Cannabis in Australia
Cannabis is widely known by its different names, such as marijuana, yarndi, pot, weed, hash, dope, gunja, joint, stick, chronic, cone, choof, mull, 420, dabs, dabbing, or BHO.
The alternative name for cannabis is that it is used in the form of drugs such as marijuana, hash, and hashish oil, which are extracted from the plant called sativa. It is legally used for medicinal purposes in Australia.
Cannabis is present in different forms, as follows:
Marijuana is basically an extracted form of dried leaves and flowers and is the most basic form of cannabis. Hashish is a dried resin from the plant, usually mixed with tobacco and smoked. Hash oil is a liquid added to the tip of a joint or cigarette. Concentrates of cannabis extracts are usually dissolved in butane hash oil. It is illegal to use, possess, cultivate, or sell cannabis in most states and territories in Australia. However, the laws governing cannabis possession, cultivation, and use have changed.
Uses of Cannabis
Cannabis has been categorized into different forms based on its usage. Let’s have a look:
The research has been continuously conducted on ‘medicinal cannabis’, which is mainly used as a medication to treat numerous health issues such as managing chronic pain and treating epilepsy. The supply system for cannabis is not openly permitted in Australia; it can only be accessed as medicinal cannabis through a healthcare practitioner.
The psychoactive substance is called ‘Synthetic Cannabis." The chemical composition is known as delta-9-tetrahydrocannabinol, which has the molecular capability to imitate the active form of cannabis. This type of cannabis is marketed under various names, such as Spice, Kronic, Mojo, Lightning Gold, Blue Lotus, and Godfather.
ASX Cannabis Stocks: 3 Biggest Companies in 2023
Veye Pty Limited has gathered the top ASX cannabis stocks; let’s have a watch on them below:
Botanix Pharmaceuticals Ltd. (ASX: BOT) has a market capitalization of $244.34 million and a current market price of $0.17 as of November 21, 2023. The company has managed to deliver a 1-year share price appreciation of 169.84% (YTD as of November 21, 2023).
It is a clinical-stage synthetic cannabinoid company engaged in the development of safe and effective topical treatments for serious skin diseases, leveraging the anti-inflammatory, immune-modulating, and antimicrobial properties of synthetic cannabidiol.
The company has signed an agreement with Fresh Tracks on 26 July 2023 to extinguish all the potential financial obligations owed to Fresh Tracks.
Neurotech International Ltd. (ASX: NTI) has a market capitalization of $49.41 million and a current market price of $0.056 as of 22 November 2023. It is a clinical-stage biopharmaceutical development company focused predominately on paediatric neurological disorders.
Neurotech has made excellent progress to date in accelerating the use of NTI164 in a number of pediatric neurological disorders, where there is a significant unmet medical need for new safe and effective therapies.
Ecofibre Ltd. (ASX: EOF) has a market capitalization of $49.17 million and a current market price of $0.13 as of November 22, 2023. It is a diversified industrial hemp company in the United States and Australia.
Ecofibre is actively involved in influencing the setting of high standards in the industry; in the USA and in Australia, it drives the drive to enable access to medicinal cannabis and is now working with the TGA to set the standard for over-the-counter product regulatory approval.
The company launched the Katelyn's Gift Compassionate Access Programme way back in November 2021 to provide an affordable access to Ananda Hemp's medicinal cannabis range for children who could benefit from the product through a doctor's prescription but may not be able to afford it.
Frequently Asked Questions (F.A.Q)
Is cannabis legal in Australia?
Australia has a legal medical marijuana program, but recreational cannabis remains illegal on the federal level. The enforcement of cannabis laws and the penalties set forth could vary from one territory to another.
What is the trend in cannabis in Australia?
Lifetime cannabis usage has been increasing. It increased significantly between 2016 and 2019. Australia's market conditions are still not very conducive, but the growing investor's interest is very visible. Healthcare companies and regulators persevere with efforts to develop the industry.
Do you need a prescription for cannabis in Australia?
The registered medical practitioner has the authority to prescribe medical cannabis following the doctor's assessment.
What is the future of the cannabis market?
In 2022, the Australian legal cannabis market was valued at USD 67.4 million with a projected market size of USD 828.2 million by 2033, increasing the growth at a compounding rate of 30.1% during the specified period.
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