Australia was one of the few countries in the world to understand and tap in the potential of the magical “medical marijuana” by legalizing it in 2016. While many countries still debate the “ethical” grounds of officializing Cannabis, the market for it keeps growing at an extraordinary pace. In Australia alone cannabis is expected to contribute approximately $8.5 million in the nation’s state and federal tax.
Cannabis has grown manifold as an industry and a market, with investments, promising enterprise efforts, international relations and a surge of employment opened up by the field. Though the recreational aspect of cannabis is still largely under debate, the world seems to be warming up slowly to the ideas of its healing effects in treating Cancer, AIDS, cancer, PTSD, depression, epilepsy and seizures.
Domestic cannabis player Althea Group (ASX: AGH) has recently announced its entrance in the international market, stepping foot in Canada, one of the largest Cannabis markets in the world. The company is also considering diversifying its cannabis product line. It plans to buy recreational cannabis company, Peak Processing Solutions, that produces and processes edibles, drinks and cosmetics imbibed with cannabis.
Cannabis, medically accepted as cannabinoid drug by The Alcohol and Drug Foundation, is the product of the sativa plant which has psychoactive cannabinoid THC and non-psychoactive cannabidiol. Apart from Australia, countries like Canada, Uruguay, North Korea, Alaska, Malaysia, Thailand and Singapore are adopting cannabis as a medicine.