The Medicinal Cannabis Industry Australia (MCIA) is developing a roadmap to help companies navigate the complexities of international exports, after securing a $250,000 government grant aimed at growing overseas sales of locally produced medicinal cannabis.
The funding will be directed toward creating a strategic export plan and expanding the industry's understanding of priority international markets.
The findings will be presented at an industry summit scheduled to align with the ACannabis 2024 conference.
According to the MCIA, the report will give companies the foundation to make "informed decisions on market development and investment".
Although the domestic market remains the primary focus, exports are expected to play a growing role in the financial health of local businesses, given Australia's relatively small population.
The regulatory pathways required to access international markets present a considerable challenge for industry participants. The grant is expected to allow the MCIA to cut through that complexity and equip businesses with the knowledge needed to successfully take Australian products abroad.
MCIA chairman Peter Crock said: "The Australian regulatory framework and adherence to globally recognised quality standards has ensured that the industry is well positioned to take advantage of export opportunities.
"This grant will be invaluable in helping address much needed knowledge and skill gaps and assist the industry to establish a strong presence on the global stage."
He added: "We welcome and appreciate the government's recognition of the industry's potential growth opportunity".
Minister for agriculture, fisheries and forestry Murray Watt described medicinal cannabis as an "emerging and fast-growing" industry.
"The Albanese Government is providing this grant to support the development of an export strategy and international engagement plan to help the industry build a globally competitive supply chain," the minister said.
"There is huge potential for the Australian medical cannabis industry to grow and become globally competitive. Given its relatively new status and the complex global regulatory environments, this strategy is needed now to set sound foundations for the industry going forward."
