australia investing

Recreational cannabis remains illegal in all Australia’s states and territories with the exception of the Australian Capital Territory (ACT). But could that change in the future?

So far there are no clear indicators as to when or if Australia could legalise recreational cannabis, but attitudes seem to be changing. Public support is growing, and there’s even some political acceptance.

Read on to learn more about when Australia may legalise recreational cannabis.

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Australia made waves when it federally legalised medicinal cannabis in 2016, and its marijuana market has experienced significant growth since then.

A study from FreshLeaf Analytics pegs Australian medical market sales at AU$95 million in 2020, while research firm Prohibition Partners indicates that Oceania’s cannabis industry is expected to be worth US$1.55 billion by 2024; medicinal cannabis is expected to account for 40 percent of the industry.

Despite that growth, the country’s cannabis industry is still young. Recreational use is not yet in sight, and even medical access remains limited and highly regulated.

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It’s been just over a year since recreational cannabis was legalised in the Australian Capital Territory (ACT), home to the nation’s capital city of Canberra.

Announced on September 25, 2019, and brought into effect on January 31, 2020, the rules make it legal to possess and personally use small amounts of cannabis.

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A big change is in store for the Australian cannabis market thanks to a new rule recently approved by the country’s health regulatory agency. 

In December, the Therapeutic Goods Administration (TGA) confirmed it would begin allowing the sale of low-dose cannabidiol (CBD) products over the counter by a pharmacist.

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Broadest Medical Cannabis Product Range in Australian Market

NYSE | TSX: ACB

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Better Plant Sciences Inc. (CSE: PLNT) (OTCQB: VEGGF) (FSE: YG3) (“Better Plant”) is pleased to announce it has engaged Pure Product Brokers for sales representation for Better Plant’s Urban Juve products, commencing immediately.

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