The News shows A Promising Future for our stock....A reported one-third of Australians over the age of 22 have used cannabis. That's roughly 5.8 million people. In fact, it's estimated that around 750,000 Australians smoke marijuana on a weekly basis.
Growing acceptance has driven both the ACT and Australia's Northern Territory to decriminalize marijuana use in the last decade.
And in February 2016, Australia's federal parliament legalized medical marijuana usage across the entire country.
The move was reminiscent of Canada's path to legalization – Canada first legalized medical use, and recreational legislation followed.
Australia's acceptance of medical marijuana opened the door to the immense economic opportunities available in a regulated marijuana industry.
In January 2018, Australia's health minister, Greg Hunt, stated that he hoped the nation would become the world's leading exporter of medical cannabis following legalization.
And the robust numbers currently generated by the nation's domestic medical industry make it possible.
Australia's medical marijuana market, currently valued at $17.7 million, is expected to generate $1.2 billion in the next five years.
In fact, it could be worth as much $3 billion by 2028.
But that pales in comparison to the potential value of the nation's recreational marijuana industry.
According to recent estimates, Australia's recreational industry could be worth as much as $8.8 billion within a decade of legalization.
And these numbers could be short of the mark. Australia is currently one of the world's wealthiest nations, giving consumers the kind of discretionary income that's often absent in much of the world.
This wealth is likely to translate into lavish spending in any cannabis market that emerges in Australia.
Thanks to Canada's astonishing success and the significant economic opportunities that come with legalization, it's likely that Australia will follow in the Great White North's footsteps and approve recreational usage in the near future.
