Australian medicinal cannabis revenue tipped to reach $200 million in 2021
Australian medicinal cannabis revenue is tipped to double this year amid growing confidence in the emerging sector. And WA is poised to maintain a significant hold of the market share.
While the State is recognised globally for its optimal growing conditions, local cultivators, manufacturers and researchers have also benefited from limited COVID-19 interference in their operations.
Dr Washer said the trials were critical for the future success of the business.
“Mainstream medicine is where you want to be, and you need the right data to achieve this,” he said. “This is what makes a company attractive to big pharmaceuticals.”
Synthetic medicinal cannabis is more expensive to produce but is more accurate in eradicating THC, the compound in recreational marijuana that produces the “high” sensation.
Dr Washer said having cannabis products that were 100 per cent THC-free would be important to receive US Food and Drug Administration approval.
Click through to read the full article on The West Australian.