Amended legislation will facilitate exports for the emerging medicinal cannabis and hemp industries, and better support access to international markets for the agritech industries.
The new legislation enables the industries to capitalise on opportunities and removes unnecessary regulatory barriers. The first successful export of hemp seed to New Zealand has already taken place.
Entering an economically challenging period, reducing red tape and enabling global access for life science and agritech industries will help companies to remain resilient. Locally, it supports more jobs on the ground.
The global medicinal cannabis market size was estimated to be more than US$11 billion in 2017 and is expected to reach an estimated US$44 billion by 2024.
AusBiotech’s 2019 CEO Industry Position Survey found that the global sentiment towards medicinal cannabis is changing, and Australian biotechnology companies were claiming the space to demonstrate the medicinal value for patients. The use of pharmaceutical-grade cannabis is fiercely regulated in Australia, but in comparison to the US where the use of it - even in clinical trials - is illegal, Australia has a golden opportunity available. This field is growing, with existing companies expanding into the area. This convergence of agriculture and therapeutics offers the two life sciences sectors a chance to work more collaboratively together, leveraging their existing expertise to develop evidence and educate, and to overcome the regulatory barriers currently being faced.
Register now to join key opinion leaders at AusBiotech + Invest 2020, Australia’s largest life science conference on 28 – 30 October, where a session will be held on Health meets ag. Latest insights will be shared, including on the changes in regulation and how it affects the medicinal cannabis industry.
See the Export Control Amendment (Certificate of Narcotics Exports) Bill 2020 legislation here.