Opinion: Wendy Bonython: “High growth opportunities for Aussie cannabis producers”

We just interviewed Wendy on the Karma Koala podcast this morning (due soon) – so  it’s interesting to see this turn up on the news feed today

Wendy writes in the West Australian Newspaper

For more than 40 years, Amsterdam has been a favourite destination for young Australians drawn to its historic charm and famously relaxed cannabis scene.

While the Dutch capital is now stepping back from its freewheeling drug culture, citing concerns over crime and public disorder, Australia is set to shift from sending cannabis tourists to Europe to becoming a key supplier of the drug itself.

Producing and selling medicinal cannabis took off in 2016 when strict regulations permitted Australians to access and produce these products legally.

The history of cannabis as a prohibited drug means its production is heavily regulated. However, there is a growing movement towards legalisation and decriminalisation which reflect changing attitudes towards its use for both medical and recreational purposes.

Global legal cannabis spending reached more than $56 billion in 2022 and is set to reach $153 billion by 2027 according to market analyst Euromonitor International, with the European economic value projected to grow from $821 million to $3.3 billion by 2027.

Australian farmers are already positioning themselves to capitalise on this growth by signing multimillion-dollar export deals.

Some in the industry are confident France will fully legalise its medicinal market in 2025, offering further opportunities for Australian exporters.

Commercial production of medicinal cannabis attracts significant ethical, regulatory, and legal safeguards intended to prevent it from ending up with recreational users.

But if Australian farmers can navigate these issues, they stand to gain significantly from the lucrative global market.

Acceptance of medicinal cannabis as lawful and socially accepted is growing as the health benefits become more widely known and proven.

These include:

• Reduction of nausea, vomiting, pain, and muscle spasms.

• Improvements in sleep and appetite.

• Management of seizures.

• Relief of chronic pain.

• Treatment of neuropathic pain.

• Nausea and vomiting associated with cancer chemotherapy.

• Improving appetite in people with cancer and HIV/AIDS.

• Treatment of multiple sclerosis.

However, the medicinal pathway is still hampered by the fact recreational cannabis use remains controversial and criminalised in many countries, including Australia.

A 2024 Senate Committee enquiry into the Greens’ Legalising Cannabis Bill 2023, which included proposals to legalise and commercialise recreational cannabis, recommended against the Bill, citing significant concerns about harms associated with both inappropriate medical use and recreational use.

It also noted that community views on decriminalisation of recreational cannabis remain deeply divided.

Read the full piece at

https://thewest.com.au/opinion/wendy-bonython-high-growth-opportunities-for-aussie-cannabis-producers-c-15941726

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