Industry leaders have spoken of the need to generate revenue, the imperative of creating trust and the importance of drug registration as Australia’s medicinal cannabis sector continues its slow but steady development.
During a wide-ranging discussion at the ACannabis EVOLVE conference, senior executives depicted an industry that continues to experience growing pains, but one preparing for long-term sustainability.
Access to capital, regulatory barriers and the dubious quality of imported products all remain issues, the conference heard.
Equally, Australia’s rigorous quality and compliance standards and cutting-edge medical science is likely to put the country on a strong footing both locally and in international markets, business leaders said.
Cann Group chief executive and Medicinal Cannabis Industry Australia (MCIA) chair Peter Crock described the regulatory environment created by the TGA as a “badge of honour”.
Yet some regulations continue to hamper the industry’s progress, he said.
“We need to get the regulatory environment right. Our objective, and a key role for the MCIA, is to develop an industry that is trusted, and I think the research environment in Australia is absolutely world leading.
“But we’ve still got regulations where La Trobe University can hold no more than 200g of cannabis, and that is crippling us in terms of getting analysis done.