Australia could be a global leader in medicinal cannabis if proposed laws pass, a pharmaceutical firm says.
The federal government has introduced draft laws to parliament allowing the cultivation and supply of marijuana for medicinal or scientific purposes.
ASX-listed MGC Pharmaceuticals says that apart from the obvious health benefits for patients suffering chronic pain, the laws could create a lucrative new export industry.
"A medical cannabis scheme also presents an opportunity to establish a booming domestic industry and the potential in the future for a significant export industry," the company said in a statement.
"It would also enable Australia to become a global leader in the cultivation and supply of medical cannabis." MGC managing director Nativ Segev said his company had experience growing and supplying medical cannabis in Israel and Europe, and is optimistic about potential investment opportunities in an Australian market.
