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.


 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

Public support for legalisation growing

Australians are no strangers to cannabis — a recently updated report from the Australian Institute of Health and Welfare shows that marijuana is the most extensively used illicit substance in the country.

With that in mind, it’s perhaps unsurprising that views on cannabis are changing in the country. In 2019, Australia’s National Drug Strategy Household Survey found that 41 percent of Australians are in favour of legalising cannabis — that’s close to double the support seen when the survey was done in 2007.

Aside from that, legalisation has been recommended by a number of government inquiries, including a 2019 Queensland Productivity Commission report on imprisonment and recidivism.

Several states have decriminalised personal use of cannabis on private property, including the ACT, the Northern Territory (NT) and South Australia. Most other states have a discretionary almost de facto decriminalisation in place through police diversion programs.

Those arrested for small amounts of under 50 grams of cannabis can be diverted to drug counselling or education, or issued a fine rather than a criminal conviction.

Economic opportunities lie in legalisation

Although Australia’s economy ended 2020 on a high note after facing COVID-19-related setbacks, some experts believe cannabis legalisation could assist even further with economic growth.

The climate of the NT and its accessibility to Asia makes the likelihood of legalised marijuana a possible gold mine for the NT, according to economist Rolf Gerritsen.

“The Government, if it licensed the system and appointed official sales points, could actually set up a nice little industry with the possibility of future exports,” Gerritsen told ABC News.

In 2020, Australia’s economy plunged into its first recession in three decades due to fallout from the coronavirus, which came mere months after devastating bushfires that ravaged over 12 million hectares.

During the fall, a Twitter campaign from the Australian Greens political party pushed for legalisation to help pull the nation out of its recession, declaring cannabis a “multi-billion dollar industry.”

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

Federal cannabis legalisation unlikely

Although exciting, it seems unlikely that the Australian government will legalise marijuana at this stage.

Outside the Twitter campaign mentioned above, legalisation of cannabis has been a big part of the platform for the Greens, which are seeking the establishment of a controlled market for the sale of cannabis and would allow members of the public to grow up to six plants.

But the Greens are currently the only political party pushing for legalisation of recreational cannabis.

Both the Liberal National Party and Australian Labor Party have only shown support for medicinal cannabis at a federal level. In fact, Australian Attorney-General Christian Porter has been vocally opposed to the legalisation in Canberra, declaring the laws “terrible” and saying state- and territory-level laws conflict with federal laws on possession.

Many were looking towards the outcome of a New Zealand referendum on legalisation that failed as 50.7 percent voted “no” to the 48.4 percent “yes” votes.

What could legalisation do to the market?

A report from cannabis researcher Prohibition Partners hypothesizes great potential for Australia to significantly increase value through cannabis exports, while a focus on buying local could see more domestic cannabis revenue than ever before.

Success could encourage more regions to look closely at their own reform measures, particularly after watching the ACT’s adoption of restricted cannabis legalisation, the study argues.

“Both Victoria and Tasmania are also making moves towards more lenient cannabis laws and could be following in the ACT’s footsteps,” said the report’s authors.

“The Victorian government invested in R&D of the local industry, and is said to have ambitions to be the ‘cannabis bowl of Australia’ with a target of 500 local jobs.”

The report predicts the Australian cannabis market will break a total market value of US$1.5 billion by the year 2025, which would make it the largest legal cannabis market in Oceania. Eagle-eyed investors will be watching the market closely.

Don’t forget to follow @INN_Australia for real-time updates! 

Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

Expects to file its 2020 Annual Financial Statements on or before May 31, 2021

Matica Enterprises Inc. (CSE: MMJ) (FSE: 39N) (OTC: MMJFF) (“Matica” or the “Company”) announces today that further to our news releases of May 3, 2021, the filing of the Company’s audited annual financial statements for the year ended December 31, 2020, including the related management discussion and analysis, and CEO and CFO certifications (collectively, the “Annual Financial Statements”) remain outstanding. As part of the Company’s biweekly status report, Matica expects that the Annual Financial Statements together with the auditor’s report thereon should be finalized within fourteen days and filed, together with Matica’s annual management’s discussion and analysis for the 2020 fiscal year, by the next business day.

Keep reading... Show less

HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), an industry leader in full spectrum cannabidiol (CBD) hemp extract wellness products and probiotics, today reported financial results for the first quarter ended March 31, 2021. All dollars are stated in US Dollars.

Q1-2021 Financial Highlights

Keep reading... Show less

Premier cannabis brand consolidator and producer of cannabis-infused products INDVR Brands (CSE:IDVR) already has an impressive portfolio of brands with Cheech’s Stash and the award-winning Honu Brand as part of its roster. 

In the interview above, INDVR Brands CEO Joshua Mann shares the company’s efforts to support its expansion plans in the US and Canadian markets through the recent acquisition of all the assets of Nevada-based Strainz and Colorado-based Bronnor.

“The Strainz acquisition means merging of two extremely well aligned companies, and it brings in the Bronnor facility that is a 25,000 square foot state-of-the-art GMP-level manufacturing facility that also aligns it with another set with 700 dispensaries of distribution in Colorado,” Mann said. 

The cannabis market is rapidly changing and as demand grows, INDVR Brands already has the capacity to eventually manufacture and distribute products for areas and populations much larger than they’re currently made for. 

“We’re seeing the scheduling of cannabis at the US federal level. And at that point, there will be a path forward whereby a facility such as the Bronnor facility will give us an ability to distribute and produce for the entire western half of the United States,” Mann continued. 

“And that’s, I think, what it was originally built for. That’s what we saw as rationale with respect to where the merger was going, how do we future-proof ourselves?”

Watch the full interview with INDVR Brands (CSE:IDVR,OTC:AOF) CEO Joshua Mann above.

Keep reading... Show less

SHAREHOLDER INVESTIGATION: Halper Sadeh LLP Investigates MFNC, SPRT, WIFI, HRVSF; Shareholders are Encouraged to Contact the Firm

Halper Sadeh LLP, a global investor rights law firm, announces it is investigating the following companies

Keep reading... Show less

Love Hemp Group PLC (“Love Hemp” or the “Company”) (Formerly World High Life Plc) Exercise of Warrants and Issue of Equity

Love Hemp Group PLC (AQSE:LIFE) (OTCQB:WRHLF), one of the UK’s leading CBD and Hemp product suppliers, announces that it has received notifications from warrant holders to exercise warrants over 34,814,285 new ordinary shares of 1 pence each in the share capital of the Company (the ‘New Ordinary Shares’) at a price of 1 pence per share. Accordingly, the Company has today issued the New Ordinary Shares to the warrant holders for aggregate cash proceeds of £348,142. The proceeds will be used for general working capital purposes

Keep reading... Show less