Australian markets publication is reporting that the Australian Federal Agriculture minister wants to make it easier for Australian companies to export hemp & medicinal cannabis. According to a AAP report he told parliament Wednesday.
“We want our agricultural industries to be able to capitalise on the opportunities that flow from growth in our region and globally,” he told parliament on Wednesday.
The National Farmers Federation wants to grow agricultural exports from the $43 billion a year now to $100 billion annually.
Here’s the rest of the Stockhead report.
The federal government is set to make it easier for local hemp and medicinal cannabis companies to export their wares.
Medicinal cannabis exports were first approved by The Office of Drug Control back in February 2018.
But according to an AAP news report, Agriculture Minister David Littleproud has introduced broader legislation to parliament that aims to certify the export of narcotic goods, including hemp and medical cannabis.
Littleproud told parliament that the proposed new law is part of a broader move to cut red tape and help boost Australia’s agriculture exports once the COVID-19 threat has passed.
“This bill allow the growth of export markets for hemp and medicinal cannabis industries,” he said.
It follows some more good regulatoary news in late April, when the Therapeutic Drug Administration (TGA) announced it would take submissions (until May 22) regarding the introduction of over-the-counter sales of CBD products in Aussie pharmacies.
Turning to the local market, and it was a mixed bag this week for the cohort of ASX-listed cannabis stocks tracked by Stockhead.
That performance reflected that of the broader market, in what has been a cautious month of May so far following the April rebound.
Of the 32 stocks on this list with either cannabis or cannabis-adjacent business models, there were 14 winners and 16 losers, while three stocks traded flat.
While the current price action is a step up from the 2019 cannabis bear market, it’s cooled off from the April rally when well over 20 stocks on the list were posting weekly gains.