The medicinal cannabis business is "booming", with Australian sales likely to have quadrupled in the past two years, according to a new report.
The annual Cannabis in Australia report released by the Penington Institute, a research organization that promotes harm reduction approaches to drug use, shows the money Australians are spending on medicinal cannabis products is on track to reach $1bn by the end of the year.
The Penington Institute obtained the sales data provided by companies to the drugs regulator, the Therapeutic Goods Administration, on a six-monthly basis. The data showed the total number of units sold in the first half of 2024 reached 2.87m, "up considerably" from the 1.68m units that were sold in the second half of 2023, the report said.
Using pricing data from the health and wellness website honahlee, the authors estimated Australians spent $234m on medicinal cannabis products in 2022, rising to $448m in 2023, and $402m in just the first six months of 2024.
Read more at The Guardian