There’s no escaping the reality that medicinal cannabis endured a tough 2024. Financially and reputationally it faced a number of challenges. More positively, however, the market continued to grow and, finally, there was some progress in the battle to end discrimination on the roads. Here, Cannabiz runs down the 50 most-read stories of the year.
50. Health bodies urge TGA to remove medical cannabis from SAS as ‘alarm’ grows over ‘highly potent’ THC
As the year drew to a close, the stones being thrown at medicinal cannabis – a regular feature during 2024 – appeared to get larger. This time, Queensland representatives from the AMA, the Royal Australian and New Zealand College of Psychiatrists (RANZCP) and the Pharmacy Guild of Australia penned a joint letter to the Therapeutic Goods Administration (TGA) warning them about rising prescription numbers in the state and calling for cannabis to be removed from the Special Access Scheme (SAS).
49. Hope for patients as legal defence edges closer for unimpaired drivers
The wait goes on for drug-driving laws to stop criminalising medicinal cannabis patients. But in Victoria, at least, the Labor Government showed a degree of progressive thinking by agreeing to explore a legal defence against a mandatory ban for mere THC presence.
THC-only products accounted for nearly half the number of medicinal cannabis products in 2023 as figures revealed more women were turning to flower while approvals for anxiety continued to rise.
47. Vitura seeks legal intervention after tech partner threatens to derail CanView operations
In late April, an increasingly antagonistic relationship between Vitura Health and the software company behind CanView, Code4 Cannabis, took a further twist after C4C threatened to switch off the platform with almost immediate effect. Vitura went straight to court seeking an injunction.
The TGA confirmed to Cannabiz in February what many domestic producers suspected. Since reforms were introduced the previous July to ensure imported products hit quality standards on a par with local medicine, no overseas-manufactured products had been put through their paces by the regulator.
45. Biortica joins forces with outspoken industry critics to explore ‘ways we can do things better’
Far better to have them in the tent sharing their expertise than throwing stones from the outside was Biortica Agrimed CEO Tom Varga’s response after joining forces with outspoken industry critics.
44. PharmaCann warns industry over ‘misinformation and libellous propaganda’ amid Cookies dispute
Amid a legal dispute with US cannabis giant, Cookies, PharmaCann warned the industry that anyone uttering disparaging comments or suggesting any wrongdoing on its part could expect to hear from its lawyers.
43. Releaf creditor claims hit $7.5m as fall out continues from firm’s collapse
Bank accounts controlled by Releaf Group were empty when it called in administrators, it emerged. Unsecured creditors began to realise – if they didn’t already – that they were unlikely to see any of their money following the collapse of the company.
42. Cannatrek named in cash-for-scripts controversy as AMCA highlights ‘good work’ done by doctors
TV show A Current Affair ran a second damaging segment on medicinal cannabis, with Cannatrek accused of paying doctors to write prescriptions for its products. Cannatrek said it did not disclose commercially confidential information but indicated it did compensate doctors in exchange for information to help with its research.
41. Industry in the spotlight as regulators unite to explore rise in prescriptions
Health regulators and medical bodies met in Melbourne to discuss the rise in prescriptions in a move which triggered speculation that new rules to stamp out inappropriate practices could be around the corner.
40. Founder of telehealth clinic banned from dispensing cannabis
Adam Younes, the founder of Dispensed, was told by the Australian Health Practitioner Regulation Agency (AHPRA) that he must not “supply, administer, handle, dispense or check” medicinal cannabis following an investigation by the regulator. It was later alleged that a patient prescribed medicinal cannabis by a Dispensed doctor had been suffering from psychosis and took his own life.
39. Tasmanian Botanics, Kind Medical and Biortica Agrimed win big at the Cannabiz Awards 2024
In May, the industry gathered in Melbourne to celebrate the great and the good of the sector at another sold-out Cannabiz Awards. Tasmanian Botanics took out Company of the Year with Biortica Agrimed CEO Tom Varga voted Business Leader of the Year.
38. Cannabiz Awards 2024 launch with new categories, new judges and a two-stage judging process
The process of recognising the best of the best in the cannabis industry began in February with the launch of the Cannabiz Awards 2024. New categories were added, including Best use of Technology and Nurse of the Year.
37. TGA suspends injunction action after Montu removes promotional material
The health regulator withdrew attempts to force Montu to take down what it regarded as advertising material following pre-emptive action by the company. The principal case continues, however, and is due back in court in May. Montu denies the allegations.
36. Vitura set for strategy reboot in bid to stem profit and margin decline
After flagging a disappointing financial performance in FY24, Vitura Health, under new chairman Robert Iervasi, announced a ‘strategy reset’. It included the addition of new verticals, new senior leaders and a bid to improve customer retention.
35. SAS-B deep dive: half-year data illustrates shifting sands as monthly approvals hit almost 20,000
A Cannabiz analysis of the January to June SAS-B data found a number of interesting trends, including a rise in the number of approvals for anxiety, sleep disorders and depression and declining numbers for chronic pain. The propensity to prescribe cannabis for anxiety worried some experts who said there is little evidence to show its worth.
34. Montu to offer Birchal investors up to $14m in share buy-back pay day
Minority investors in Montu, who acquired shares via two Birchal crowdfunding raises in 2020 and 2021, were offered a chance to sell their shares at a considerable premium. However, the manner of the offer, and the lack of information provided to shareholders, drew criticisms and, later, the intervention of the Takeovers Panel.
33. Cannabis seeing ‘explosive growth’ but data reveals sales dogfight beyond the market leaders
Data supplied in February by research firm NostraData showed what we all knew; the market saw significant growth in 2023. But it also illustrated that, beyond the market leaders, many companies were fighting for scraps.
32. Industry fears grow as health bodies urge TGA to call time on Special Access Scheme
An appeal by medical bodies to take cannabis off the Special Access Scheme was criticised by the industry. While recognising some of the concerns raised in the joint letter from the AMA, RANZCP and Pharmacy Guild, such a move would simply drive patients back to the illicit market, industry representatives warned.
31. Cannatrek and Montu bury hatchet with new distribution deal
After a very public falling out in 2023, two of the industry’s heavyweights, Cannatrek and Montu, patched up their differences in May with the signing of a new distribution deal. Observers suggested the agreement was necessary for both parties.
30. Dolphins’ Alternaleaf blackout piles more pressure on Montu amid TGA legal action
Montu’s contentious, but undeniably bold, sponsorship deal with the Dolphins NRL team began to unravel after Alternaleaf branding was removed, on advice from the TGA, from stadiums and players’ jerseys. The deal was eventually terminated amid “challenges with regulators”.
Before the TGA’s advice to remove Alternaleaf branding from public-facing Dolphins platforms, Montu conceded the agreement did carry a degree of compliance risk. But vice president Rhys Staley also said the company needed to be disruptive and innovative in a way that would de-stigmatise the medicine.
28. Optimism turns to concern as Cann Group battles financial uncertainty
It’s been another tough year for Cann Group, which hit a low point in March after an auditor expressed concern about the company’s financial future. Shares were suspended following the report.
27. Releaf Group and Botanic Wellness among six firms hit with TGA fines
In June, the TGA bared its teeth with six medicinal cannabis firms receiving combined fines of A$630,000 for alleged advertising breaches. Among those in the TGA’s crosshairs were Releaf Group, Botanic Wellness and Cymra Life Sciences.
26. Growers’ worst nightmare: Hop Latent Viroid detected in Australia
The curse of the cannabis grower, Hop Latent Viroid, was detected in Australia with hundreds of cases found at Green Farmers’ cultivation facility in Victoria.
25. Montu reports stunning FY24 result but warns growth may slow amid regulatory challenges
Montu’s 2023 result may have been strong, but it was nothing compared to FY24. Revenue jumped 173% and profits grew 310%. However, it warned that growth could slow if, as feared, regulators decide something must be done to limit access to medicinal cannabis.
Authorised Prescriber, Dr Sara McDonald, who was a victim of the NSW investigation into prescribing practices, told Cannabiz of her experience when she appeared before regulators in July, revealing it could drive her from medicine for good. McDonald later joined a roadshow organised by Medical Cannabis Australia to provide clarity around prescribing rules and regulations.
The boss of the new Rapid Regulatory Response Unit (RRRU), Jason McHeyzer, reassured cannabis companies that they have nothing to fear – as long as they play by the rules. If not, expect a knock on the door, he said during an interview with Cannabiz, in which he warned those providing access to medicinal cannabis at high speed and at high volume to watch their step.
22. RACGP bans medicinal cannabis firms from exhibiting at national conference
In a move which did nothing but reinforce the stigma around the medicine, the Royal Australian College of General Practitioners (RACGP) banned cannabis companies from exhibiting at its national conference. The RACGP denied it was a ban, despite telling firms the “nature of your business does not reflect the current position of the RACGP”.
21. Releaf Group asks shareholders to help foot legal bills
As the financial position of Releaf Group worsened, management turned to shareholders in the hope of raising $2.5m, partly for a “legal fighting fund” to take unspecified legal action against unspecified entities. Within days of releasing the offer, the company called in administrators.
There was initial confusion about the Pharmacy Board of Australia’s compounding guidelines, which specifically mentioned medicinal cannabis for the first time. While there appeared to be no significant change to the rules, the singling out of the medicine was taken to mean the regulator was aware of issues surrounding its compounding and would be willing to take action.
19. Coming up trumps: how Australian patients are reaping the rewards of a $50 bet
It could have been so different for Matt Shales had the cards not fallen right. But they did, paving the way for the creation of MediCann Health. He told Cannabiz in January how a visit to the casino led to where the business stands today.
18. Cann Group CEO Peter Koetsier steps down
After a little over a year at the helm, Peter Koetsier announced his departure from Cann Group.
17. ‘It’s just another brand’: Medcan subsidiary distributes Snoop Dogg product in Australia
Medcan subsidiary, Greensaver Distribution, was revealed as the company behind the distribution of rapper Snoop Dogg’s products in the local market. Some questioned whether it was aimed at the quasi-recreational market. Medcan said it was “just another brand” in a cluttered market.
16. ‘Medical cannabis is my livelihood, my passion. But they have destroyed it. It’s been traumatic’
As NSW prescribers waited for a knock on the door from regulators, one prescriber told Cannabiz how she felt “violated” as investigators picked apart her prescribing practices and clinical judgment.
15. The ‘new’ compounding rules are just plain common sense
Lawyer and Australian Medicinal Cannabis Association (AMCA) chair Dr Teresa Nicoletti unpacked ‘new’ compounding guidelines, and argued they articulate what the industry should already know and what it should already practice.
14. Ananda Clinics founder Dr Jamie Rickcord to step away from industry
One of the most prominent advocates for medicinal cannabis, Dr Jamie Rickcord, revealed he was stepping away from the sector, with the emergence of a pseudo-recreational market among the reasons for his decision.
13. Cannabiz Awards 2024 shortlist revealed
Following a two-stage judging process, the shortlist was announced for the Cannabiz Awards 2024. Biortica Agrimed/Green Farmers, Astrid, Tasmanian Botanics and Cann I Help/Medcan Australia received the most nominations.
12. Draft THC guidance set for release following NSW prescribing crackdown
Amid the crackdown by regulators in NSW, leading doctors with Cannabis Clinicians Australia (CCA) drew up guidelines on prescribing for patients with substance-use disorder.
11. A revolving door of senior staff: what’s behind the turbulence at Cannatrek?
Even before Cannatrek’s FY24 financial results became public, it was clear all was not well at the company. A series of redundancies, the break up of a female-led executive team, collapsing morale and flawed business plans came to light, piling the pressure on then-CEO Tommy Huppert.
10. Releaf Group: receivers appointed to chase debt for law firm as administrators called in by board
The financial strife at Releaf Group finally proved too great. But as the firm entered voluntary administration – owing millions and leaving franchisees in the lurch – a secured creditor further muddied the waters and appointed receivers to recover a $1.3m debt. The saga is set to rumble on into 2025 following a tense creditors’ meeting last month.
9. Mystery over Turkish seizure of 100kg of medicinal cannabis bound for Australia
An Argentinian shipment of medicinal cannabis en route to Australia was seized by authorities in Turkey, leaving the local importer, Cannabas, to navigate a complex labyrinth of narcotic and terrorism agencies.
8. Medicinal cannabis in the crosshairs as AHPRA sets up ‘rapid response’ taskforce
Months of negative headlines over inappropriate prescribing and closed-loop business models finally provoked action by the Australian Health Practitioner Regulation Agency (AHPRA) in October with the formation of the Rapid Regulatory Response Unit to, among other things, police and explore allegations of malpractice in the medicinal cannabis sector.
7. Pressure grows on Releaf Group as court cases mount and doctors down tools over unpaid wages
One of the early players in the clinic sector, Releaf Group, finally began to unravel as Cannabiz exclusively revealed that legal action against the firm was mounting and doctors were downing tools over unpaid wages.
6. Australia cited as ‘world’s fastest-growing medical market’
The year started on a positive note as January saw Prohibition Partners name Australia as the world’s fastest-growing medicinal cannabis market. It attributed the growth to patient demand and desire for the medicine, coupled with a regulator who is “understanding of that need”.
5. Cannatrek profits wiped out as costs soar
Cannatrek enjoyed a stellar 2023 financial year. Which made the 2024 result all the more disastrous. Shortly after its $9m loss was announced – following a $14.5m profit in FY23 – CEO Tommy Huppert stepped down, with a remit to grow the company’s fledgling business in Japan.
4. Montu financials reveal scale of growth as revenue and marketing costs rise
In May, Montu’s FY23 financial results revealed what many already suspected: the company’s aggressive marketing reaped dividends, with huge growth in profit and revenue. FY24 proved even better.
3. Cannabis executive salaries: who earned what in FY24
Running a cannabis company brings significant pressure, but also a sizeable salary. Cannabiz dived headlong into the executive pay reports of the listed firms to discover just how sizeable they were – or not, in some cases.
2. Industry reacts as trial-by-TV on unethical prescribing splits opinion
Dr James Stewart appeared on A Current Affair in May claiming doctors were taking cash for prescriptions. Dr Stewart said he had “no regrets” at speaking out and was motivated by a desire to clean up the sector.
1. Cannabis prescribers caught up in crackdown by NSW health regulator
Doctors and pharmacists in New South Wales faced what many believed was a witch hunt after a regulatory unit attached to the health department came knocking during a crackdown on prescribing and dispensing practices. The ramifications weren’t pretty.
