The cannabis industry has experienced tremendous growth in the USA and Canada in recent years, given the popularity of marijuana in treating certain medical conditions. Research done on the use of cannabis for medicinal purposes has spurred growth in this industry in North America.
In all these, Australia’s place seems to be that of catching up with the more advanced cannabis industry in the U.S. and Canada. With states such as Victoria, Queensland and Tasmania, legalising marijuana for specific medicinal purposes, Australia is slowly but surely, inching closer towards nation-wide legalisation. The country currently, might be missing out on almost $5 billion of businesses, but given the favourable conditions, Australia can actually prove a very promising market for marijuana. However, the country has a lot to learn from the U.S and Canada who have been more proactive on this topic. Here are 5 things the players in Australia’s emerging cannabis industry have to take note of:
1. Product Innovation
Traditionally cannabis indica plant has been consumed in Australia in the form of a pipe or rolled joint. One of the things that makes the cannabis industry in the U.S and Canada unique is the constant innovation surrounding medical marijuana products. Some of the available products include mouth sprays, lubricants, drinks, patches, edibles, and CBD edibles Canada.
Funny enough, these innovative products are as appealing to recreational users of marijuana as they are for those using it for medicinal purposes. It is now possible for people to walk into a shop to buy a cannabis product for recreational or medicinal use. For people who want to grow their very own marijuana, a good marijuana guide, however, always comes in handy.
2. Favourable Legal Status
While the wave of the legalization of marijuana and its products began a few years ago in the U.S, Canada became the first country to legalize both the recreational and medicinal use of it. Due to that changing environment, many players have sprung up all over the North American country. In the U.S, marijuana remains illegal at the federal level with only a fraction of the 50 states have passed laws to fully legalize it.
In Australia, changes to the law legalized medical marijuana allowing patients to accept prescriptions from authorized doctors. While this removes restrictions from medical marijuana, it in no way allows the sale of cannabis products for recreational purposes.
3. Cannabis Grown For Export
Due to its legality in Canada, recreational marijuana is likely to rake in over $5 billion annually. However, the focus of industry players isn’t just on the domestic market. It is expected that a few years to come, Canada will be a leading exporter of both recreational and medical marijuana to the rest of the world. The market is expected to grow as more and more countries legalize marijuana. If the right steps are taken, Australia could also become one of the leading marijuana exporters in the world.
4. Role of Provincial and Local Governments
In Canada, cannabis is legal at the federal level but its administration will happen at the provincial and local governments. At the federal level, the issues of concern include cannabis production, possession limits, advertising, trafficking, setting minimum age limits, personal cultivation, and tracking the sale of seeds. The federal government will also maintain oversight over medical cannabis.
Since most of the businesses involved in the cannabis industry operate locally, it is the duty of governments at the lowest level to regulate them. Thus territories and provinces play a very important role in marijuana retail and wholesale distribution.
5. Low Taxes on Cannabis Making It More Affordable Than Beer
Deliberate efforts have been taken to eliminate the black market in the Canadian cannabis industry. One of the ways this is being done is to offer cannabis prices that are comparable to those in the black market. So far, the tax proposed on cannabis products is almost negligible. That will make cannabis products much cheaper in Canada than they are in parts of the U.S. What this does is to place legal marijuana in a vintage position compared to that available on the streets. Due to lower cannabis prices, a large part of the population is likely to quit alcohol for marijuana. Australia can take the lessons from these countries, which they learned the hard way.
Researchers all over the world are coming up with new benefits of marijuana every day and Australia is catching up on this global phenomenon. Countries such as the U.S.A and Canada, through their own struggles, are weeding the path for other nations to join the revolution. One thing you should know about marijuana is the important role it plays in the fitness industry. There are a number of stores today from where you can buy steroids online and add them before and after your workout routine.
Jessica has been closely studying the cannabis industry trends from quite some time. Intrigued by the booming growth of this sector, she takes an interest in penning down her views providing quality insight on current marijuana trends, particularly medical cannabis.
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