Australia to export ‘medicinal’ Indian hemp to boost domestic market, help international patients

Greg Hunt, Australia health minister, Thursday said the country would start the exportation of medicinal cannabis to other countries after its government’s approval, the spokesman said.

“The move will bolster Australia’s developing domestic market and help international patients, all while trading on the Pacific country’s reputation for clean and green agriculture.

“Our goal is very clear, to give Australian farmers and manufacturers the best shot at being the world’s number one exporter of medicinal cannabis.

“The regulation will be signed by the minister “shortly,’’ Hunt’s spokesman told dpa.

The federal government in 2016 legalised patient access to Australian-grown and manufactured medicinal cannabis, subject to state and territory regulations.

Victoria became Australia’s first state to legalise cannabis for medical use and was quickly followed by New South Wales.

The Federal Health Department said 350 patients have accessed Australian-grown medicinal cannabis products.

Hunt’s announcement sent medical cannabis producers’ stocks to new highs on the ASX.

The chief executive of Cann Group, Peter Crock, whose shares were up by about 28 percent, said the export approval would allow the company to set up on a global scale.

“I think we are seeing there is a global shortage so there is going to be room for multiple players,’’ Crock said.