How big is the Australia legal cannabis market?

 Buy Weed Online Australia legal cannabis market size was valued at USD 51.8 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 30.1% from 2022 to 2030. The growth of the market is propelled by the increasing public knowledge of the health benefits of cannabis intake. The growing legalization of marijuana, mostly for medical purposes, is also expected to contribute to the growth of the market in Australia. Some other primary factors fuelling the growth include the expanding legalization, the growing patient population, additional government support, and the presence of local and foreign players in the country.



In cbd oil Australia chemist warehouse, the regulatory framework for medicinal hemp and marijuana is constantly evolving and remains closely regulated. In July 2020, 41.0% of citizens supported legalization, according to the Australian Institute of Health and Welfare. The first city to legitimize personal marijuana growing and possession for recreational purposes in September 2019 was the country’s capital Canberra. On a federal level, however, recreational marijuana possession remains illegal across the country. New cannabis legislation was enacted by the government, allowing the Australian Capital Territory (ACT) to acquire and cultivate marijuana for recreational use.

When contrasted to other countries in the Asia Pacific region, Australia has been a strong supporter of cannabis legalization. For example, when cannabis was legitimized in Canberra, residents over the age of 18 were allowed to possess up to 50 grams of dried marijuana and grow two marijuana plants. Several companies are publicly traded on the Australian Stock Exchange (ASX), have applied for cultivation licenses, and are being purchased or funded by major players.

What are the Major Driving Factors for the Australia Legal Cannabis Market?

Retailers and Sativa consumer goods companies are quickly changing to satisfy the demands of "mainstream" marijuana consumers. Consumers now have a wider range of goods to choose from, such as topicals, concentrates, and infused products, rather than being restricted to smoking flowers with joints, pipes, or bongs.

The Australia legal cannabis market continues to see a strong demand for beverages, candies, and chocolates made from hemp. Such edibles take one to two hours to start producing a euphoric "high," but the impact lasts longer than when smoke or vapor is inhaled. However, product innovation and packaging-related modification are anticipated to develop at the highest rate over the projection period and are expected to play a crucial role in raising the sales of Australia legal cannabis.

What are the Existing Challenges for the Australia Legal Cannabis Market Future Trends?

The laws governing the use of marijuana and hemp for medical purposes are strictly regulated in Australia and are continuously changing, thereby impacting the Australia legal cannabis market outlook. According to the Australian Institute of Health and Welfare, legalization was supported by 41.0% of the population as of July 2020.

The nation's capital Canberra became the first city to legalize recreational marijuana use and personal marijuana cultivation in September 2019. Buy weed Melbourne, Possession of recreational marijuana is still prohibited nationwide on a federal basis, though. The government passed new cannabis laws, enabling the Australian Capital Territory (ACT) to buy and grow marijuana for recreational purposes.

What are the opportunities for investors?

Prohibition Partners’ second Oceania Cannabis Report estimates that there are 2.1 million cannabis users in Australia, and forecasts the legal cannabis market in Oceania will be worth US$1.55 billion by 2024, with Australia accounting for 79 percent of the region’s market.

Looking more specifically at Australia, Grand View Research states that Australia’s legal cannabis market was valued at US$51.8 million in 2021; it expects the sector to expand significantly, growing at a compound annual growth rate of 30.1 percent from 2022 to 2030.

The Australian government also reports similar figures to the Oceania Cannabis Report — 11.6 percent of surveyed persons stating that they had used cannabis in the past 12 months.

For its part, FreshLeaf Analytics projected that medical cannabis revenue would jump to over AU$150 million in 2021. Their H2 report for that year showed that their own estimates were conservative, and the sales number was closer to AU$230 million — more than 150 percent of the original estimate.

While exact expectations vary, it’s clear that the market offers opportunities for investors. On the company side, there are now 44 companies with Australian manufacturing licenses for medicinal cannabis and 32 with import licenses, according to the Office of Drug Control.

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