If Australian states all legalize medical cannabis, the combined industry could be valued at upwards of $100 million, according to a research paper by the University of Sydney Business School.
Though that may not seem like much – given that Colorado alone sold almost $1 billion last year – it could be a solid start, especially since Australia is home to 23 million people.
The research paper, which was reported by Business Insider Australia, was based on data from worldwide legal marijuana markets, including Israel, Canada and the Netherlands, and gauged potential demand in Australia at 800 kilograms a year, or roughly 1,760 pounds.
The paper also concluded that upwards of 167,000 square feet of greenhouse space would be necessary to produce enough legal marijuana to meet demand.
At least one U.S. firm has already cemented a business partnership in the land down under, and other Australian companies are jumping on the bandwagon in an attempt to get ahead of the cannabis curve.