Australia is said to have one of the highest cannabis prevalence rates in the world and public attitudes to its use are shifting. North American, European and other cannabis companies looking for investment opportunities would do well to follow these shifts.
Growing cannabis for medicinal and scientific purposes was legalized under federal law in 2016. Low-THC hemp foods were then legalized federally in 2017. Recreational use, though, remains prohibited under federal law. Similarly, at the state and territory level it is mostly illegal to use, possess, grow, and sell cannabis. Despite these continuing prohibitions, there are legislative trends toward legalization.
If passed, the Legalising Cannabis Bill 2023 would change the federal landscape. It would legalize cannabis for adult recreational use in Australia. The Bill would establish the Cannabis Australia National Agency as a statutory agency to register cannabis strains and regulate cannabis activities. These activities include growing and possessing plants, manufacturing and selling cannabis products, operating cannabis cafes, and importing and exporting cannabis products.
The Senate Legal and Constitutional Affairs Committee is presently conducting an inquiry into the Bill. Submissions have now closed and public hearings have opened. The Committee’s reporting date is May 31, 2024. The Bill is expected to
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