Australian Medicinal Cannabis Spending Set to Hit $1 Billion in 2024

A new report highlights booming sales, ethical concerns, and calls for regulatory reform in Australia's cannabis market.

Medicinal cannabis spending in Australia has skyrocketed, with 2024 sales projected to quadruple 2022 figures, reaching an estimated $1 billion by year-end.
The Penington Institute's report reveals a surge in prescriptions, with chronic pain and anxiety being the most common conditions treated, despite limited scientific evidence for effectiveness in some cases.
Concerns have been raised about unethical prescribing practices, including conflicts of interest and restricted patient access to pharmacies, prompting regulatory scrutiny.
The report advocates for a regulated adult-use cannabis model, citing shifting public attitudes and the inefficiency of current criminal enforcement, which costs over $2 billion annually.
The Australian Senate recently rejected a bill to legalize cannabis, reflecting ongoing political resistance despite growing public support for reform.