As the European cannabis market experiences significant growth, Australian cannabis growers are seizing the opportunity to expand their operations. Companies are securing lucrative export deals, particularly to Germany, which has recently implemented significant reforms to its cannabis laws. These reforms include the regulation of medical marijuana, treating it similarly to over-the-counter medications like ibuprofen.
One of the leading Australian companies, Australian Natural Therapeutics Group (ANTG), has been exporting to Germany since 2020. Germany, with its large population and progressive stance on medical cannabis, has emerged as a key market for the industry. ANTG’s CEO, Matt Cantelo, highlights Germany’s ‘smart approach to regulations,’ which has contributed to a surge in demand for medical marijuana since its legalization in April 2023. A new 10-year supply deal between ANTG and a Cologne-based company could be worth over $100 million, further demonstrating the lucrative nature of this emerging market.
The European medical marijuana market is projected to experience significant growth, with the number of patients anticipated to increase by over 230% in the next four years. The market value is estimated to reach $3.3 billion by 2027. This growth has prompted Australian cannabis growers to explore other European markets, including France, where full legalization of medical cannabis is expected by 2025. Little Green Pharma, another Australian cannabis producer, is strategically positioning itself to capitalize on this potential market shift. The company’s CEO, Paul Long, believes that legalization could encourage a significant portion of the French population who currently use cannabis illicitly to transition to medical use.
Beyond the commercial opportunities, Australian scientists are also exploring the therapeutic potential of medical marijuana. Cannim Group and NICM Health Research Institute have launched an observational study to investigate the safety and effectiveness of medical cannabis in treating menstrual pain. This study aims to recruit 65 participants, with a focus on primary dysmenorrhea, a common condition affecting many women.
Despite the positive developments in the medical marijuana sector, the NSW Premier, Chris Minns, has stated his opposition to decriminalizing cannabis for personal use. This decision comes despite numerous submissions highlighting the potential benefits of decriminalization for various sectors, including legal and health.
The Australian cannabis industry continues to evolve, with a growing focus on medical applications and international markets. The future of this sector appears bright, driven by increasing acceptance of medical marijuana and the potential for further legalization across Europe.
