Australia’s cannabis space has been moving forward, and progress continued in the first half of 2021.
The country has seen the growth of domestic players, as well as critical changes to the rules surrounding CBD. But at the same time, there are still serious challenges present in the industry.
In this update, the Investing News Network (INN) takes a closer look at the Australian cannabis market in the first part of the year.
Australia cannabis update: Domestic market makes progress
Australia’s cannabis industry is defined by its domestic medical market and the international opportunities available for companies in the country. When it comes to the country itself, the sector has grown off the back of increasing patient numbers.
In its 2021 half-year update, analytics firm FreshLeaf Analytics said the country was home to 45,000 active patients, with that number expected to reach 75,000 by the end of the year.
“The Australian medicinal cannabis market continues its strong growth trajectory,” Cassandra Hunt, managing director of FreshLeaf Analytics, said in a statement, according to a report from MJBizDaily.
The document indicates that 2021 is set to bring “evolution in the regulatory landscape,” alongside further focus on product quality. The researchers also expect to see additional investment in research and development, as well as “further industry consolidation.”
There’s been rapid growth in the number of products available to patients and in revenue for the industry,...
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