The Australian government has stressed its plan to become the leading exporter of medicinal cannabis in the world.
Australia will join Uruguay and Israel which both have announced plans to follow Canada and the Netherlands, who had passed legislation regulating the sales of marijuana beyond their domestic market.
Australian Health Minister Greg Hunt said the move would also help local patients.
In 2016, Australia legalized the use of medicinal cannabis, but recreational cannabis use remains illegal in Australia.
“Our goal is very clear, to give Australian farmers and manufacturers the best shot at being the world’s number one exporter of medicinal cannabis,” Minister Hunt said.
The Labor opposition seems to approve the proposed move, making it possible for the new regulations to take place as soon as February 2018.
The Australian Broadcasting Corp reported the changes would extend to products including oils, patches, sprays, lozenges and tablets.
Mr Hunt hopes the change would have a tremendous impact on the local industry, benefiting local patients and businesses in Australia.
According to a United States consultancy company Grand View Research, the global market for medicinal cannabis could be worth up to $55 billion USD (A$70 billion AUD) by 2025.
More details to follow. Image 1 of cannabis plantation from Vice.