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10. Releaf Group: receivers appointed to chase debt for law firm as administrators called in by board
The financial strife at Releaf Group finally proved too great. But as the firm entered voluntary administration – owing millions and leaving franchisees in the lurch – a secured creditor further muddied the waters and appointed receivers to recover a $1.3m debt. The saga is set to rumble on into 2025 following a tense creditors’ meeting last month.
9. Mystery over Turkish seizure of 100kg of medicinal cannabis bound for Australia
An Argentinian shipment of medicinal cannabis en route to Australia was seized by authorities in Turkey, leaving the local importer, Cannabas, to navigate a complex labyrinth of narcotic and terrorism agencies.
8. Medicinal cannabis in the crosshairs as AHPRA sets up ‘rapid response’ taskforce
Months of negative headlines over inappropriate prescribing and closed-loop business models finally provoked action by the Australian Health Practitioner Regulation Agency (AHPRA) in October with the formation of the Rapid Regulatory Response Unit to, among other things, police and explore allegations of malpractice in the medicinal cannabis sector.
7. Pressure grows on Releaf Group as court cases mount and doctors down tools over unpaid wages
One of the early players in the clinic sector, Releaf Group, finally began to unravel as Cannabiz exclusively revealed that legal action against the firm was mounting and doctors were downing tools over unpaid wages.
6. Australia cited as ‘world’s fastest-growing medical market’
The year started on a positive note as January saw Prohibition Partners name Australia as the world’s fastest-growing medicinal cannabis market. It attributed the growth to patient demand and desire for the medicine, coupled with a regulator who is “understanding of that need”.
5. Cannatrek profits wiped out as costs soar
Cannatrek enjoyed a stellar 2023 financial year. Which made the 2024 result all the more disastrous. Shortly after its $9m loss was announced – following a $14.5m profit in FY23 – CEO Tommy Huppert stepped down, with a remit to grow the company’s fledgling business in Japan.
4. Montu financials reveal scale of growth as revenue and marketing costs rise
In May, Montu’s FY23 financial results revealed what many already suspected: the company’s aggressive marketing reaped dividends, with huge growth in profit and revenue. FY24 proved even better.
3. Cannabis executive salaries: who earned what in FY24
Running a cannabis company brings significant pressure, but also a sizeable salary. Cannabiz dived headlong into the executive pay reports of the listed firms to discover just how sizeable they were – or not, in some cases.
2. Industry reacts as trial-by-TV on unethical prescribing splits opinion
Dr James Stewart appeared on A Current Affair in May claiming doctors were taking cash for prescriptions. Dr Stewart said he had “no regrets” at speaking out and was motivated by a desire to clean up the sector.
1. Cannabis prescribers caught up in crackdown by NSW health regulator
Doctors and pharmacists in New South Wales faced what many believed was a witch hunt after a regulatory unit attached to the health department came knocking during a crackdown on prescribing and dispensing practices. The ramifications weren’t pretty.
