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New Zealand: Time to harness economic benefits of medicinal cannabis

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Since the Covid-19 pandemic struck, we’ve heard a lot about resetting the economy and the need to focus on sunrise, not sunset, industries. At the same time, during the Alert Level 4 lockdown in April, the Ministry of Health pushed play on New Zealand’s Medicinal Cannabis Scheme.

The regulations are now in effect, enabling local commercial cultivation of cannabis and the manufacturing of THC and CBD products. New Zealand GPs can now apply their professional discretion to prescribe medicinal cannabis.

Paul Manning is the co-founder and chief executive of Helius Therapeutics - the country’s largest medicinal cannabis company.

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Paul Manning is the co-founder and chief executive of Helius Therapeutics – the country’s largest medicinal cannabis company.

Estimated to reach $55 billion by 2025, the medicinal cannabis industry is one of the fastest growing in the world.

In New Zealand, the Ministry of Business, Innovation and Employment forecasts a strong market opportunity in the next 10 years. The pharmaceutical cannabis segment is expected to reach $320 million – $50m from within New Zealand and $250m in export sales. The broader cannabis health product segment could represent a $1b market opportunity per annum.

Medicinal cannabis reforms took effect in Australia in 2016, with its success hindered by higher hurdles for patient access. But, in recent months, its government has awoken to the potential of medicinal cannabis to lift GDP and aid Australia’s economic recovery.

This month the Federal Government pushed through legislation that would cut red tape and make it easier to…

Original Author Link click here to read complete story..

Source: https://mmpconnect.com/new-zealand-time-to-harness-economic-benefits-of-medicinal-cannabis/

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