penalised with a fine of up to AU$200. The penalty for cultivating, even small amounts of less than five plants, is 200 penalty units or two years imprisonment. A commercial quantity of more than 20 plants results in life imprisonment, as does “cultivation in front of a child.”
The first NT medicinal cannabis patient to fill a script did so in November 2019, but uptake has been slow since then and the NT has a low number of users. That’s largely because there are few doctors who are authorised prescribers in the NT, and as the area is remote, travel to those clinics is not feasible for all residents.
Schedule 8 medicinal cannabis medicines are regulated in the same way as other Schedule 8 medicines such as morphine and oxycodone in the Northern Territory. The government said that there is no need for a prescriber to obtain an authorization prior to prescribing medicinal cannabis for a particular patient, but that they are required to notify the Chief Health Officer should the patient need to receive the medicine for more than two months due to the treatment being successful.
Products containing CBD are Schedule 4, and as such can be prescribed and continued without need for notification.
Guide to cannabis in Australia: Australian Capital Territory
In September 2019, the Australian Capital Territory (ACT) passed a bill to legalise the possession of small amounts of cannabis for personal use as of January 31, 2020, if the possessor is 18 years of age or older. It's important to note that the ACT’s state laws conflict with federal laws, which still prohibit the recreational use of cannabis, and federal lawmakers have attempted to overturn the legislation in the past.
ACT residents who are over 18 can carry up to 50 grams of dry cannabis, or 150 grams of wet material, and can grow as many as two plants per person (or four per household). Exceeding limits precipitates a fine, not criminal charges. Plants must also be grown outdoors only, leaving them open to theft.
Medicinal cannabis is available for ACT patients with a number of conditions on a case-by-case basis. Doctors must have approval from the ACT Chief Health Officer and the Therapeutic Goods Administration to prescribe.
This is an updated version of an article first published by the Investing News Network in 2021.
Don’t forget to follow @INN_Australia for real-time updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
01 May
New Cannabis Consumption Trends, Regulatory Shifts Seen Driving Market in 2025
Understanding trends in the cannabis industry is paramount for investors eyeing a market with steady growth potential, but the landscape is complex as products and regulations continue to evolve.
Consumption habits are changing as edibles, vaping and THC beverages gain traction, especially among younger users, and cannabis companies are adapting their offerings to meet shifting demand.
Meanwhile, regulatory uncertainty, particularly surrounding the future of the US Farm Bill and state-level restrictions on hemp-derived cannabinoids, continues to challenge the market.
Despite these headwinds, production data and long-term growth forecasts suggest the cannabis industry remains on a promising — albeit turbulent — path. Read on for more on key trends to watch in 2025.
Consumption methods evolving post-legalization
Shifts in consumer behavior are reshaping markets across the board, and the cannabis industry is no exception.
While smoking remains the dominant method of cannabis consumption, a recent report from the Centers for Disease Control and Prevention highlights the growing popularity of edibles, vaping and dabbing.
The report notes that vaping and dabbing are particularly pronounced among younger adults.
A separate study published by the American Medical Association and funded in part by the Canadian Institutes of Health Research also points to how product preferences have changed among Canadian users since legalization in 2018.
The study indicates that while the use of flower, cannabis concentrates, oil, tinctures and topicals has decreased during that time, the use of vape cartridges, edibles and beverages has increased.
Edibles and beverages were legalized in Canada in late 2019, and Truss Beverage was one of the first players to introduce cannabis-infused drinks. Truss was a joint venture formed by Molson Coors Canada (TSX:TPX.A,TSX:TPX.B) and HEXO, a cannabis company that has since been acquired by Tilray Brands (TSX:TLRY,NASDAQ:TLRY).
In early 2020, Tilray launched a lineup of confectionery, wellness products and beverages through its subsidiary, High Park; Canopy Growth (TSX:WEED,NASDAQ:CGC) made a similar move. These companies gradually brought their products to the US as more states legalized cannabis for medical and/or recreational use.
Today, established cannabis brands typically offer edibles and beverages alongside their other products. Organigram Global (TSX:OGI,NASDAQ:OGI) is one of the newest US entrants, with its April acquisition of Collective Project providing immediate access to the US hemp-derived THC beverage market.
Growing awareness of health and wellness, potentially amplified by the pandemic-led adoption of health trackers, appears to be making an impact on the alcoholic beverage market.
A 2023 Gallup poll reveals a two decade decline in alcohol consumption, particularly among younger adults, suggesting a shift towards more health-conscious lifestyles within this demographic.
Craft beer production declined by 4 percent year-on-year in 2024, according to data collected by the Brewers Association. This marked the largest drop in the industry's history, excluding the pandemic. For small, independent craft breweries, 2024 marked the third consecutive year of declining production. A drop in the number of operating small breweries last year provides further evidence of this trend, with 501 closures in 2024 versus 434 openings.
Challenges in the alcohol market extend beyond the brewing industry, with the New York Times recently reporting the closure of a handful of nightclubs facing decreased alcohol sales alongside rising insurance and rent costs.
Meanwhile, cannabis lounges have been popping up across the US for the last several years. As of early 2025, several states had legalized or were in the process of implementing regulations for cannabis consumption lounges.
Hemp market growth despite regulatory uncertainty
The burgeoning hemp industry is another segment of the expanding cannabis market.
The legalization of industrial hemp — defined as cannabis with a THC concentration of 0.3 percent or less — through the 2018 Farm Bill led to initial investment and optimistic projections for CBD wellness products and various industrial applications. The sector’s rapid evolution also brought the rise of hemp-derived intoxicating cannabinoids, creating a market that presented both opportunities and complexities for participants.
However, after an initial boom, a lack of infrastructure and clearly defined regulations for CBD, as well as state-level variations and market oversupply, ultimately contributed to a quick retraction.
2024 was a pivotal year for the US hemp industry, as the hemp-related provisions of the 2018 Farm Bill — originally set to expire in September 2023, but extended to December 31, 2024 — created an urgent need to address critical issues like THC limits and the regulation of novel hemp-derived cannabinoids. A major point of contention was the proposed shift from defining hemp based on Delta-9 THC concentration (0.3 percent or less) to “total THC,” which includes THCA.
This change had the potential to significantly impact farmers and processors, as many hemp varieties that are compliant under the Delta-9 THC rule could exceed the 0.3 percent limit when THCA is included.
Various bills and amendments were proposed in 2024 as part of the Farm Bill discussions, each with different approaches to regulating hemp. Separate regulatory frameworks for industrial hemp and hemp grown for cannabinoids were suggested, and many states took their own action, leading to a patchwork of regulations and even outright bans.
Despite challenges, data from the US Department of Agriculture suggests signs of recovery.
The department's annual National Hemp Report from 2024 points to an 18 percent increase in industrial hemp production value between 2022 and 2023, with output growth seen in specific sectors like floral (18 percent), fiber (133 percent) and seed hemp (414 percent). The 2025 report from the Department of Agriculture indicates further expansion, with notable increases observed in both acreage (up 64 percent from 2023) and value (46 percent).
The 2024 Farm Bill ultimately did not pass, and right now the hemp industry is operating under a temporary extension of the 2018 Farm Bill under the American Relief Act of 2025, signed into law on December 21, 2024.
The 2018 Farm Bill is now set to expire on September 30, 2025.
While analysts for Markets and Markets project that the North American hemp industry will grow at a CAGR of 22.4 percent and ultimately reach a valuation of US$30.24 billion by 2029, the future of the industry will be heavily influenced by the outcome of the ongoing Farm Bill discussions.
US cannabis legalization remains stalled
Although there is clear demand for cannabis products, the now-defunct rescheduling process in the US is likely to continue casting a shadow of uncertainty over the industry's long-term trajectory.
Legal and procedural delays, including allegations of improper conduct and bias within the US Drug Enforcement Administration (DEA), led to hearing cancellations, and the new administration of US President Donald Trump has brought leadership changes to key agencies like the DEA and the Department of Justice.
Terry Cole, who Trump nominated to be DEA administrator on February 11, has a history of opposing cannabis legalization in the country. Similarly, Pam Bondi, Trump’s pick to lead the justice department, staunchly opposed a movement to legalize medical cannabis during her tenure as Florida’s attorney general.
While there have been bipartisan efforts in Congress to end federal cannabis prohibition and establish regulations for eventual legalization, the DEA’s actions and statements indicate a potential stall or reversal of progress.
In addition to that, new research is adding complexity to the debate.
A study published in the American Journal of Psychiatry this past March highlights an association between the use of high-potency cannabis strains and increased risks of psychosis, a factor that may not have been fully considered by the Department of Health and Human Services. As stronger cannabis strains become more widely available, a reassessment of their potential health risks may be required.
Investor takeaway
While the cannabis industry holds promise for growth and innovation, investors must remain acutely aware of the regulatory uncertainties and market volatility that will undoubtedly shape its trajectory in the years to come.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
25 March
ASX Cannabis Stocks: 10 Biggest Companies
While Australia has yet to legalise all forms of cannabis, the country is a growing medical cannabis and hemp market, with many companies manufacturing, researching and exporting the plant-based product.
Medical cannabis was federally legalised in 2016, and the export of cannabis from Australia was legalised in 2018. As for recreational use, the only state to legalise recreational use and possession so far is the Australian Capital Territory, which did so in 2020, but it did not establish a regulated recreational cannabis market.
The country's medical cannabis market has been steadily expanding in size and scope. A Penington Institute report shows that Australians spent approximately AU$400 million on medicinal cannabis in the first half of 2024, 72 percent higher than the AU$234 million they spent over the entirety of 2022.
Moving forward, Grandview Research forecasted a compound annual growth rate of 33.6 percent between 2024 to 2030 for the country's medical cannabis market.
Australian cannabis companies listed on the ASX are operating in this space, creating goods such as medicines, flower and hemp products. Some ASX-listed cannabis companies are also producing recreational cannabis in other countries.
Here the Investing News Network profiles the 10 biggest cannabis stocks on the ASX by market cap. Australian cannabis stocks are listed in order of market cap from largest to smallest, with data compiled using TradingView’s stock screener on March 18, 2025.
1. Botanix Pharmaceuticals (ASX:BOT)
Market cap: AU$786.74 million
Share price: AU$0.41
The largest medical cannabis company on the ASX is Botanix Pharmaceuticals. Based in Perth, Western Australia, this biopharmaceutical firm specialises in cannabinoid-based dermatological therapies. According to the company, its exclusive Permetrex technology helps its products permeate the skin, and treat skin conditions from below the surface.
The company’s lead product is Sofdra, which is targeted for the treatment of axillary hyperhidrosis, or excessive sweating. Sofdra was approved in Japan in 2020 under the name Ecclock, and in June 2024 received US Food and Drug Administration (FDA) approval as well.
Botanix’s product pipeline also includes several drug candidates harnessing the anti-inflammatory and antimicrobial properties of synthetic cannabidiol to treat moderate to severe acne, rosacea and atopic dermatitis. The company is also developing an antimicrobial solution for treating staphylococcus aureus infections.
2. Vitura Health (ASX:VIT)
Market cap: AU$48.34 million
Share price: AU$0.073
Formerly Cronos Australia, Vitura Health is a digital health platform business that connects patients, doctors, pharmacists and suppliers across its digital health ecosystem. The company has built a significant foothold in Australia’s medical cannabis sector through a number of verticals and established brands.
Vitura Health subsidiary Burleigh Heads Cannabis distributes medical cannabis products via the Canview online platform. Canview allows patients to preview medical cannabis offerings, and doctors and pharmacists can then prescribe and distribute treatments.
Vitura Health operates CDA Clinics, a network of clinics staffed with healthcare professionals offering consultation on plant-based medications including medical cannabis. In February 2025, the company acquired Candor Medical, another Australian medical cannabis clinic business.
It also has a 75.5 percent position in Cannadoc, which offers nationwide telehealth consultations with patients seeking access to medicinal cannabis.
3. IDT Australia (ASX:IDT)
Market cap: AU$41.35 million
Share price: AU$0.10
Contract drug manufacturing company IDT Australia is licensed to make active pharmaceutical ingredients and finished-dose forms of medicines and treatments. Its license covers medicinal cannabis products for local and international markets.
In fact, IDT plays an important role in Australia’s medical cannabis products supply chain. Its specialised services include the manufacturing of solid oral and sterile liquid dosage forms of high-CBD and high-THC options, and resin extraction. The company’s in-house analytical laboratory offers a range of testing and stability services in line with the current good manufacturing practices (cGMP).
“Leveraging our extensive cGMP and specialty pharma experience, we have developed exceptional medicinal cannabis products that surpass current regulatory expectations,” the company’s website states.
4. Little Green Pharma (ASX:LGP)
Market cap: AU$39.39 million
Share price: AU$0.13
Little Green Pharma is a medical cannabis company that places a strong emphasis on affordability for patients. The company was the “first Australian producer and exporter of cannabis medicines.” The company sells branded and white label products that are available in orally ingestible oils as well as flower, and are grown and manufactured in Australia and Denmark.
Its products are available in Australia, as well as European companies such as Germany, the UK and France. Little Green Pharma has plans to target other European markets too.
In its fiscal Q3 2025 quarterly report released in December 2024, Little Green Pharma boasted a revenue of AU$9.5 million, an increase of 75 percent over the same quarter in the previous period. For the first three quarters of its fiscal 2025, the company's revenue totalled AU$27 million, surpassing its 2024 full-year revenue of AU$25.6 million.
5. Neurotech (ASX:NTI)
Market cap: AU$36.47 million
Share price: AU$0.038
Neurotech International is bringing cannabis-based medicines through clinical trials, with a focus on autism spectrum disorder (ASD). Its leading treatment is NTI164, a cannabis-based medicine featuring a high amount of the cannabinoid CBDA, alongside other minor cannabinoids. It is being developed to treat a range of neurological conditions in children.
Phase I/II trials of the drug revealed that after eight weeks, children with ASD taking NTI164 showed decreased levels of anxiety and depression, as reported in July 2024. This follows an April 2024 report that the results of the NTIASD2 trial “met the primary endpoint of severity of illness improvement versus placebo, along with improvements in key secondary endpoints relating to clinical improvement, adaptive behaviours and socialisation.”
Neurotech has also received an FDA orphan drug designation for NTI164 in the treatment of Rett Syndrome, a rare genetic neurological and developmental disorder.
Neurotech entered into a new development agreement with European medical cannabis company RH Pharma in February 2025. The aim of the agreement is bring to market pharmaceutical-grade broad spectrum cannabinoid drug products for paediatric patients with neurodevelopmental disorders.
6. ECS Botanics (ASX:ECS)
Market cap: AU$16.85 million
Share price: AU$0.013
Victoria-based ECS Botanics bills itself as Australia's largest business-to-business medicinal cannabis cultivator and manufacturer. At its Australian Therapeutic Goods-licensed facilities, the company uses regenerative and organic agricultural practices and renewable energy sources to manufacture GMP certified products.
In May 2024, ECS Botanics kicked off a one-year supply agreement with Elite Medical Solutions with a guaranteed minimum annual order of AU$380,000 and automatic renewal options. The agreement will see Elite Medical Solutions oversee retail sales of ECS’s RAP Med brand, which is targeted at military veterans and includes soft gel capsules and oral liquids.
In its report for its fiscal H1 2025 ended December 31, 2024, the company highlights a 50 percent increase in cannabis yields, placing the company on track for a record harvest for the 2025 calendar year.
7. Cann Group (ASX:CAN)
Market cap: AU$13.65 million
Share price: AU$0.026
Cann Group is a medical cannabis grower and manufacturer that sells its products within Australia as well as outside the country. The agricultural technology company places a strong emphasis on research, genetics and breeding, creating high-quality products for the medical market.
In 2017, Cann Group was the first company to be granted a cannabis research licence from Australia’s Office of Drug Control. It marked another first when it received its medicinal cannabis cultivation licence from the entity the following month.
At its Mildura facility in Victoria, Cann Group produces its Satipharm CBD sleep capsules and multiple medical marijuana products, included cannabis flower and cannabis resin, to patients for a range of conditions from multiple sclerosis to chronic pain. The company has the annual capacity to produce 12,500 kilograms of dry cannabis flower for international and domestic medical cannabis markets.
8. Althea (ASX:AGH)
Market cap: AU$12 million
Share price: AU$0.023
Althea is an international producer, supplier and exporter of pharmaceutical-grade medicinal marijuana. The company operates in legal cannabis markets across the world, including in North America, Europe and Australia.
Althea received its licence to cultivate medical cannabis in 2018. After it received approval to sell cannabis products in Germany in late 2020, Althea became Germany’s first commercial supplier of made-in-Australia medical cannabis products. The company's subsidiary Peak Processing Solutions is a leader in the manufacture, sales and distribution of legal recreational cannabis products in Canada.
In its fiscal year 2025 H1 report, Althea reported a financial turnaround as it significantly reduced its losses from its fiscal 2024, posting a net loss of AU$1.5 million for H1 2025 compared to its AU$9 million adjusted loss in its H1 2024 and AU$5.3 million adjusted loss in its H2 2024. Another bright spot in the report was that Peak Processing Solutions revenue totalled AU$8.2 million, a 57.9 percent increase over the first half of its fiscal 2024, driven by strong demand for THC beverages.
9. Ecofibre (ASX:EOF)
Market cap: AU$9.11 million
Share price: AU$0.022
Operating in the US and Australia, advanced manufacturing and technology firm Ecofibre is focused on the hemp industry. The company has three vertically integrated businesses: sustainable polymers and natural materials, natural health care, and hemp seed genetics.
Via one of the world’s largest collections of hemp seed genetics, Ecofibre Genetics supplies seed genetics to the hemp fibre and grain industry in both the US and Australia. EOF Bio, its majority owned US-based clinical-stage biotechnology company, produces cannabinoid-based drugs with an initial focus on women’s health and endometriosis.
Through Ananda Health, a leading US manufacturer of cannabinoid-based health products for human and pet consumption, Ecofibre provides CBD products in Australia and the US, targeting sleep disorders, pain and anxiety, as well as endometriosis and other gynecological conditions.
10. Argent Biopharma (ASX:RGT)
Market cap: AU$7.41 million
Share price: AU$0.13
Biopharmaceutical company Argent Biopharma is developing drug therapies using nanotechnology with a focus on the central nervous system and immunology treatments. Its investigational medicinal products are being prescribed through early patient access programs in the UK, US, Europe and Australia.
Its cornerstone products include CannEpil for refractory epilepsy and cerebral palsy and CimetrA for acute lung injury and ARDS, both of which are now generating revenues. Its therapy CogniCann is currently in clinical trials for enhancing the quality of life of patients with dementia, including Alzheimer’s disease.
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
06 March
Cannabis Round-Up: Rescheduling Faces New Roadblocks, SAFER Banking Act Gets Another Look
February 2025 was characterized by an evolving legislative landscape and important financial updates from major players.
These developments underscore the complex and dynamic nature of the sector as it continues to navigate legal, financial, and regulatory challenges while experiencing ongoing growth and evolution.
Discussions around cannabis rescheduling, changes in federal agency leadership, state-level legalization efforts, and financial reports from key companies all contributed to a month of notable activity in the cannabis space.
Road to cannabis rescheduling hits another speed bump
Discussions around cannabis rescheduling continued in February, involving several key points. Since proceedings to reschedule cannabis stayed in January after advocates raised concerns of potential bias within the Drug Enforcement Administration (DEA), the path to rescheduling has become increasingly convoluted.
First, on February 7, DEA administrative law judge John J. Mulrooney granted a withdrawal request from Erin Gorman Kirk, who is Connecticut’s Office of the Cannabis Ombudsman, and The Doc App, which is doing business as My Florida Green.
On why she requested the withdrawal, Kirk told Cannabis Business Times: “With (Connecticut’s) legislative session underway, and the prospect of a long, drawn-out DEA Rescheduling process, I felt our patients were better served by working with our esteemed legislators to improve the Connecticut Medical Cannabis Program and help our patients get back to the health they enjoyed before the adult-use marketplace began.
“This Office was created so we do not leave patients behind, and that’s where I continue to focus my efforts. I remain engaged with the broader community of patient advocates working to de-stigmatize our medication and provide healthier alternatives to wellness.”
Judge Mulrooney also granted a motion for relief on February 11 for Ellen Brown, an appointee from the Massachusetts Cannabis Advisory Board. Judge Mulrooney had ruled that Brown lacked sufficient standing under the Administrative Procedure Act to proceed as a standalone participant and gave her until March 14 to consolidate with another designated participant.
Later, on February 17, Doctors for Drug Policy Reform (D4DPR) filed a brief requesting new witness selection for the rescheduling hearings, citing the violation of bedrock administrative law principles by the DEA’s former administrator, Anne Milgram, who limited the hearing to 25 participants and rejected D4DPR’s request to participate.
Meanwhile, US President Donald Trump’s picks to lead key federal agencies pose a new threat to a once-promising initiative. Chairman of the Office of Management and Budget Russel Vought has a track record of opposition to cannabis reform, calling it a gateway drug in 2022 during an appearance on C-SPAN.
Also, newly appointed Chairman of the Department of Health and Human Services (HHS) Robert F. Kennedy told Senate members he would refer to the DEA on the matter during his two-day confirmation hearing; however, he later expressed concern about high-potency strains of cannabis and said he wants to conduct further studies on its effects. He has also moved to rescind public participation from HHS decision-making.
Pennsylvania governor proposes legal cannabis market in state budget
Pennsylvania Governor Josh Shapiro proposed legalizing recreational cannabis in his state as he presented his state budget to legislators on February 5. “Pennsylvanians who want to buy cannabis are just driving across the border to one of our neighbors,” he said, adding that a legal recreational market would add US$1.3 billion in tax revenue over five years.
Regulation would fall to the state Department of Agriculture and the Department of Health under the Governor’s plan.
Meanwhile, in New Hampshire, the state House of Representatives passed HB 75 on February 21, which would legalize adult cannabis use and possession but does not include provisions to support taxation, regulation or a retail market. Market watchers do not expect the bill to pass through the state legislature, citing Governor Kelly Ayotte’s hardline on drug enforcement. During her campaign, she flatly said she would not support cannabis reform in the state if elected.
Senate committee re-examines the SAFER Banking Act
The US Senate Committee on Banking, Housing and Urban Affairs held a hearing on February 5 on debanking practices by regulators and banks. While the hearing was largely anticipated to center around the cryptocurrency industry, Ranking Member Elizabeth Warren, D-Mass., noted that among the 11,955 complaints received by the Consumer Financial Protection Bureau, some were related to debanking efforts against legal cannabis businesses.
Aaron Klein, a senior fellow in economics at the Brookings Institution who was called to testify, said a cannabis banking bill such as the SAFER Banking Act would help but would require amendments to ease the burdensome and costly requirements for filing Suspicious Activity Reports. “I fear the bill’s impact would likely underwhelm what its proponents have argued,” he wrote in a testimony.
Aurora, Canopy Growth report earnings
Aurora Cannabis (NASDAQ:ACB, TSX:ACB) reported its financial results on February 5 for its fiscal Q3 2025 ended December 31, 2024. The company’s net revenue for the period totaled C$88.2 million, an increase of 37 percent year-over-year. Net income for the three months was C$31.34 million, a marked improvement from the C$18.1 million in losses recorded during the same period in 2023.
The next day, the company announced a strategic supply agreement with SNDL (NASADQ:SNDL), which would see SNDL provide Aurora with cannabis flower products from its indoor facility in Atholville, New Brunswick.
Canopy Growth (NASDAQ:CGC, TSX:WEED) reported its Q3 2025 results on February 7, revealing a 16 percent annual increase in net revenue for medical cannabis sales in Canada and 14 percent net revenue growth year-over-year in the international market.
Its overall net revenue for the period was C$74.8 million. This was 5 percent lower compared to Q3 2024, which the company attributed to the divestiture of businesses before the quarter; excluding their revenue, net revenue was up 8 percent year-over-year.
While the company’s net loss of C$121.9 million was a marked improvement compared to a loss of C$216.8 million in the prior year, analysts expected greater improvement. Shareholders sent the company’s stock price down nearly 5 percent from C$3.04 to C$2.89 by the end of the day.
At the end of the month, on February 28, Canopy Growth established an at-the-market-program that will allow it to issue and sell up to US$200 million in shares to raise additional capital that may be used for strategic acquisitions or to reduce debt, potentially including a US$100 million prepayment that would extend its loan maturity to September 2027.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
04 February
Cannabis Round-Up: Banking Reform and Rescheduling De-Prioritized as Trump Takes Office
As a new year began, the cannabis industry saw a range of impactful events in January.
Legal obstacles continued to impede progress on a once-promising attempt to reschedule cannabis in the US, and President Donald Trump's leadership choices for key agencies are diminishing hopes it can be accomplished.
Meanwhile, cannabis banking reform won't be discussed at Wednesday's (February 5) meeting of the Standing Senate Committee on Banking, Commerce and the Economy, and Congress seems in no rush to address it.
Read on for more details on these events, which highlight the complex and dynamic nature of the cannabis industry as it continues to navigate legal, financial and regulatory challenges while experiencing growth and evolution.
US lawmakers unlikely to prioritize banking reform
The SAFER Banking Act was blocked from being attached to a government funding bill in December, delaying the issue until the next Congress session and delaying the prospects for cannabis banking reform.
With Republicans now holding a majority of the Senate, it appears unlikely that the issue will be raised at the next Senate banking committee meeting, which is scheduled for Wednesday and will focus on debanking.
At this point, the path forward for banking reform in the US is uncertain.
Senator Tim Scott, the Senate banking committee’s new chair, opposed the SAFER Banking Act during its last hearing in September 2023, citing concerns that the bill would facilitate money laundering and illegal trade of “weapons, fentanyl and even people." A new bill would likely need provisions to address those concerns in order to secure his vote.
New Senate Majority Leader John Thune (R-SD) has an even more contentious history with cannabis legislation. He opposed the SAFE Banking Act when House lawmakers tried to attach it to a stimulus relief bill in 2020, and he was also one of 26 lawmakers who urged US Attorney General Merrick Garland to reject the Department of Health and Human Services' recommendation to reschedule cannabis under the Controlled Substances Act.
Despite rumors that lawmakers will soon reintroduce cannabis banking legislation, a spokesperson for Cannabis Caucus Co-chair Rep. Dave Joyce (R-OH) told Marijuana Moment on January 24 that a new bill is “not imminent."
Cannabis rescheduling meets delays and controversies
In December, the push to reschedule cannabis hit legal and procedural hurdles. A hearing set for January 21 was ultimately canceled, with Chief Administrative Law Judge John Mulrooney, who is overseeing the process, criticizing the US Drug Enforcement Administration's (DEA) for failing to submit required documents.
On January 7, Mulrooney, wrote to DEA Administrator Anne Milgram, informing her of his decision to grant a request to remove the agency from proceedings. The request was filed by cannabis advocacy groups on the grounds of improper conduct within the DEA “related to alleged improper ex parte communications between the Agency and other actors" — specifically Smart Approaches to Marijuana, a prominent anti-cannabis legalization group.
Mulrooney gave the DEA until January 13 to file a response, but the hearing was ultimately canceled “pending resolution of an appeal filed by a party in the proceedings” on January 15.
Milgram announced her departure from the agency the next day.
Agency official George Papadopoulos stepped in as her replacement until Trump chose Derek Maltz, a retired director of special operations for the DEA, to lead the administration on January 21.
In a January 3 interview, Maltz told NTD’s Steve Lance that America’s cannabis industry an “open door” to the Chinese Communist Party’s cannabis-growing operations. He also suggested that cannabis with higher strains of THC leads to psychosis, depression and anxiety, and said that cannabis acts as a gateway drug, eventually leading young people to other drugs like Oxy or Xanax, which could end up being laced with fentanyl.
Further clouding the future of cannabis legalization, Pam Bondi, Trump's nominee for attorney general, repeatedly refused to clarify her position on cannabis issues during a question-and-answer period following her confirmation hearing before the Senate Judiciary Committee. This was despite Trump’s previous indications of support for the issue, and his full pardon to Russ Ulbricht, operator of the dark web drug market Silk Road.
Amid the delay in the rescheduling processes, a new poll from NuggMD reveals that a whopping 96 percent of Americans don’t trust the DEA to serve as an “unbiased proponent” of cannabis rescheduling.
Virginia makes progress on adult-use cannabis
Lawmakers on a Virginia Senate committee have advanced Senate Bill 970, which proposes a framework to legalize and regulate an adult-use cannabis market in the state. If passed, cannabis retail licenses could be issued on September 1, 2025, with sales slated to begin by May 1, 2026.
The bill was introduced by Senator Aaron Rouse (D) on January 17. Despite a veto threat from Virginia Governor Glenn Youngkin (R), both the Senate and House committees in Virginia have advanced the proposed legislation in four separate voting rounds. It is now heading to Virginia’s House of Delegates.
Separately, Virginia’s House of Delegates advanced HB 2485 on Monday (February 3). It is similar to legislation penned by Delegate Paul Krizek (D), and would allow adults to purchase up to 2.5 ounces of cannabis from regulated state-licensed retailers. It is now on track for consideration in the Senate.
Tilray sees growth across all segments in quarterly results
Tilray Brands (NASDAQ:TLRY) reported financial results for its second fiscal quarter of 2025 on January 10, revealing a 9 percent increase in net revenue from Q2 2024 to US$211 million.
Growth across all four business segments — alcoholic beverages, cannabis, distribution and wellness — also resulted in a 29 percent increase in gross profit compared to the previous year, with US$61 million earned.
During its earnings presentation, Tilray introduced a new initiative called Project 420, a US$25 million synergy plan to optimize operations and cut costs for its beverage business, which earned US$63 million in net revenue and showed the strongest growth by percentage, advancing at an annual rate of 36 percent. Tilray’s cannabis business segment, by comparison, grew by 35 percent in Q2 compared to 31 percent in the prior year, bringing in US$66 million in revenue.
The company also reaffirmed its net revenue guidance for fiscal year 2025, projecting net revenue to fall somewhere between US$950 million and US$1 billion.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
20 January
Australia Cannabis Market Forecast: Top Trends for 2025
Australia's burgeoning cannabis sector presents a range of investment opportunities in 2025.
Australia’s medicinal cannabis market is experiencing year-on-year growth of approximately 25 percent.
According to figures gathered by the Pennington Institute, the industry exceeds 100 tonnes annually and is valued between AUD500 and 700 million at the patient level.
Grandview Research anticipates a compound annual growth rate of around 33.6 percent between 2024 to 2030, driven in part by the introduction of new products like edibles and topicals and new formulations.
Although Australia's medical cannabis industry is growing, the market’s full potential is limited by current regulations as recreational cannabis remains federally illegal and reform efforts face obstacles.
However, a federal election, along with contests in key states, could bring changes. This report from the Investing News Network examines the potential impact of these events on the Australian cannabis market in 2025.
Today's Australian cannabis landscape
Pennington’s most recent report reveals that Australians spent approximately AU$400 million on medicinal cannabis in the first half of 2024, more than double the amount spent yearlong in 2022.
A previous (2023) report showed a surge in medicinal cannabis approvals, driven by the Authorised Prescriber (AP) pathway and streamlined Special Access Scheme Category B (SAS-B) processes, which simplified prescriptions. Increased spending reflects a continuation of this trend.
This rapid growth in demand brings the complexities of Australia's nascent cannabis industry into sharp focus. Currently, only about a dozen licence holders in Australia are growing cannabis commercially on a larger scale, according to Cann Group's (ASX:CAN) Angus Murray, whose company is a key player in the Australian market and one of the first to receive a Medicinal Cannabis Cultivation Licence from the Australian Government's Office of Drug Control (ODC).
Despite these domestic efforts, the majority of cannabis consumed in Australia is still imported, primarily from Canada, which has been experiencing a surplus of products in its own overcrowded market.
In October 2024, a group of Australian cultivators expressed concerns to the Sydney Morning Herald about the increasing difficulty of competing with imports.
“I have no issue with imports coming here; the issue is that because they have surplus product, they’re dumping it here, which makes things difficult for local cultivators,” Nan-Maree Schoerie, managing director of major supplier ECS Botanics (ASX:ECS), told the Herald. Schoerie’s company reported a 50 percent increase in crop yields grown in its new protective crop enclosures in December, a promising sign heading into 2025.
Expanding domestic cultivation is not the only key to market success; effective distribution is also crucial.
Vitura, for example, is working toward expanding access in 2025 with its telehealth platforms by moving CanView, a platform that streamlines the process of managing medicinal cannabis, to its own website, giving the company more control and integrating it with Doctors on Demand, its platform which provides virtual consultations with Australian registered healthcare practitioners.
While the Australian market grows, some cultivators are also looking outward. Australia’s export market is small, but records show year-on-year growth. Little Green Pharma’s (ASX:LGP) latest quarterly report highlighted a 60 percent increase in flower sales in key European markets. The company expects continued demand in the UK, Germany and France and is developing strategies to leverage its position in these key markets. Little Green Pharma is also planning to subcontract some of its Australian cultivation operations to further realise cost savings.
Furthermore, the Australian hemp industry is exploring innovative applications for hemp. AgriFutures, an Australian government statutory corporation that is involved in Australia’s rural industries, is exploring applications for hemp like carbon sequestration and bioplastics.
Direction of Australian cannabis regulation
While Australia's medicinal cannabis market thrives, the regulatory landscape remains complex, with potential for future shifts.
Revenue in Australia’s recreational cannabis market, which is limited to the Australian Capital Region (ACT), is forecasted to reach US$2 billion in 2025, according to projections from Statista.
Beyond the immediate revenue generated by the ACT, the prospect of nationwide legalisation holds even greater economic potential, with varying projections highlighting the scale of this emerging market.
The Parliamentary Budget Office (PBO) offered a particularly optimistic outlook, estimating that legalising cannabis in Australia could generate AUD28 billion in revenue for the government over the first 10 years.
Researchers for The Conversation, while still forecasting a substantial market, outlining a more conservative figure of AU$13 billion, with 3.4 million users entering a legalised recreational market in its first year.
It's also crucial to acknowledge the persistent presence of the illicit market. A May 2024 analysis using data from the 2019 National Drug Strategy Household Survey revealed the estimated size of the illicit retail cannabis market at around AUD5 billion. This thriving illicit market persists despite annual law enforcement spending exceeding AUD2.1 billion, indicating that current efforts have had little effect on cannabis supply or price.
Penington CEO John Ryan argues that these findings indicate Australia’s cannabis policy is “adrift” due to a disconnect between public opinion and behaviour and existing policies, leading to what he described as a “policy muddle” where the legal status and accessibility of cannabis varies significantly depending on individual circumstances and how they choose to access it.
With evident demand, regulatory reform would play a pivotal role in reshaping Australia’s cannabis market. Unfortunately, attempts to change the country’s drug laws have failed thus far.
Australia’s most recent attempt at establishing a recreational market failed when, on November 27, Australia's Senate voted on a cannabis legalisation bill introduced by the Australian Green Party’s David Shoebridge in August 2023.
The bill would have created a statutory agency to oversee and regulate activities relating to the cannabis industry, including the importation and exportation of cannabis, setting rules for growing and owning cannabis plants, manufacturing and retail standards and a regulation system for operating cannabis cafes.
The motion was ultimately blocked by the Labor, Liberal and National parties, with a final tally of 24-13. “The Labor and Coalition parties joined together to try and hold Australia back in the 1950s by blocking this desperately needed reform,” said Shoebridge in a statement after the vote.
The 2025 Australian Federal election, in which all 150 House of Representatives seats and probably 40 of the 76 Senate seats will be contested, may present another opportunity. According to parliamentary convention, the latest possible date is May 17, 2025, as House and Senate elections are typically held concurrently.
Western Australia, a historical swing state, has seen a rise in support for cannabis reform, with the Legalise Cannabis Party winning seats in the Western Australian Parliament in the 2021 state election.
Additionally, in 2019, Western Australian Premier Roger Cook implemented a policy allowing general practitioners to prescribe medicinal cannabis to adults in 2019, resulting in a significant increase in approved prescriptions.
While Cook has taken a slightly softer approach to cannabis than his predecessor Mark McGowan, admitting to his past personal use, Cook and the Labor Party publicly oppose legalisation.
Western Australia's 2025 state election is set for March 8. On January 13, the Legalise Cannabis party introduced 10 candidates for the assembly, running on a platform of cannabis reform.
Meanwhile, a national Resolve poll held in July 2024 showed that support for the Coalition had increased, while support for Labor had remained relatively steady. While the governing Labor Party and the opposition Coalition have historically opposed cannabis legalisation, federal elections may provide a new opportunity to address this issue.
Investor takeaway
As Australia considers its future drug policies, events like ACannabis 2025, taking place from August 11 to 13, and the UIC 2025 Australian Medicinal Cannabis Symposium, which runs from from February 21 to 23, offer valuable insights and networking opportunities for investors and industry players to come together and promote the growth and development of the Australian cannabis industry.
You can also follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00