Blog Post
Australia aims for slice of $61.5bn hemp industry
Elizabeth Gracie
This first successful export of hemp seed to New Zealand has taken place under 2017 legislation that allowed the transfer of low-THC hemp seed foods.
Australian hemp growers were permitted by the Australian and New Zealand Food Standards Code to access the growing THC hemp seed food products export market, an industry worth more than $500m globally.
It is a stepping stone to a medicinal cannabis export market, with the global medical cannabis industry expected to be worth approximately $61.5bn Australian dollars by 2024.
This effort included the legalisation of exporting cannabis products in February 2018 through the Narcotic Drugs Amendment Regulations Act.
The move will ensure that legitimate and legally sanctioned exporters of narcotic goods such as seeds, raw hemp and hemp food products are supported and allowed to access emerging export markets.
Minister for Agriculture David Littleproud welcomed the move to capitalise on the global hemp export market.
“For Australian farmers, reliable access to overseas markets means increased profitability and certainty for further investment in their properties and people,” said Littleproud.
Australian farmers will also reap the benefits of an open hemp market as well as supporting a legal and stable medical cannabis industry in Australia
“For the Australian economy, it means more jobs, more exports, and higher incomes in a competitive and profitable agricultural sector,” said Littleproud.
“The new legislation removes unnecessary regulatory barriers and will support better access to international markets for the emerging hemp and medical cannabis industries”.
Littleproud says the open market will lead to a more prosperous and productive Australia.
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