Asia & Oceania

Report: $5.5 billion up for grabs if Australia legalizes cannabis

A new report pegs Australia’s recreational cannabis market at 7.8 billion Australian dollars ($5.5 billion) – assuming a fully legal and regulated market is put in place by 2023. In neighboring New Zealand, commercial opportunities from a fully regulated recreational marijuana industry would top 977 million New Zealand dollars ($634 million), the report from United […]

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Vanuatu takes first steps to legalize medical marijuana

Vanuatu, an archipelago in the South Pacific Ocean, plans to introduce legislation later this year or next spring to launch an “ethical” medical cannabis industry. The Council of Ministers – effectively the country’s cabinet – approved a “Policy Direction on Cannabis” to lay the groundwork for the local cultivation of medical cannabis and industrial hemp. The […]

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Is Canada’s marijuana legalization a ‘template’ for the world to follow?

Canada took its first steps into a future of legal cannabis Wednesday, but what that means for prohibition in other countries largely remains to be seen. Will other countries follow Canada’s move toward ending prohibition? What impact will ending prohibition there have on global medical cannabis markets? Canadian Senator Tony Dean believes every country will […]

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Medical marijuana firm raises $15M ahead of Australian Stock Exchange listing

An Australian medical marijuana company raised $20 million Australian dollars ($14.6 million) in its initial public offering and will begin trading Friday on the Australian Stock Exchange. Melbourne-based Althea Group will use the proceeds to fund a cannabis production facility, the Australian Associated Press reported. The company sold its shares for 20 Australian cents apiece, giving […]

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New Zealand grants first medical cannabis business license

New Zealand’s health ministry has given a private company permission to cultivate medical cannabis – representing a first in the country and a milestone for the industry. Manu Caddie, CEO of Hikurangi Cannabis Co., said the MMJ industry in New Zealand is in store for significant growth, according to the New Zealand Herald. The first […]

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Australia sees significant increase in medical cannabis patient count

The streamlined processes for medical marijuana applications in Australia’s most populous state is starting to produce positive results, although patient access remains “appalling” across the country, according to at least one elected official.
Data shared with Marijuana Business Daily by the New South Wales health regulator shows that 322 applications for medical marijuana have been approved since the state made it easier for doctors to prescribe cannabis in March.

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‘Global paradigm shift’: International cannabis business opportunities will accelerate

Hours after Constellation Brands announced its marijuana-industry-record investment of 5 billion Canadian  dollars ($3.8 billion) in Canada’s Canopy Growth, experts told cannabis entrepreneurs and investors at MJBizConINT’L in Toronto on Wednesday that global cannabis business opportunities will rapidly accelerate. The move by Constellation – which owns, distributes and markets 100 beer, wine and spirits brands, including Corona and Robert […]

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Multibillion-dollar marijuana industry takes the stage at MJBizConINT’L

There is no end in sight to business opportunities in the multibillion-dollar international cannabis industry, experts said Tuesday as the inaugural MJBizConINT’L kicked off in Toronto. More than 2,000 marijuana entrepreneurs and investors from 31 countries are gathering for the three-day, international-focused conference to explore strategies that include: Tapping into international investment capital. Building a global cannabis […]

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‘Breakthrough’ in South Korea as cannabis law gets major backer

A move to legalize medical marijuana in South Korea picked up a key backer, increasing its chances of approval by the end of this year. South Korea would be the only country in Asia, besides Israel, to approve medical cannabis for qualifying patients, which would mark a significant milestone in the global medical cannabis industry. India […]

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