"By knowing they have an Australian market and an worldwide market, that improves the likelihood of growing and production in Australia".
In an effort to join the estimated $55 billion global export cannabis market while also improving supply for the domestic market, the country of Australia announced Thursday it would be shipping medicinal pot beyond its borders for the first time.
Following a recent federal government initiative allowing the exportation of medicinal cannabis from Australia, medicinal cannabis business The Hydroponics Company (ASX:THC) announced it is well positioned with worldwide partners to take advantage of this opportunity.
Pending parliamentary approval, cannabis products including including oils, patches, sprays, lozenges and tablets made from locally grown cannabis would be on offer to the global medical cannabis market.
The Federal Government has high ambitions for the emerging industry.
"This decision will help both the domestic supply and Australian producers by strengthening the opportunities for domestic manufacturers", Hunt said in a statement.
Hunt went on to add that this decision to send pot overseas will benefit Australia's medical users first and foremost. The government legalized patient access to medicinal cannabis at the federal level in 2016, though rules differ at the state level.
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"The sector is fully supportive of that".
Anthony Albanese, the opposition frontbencher, described the changes as a "sensible move forward" for Australia.
He hopes Australia can be the world's top supplier of medicinal cannabis. Read the discussion in the comments.
The growth of weed Down Under is still relatively small as recreational use still remains illegal.
"There are now no real government barriers at all to accessing medicinal cannabis", he said.
But Mr Hunt has dismissed the criticism, citing a "progressive increase" in prescriptions.
Hunt defended these doctors, saying it was "understandable" many were reluctant to prescribe a drug that has just been approved.