Australia Legal Cannabis Market Share by Application 2030

Australia Legal Cannabis Industry Overview

The Australia legal cannabis market size was valued at USD 66.0 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 29.6% from 2023 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.

Gather more insights about the market drivers, restrains and growth of the Australia Legal Cannabis Market

The increase in medical marijuana output as a result of increasing demands in the pharmaceutical sector is boosting the overall growth of the market. Increased opioid toxicity is expected to increase demand for medicinal hemp and marijuana, necessitating greater cultivation to meet rising consumer demand. According to data issued by the Therapeutic Goods Administration in June 2020, there are about 14 emergency hospital admissions and 150 hospitalizations per day in Australia, with three people dying as a result of opioid consumption.

In Australia, 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.

The rules for growing hemp and marijuana are ambiguous, forcing governments to acquire hemp and marijuana from countries like Australia. These laws result in high import prices, which have an impact on retail pricing. This is intended to lead customers to seek hemp and marijuana through illegal routes, where it will be offered at significantly lower prices. Even if the drug has been approved for medical use, this is expected to stifle the cultivation business in these countries.

Increased use of marijuana, mostly for medical purposes, is boosting total market growth as customers migrate from traditional treatment methods to cannabis-based treatment. Furthermore, the COVID-19 pandemic severely impacted the country’s legal cannabis business, as the statewide lockdowns disrupted product manufacturing distribution due to the imposed import/export restrictions, resulting in reduced overall profits. Cann Group Limited, for example, saw a 72.5 percent drop in revenue in FY2020 compared to FY2019, owing to a government-imposed lockdown and distribution network interruptions caused by the COVID-19 epidemic.

Browse through Grand View Research's Pharmaceuticals Industry Research Reports.

• Legal Cannabis Market - The global legal cannabis market size was valued at USD 22.1 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 25.5% from 2023 to 2030.
• Medical Marijuana Market - The global medical marijuana market size was valued at USD 13.8 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 21.80% from 2023 to 2030.

Market Share Insights

• March 2021: Cann Group Limited announced today that it had finalized the purchase of Harvest One Cannabis Inc's Satipharm business.

Key Companies profiled:

Some prominent players in the Australia legal cannabis market include

• Cann Group Limited
• EPSILON
• Little Green Pharma
• Emyria
• Epsilon Healthcare Limited

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