Done Deal – Australia Goes Legal

We like to think of ourselves as leaders…

But this time we’ve fallen behind.

Australia became the first continent to legalize medical marijuana after the Australian Parliament passed a measure earlier today. The amendments to the Narcotic Drugs Act legalizes the cultivation of medical marijuana for medical and scientific purposes.

Following the passing of this amendment, the Australian Minister for Health Sussan Ley made the following statement:

“This is an historic day for Australia and the many advocates who have fought long and hard to challenge the stigma around medicinal cannabis products so genuine patients are no longer treated as criminals. This is the missing piece in a patient’s treatment journey and will now see seamless access to locally-produced medicinal cannabis products from farm to pharmacy.”

A Cannabis Revolution

During the last few years, we have seen a cannabis revolution as several counties legalized medical marijuana. Although the United States cannabis industry has gathered most of the attention, this revolution is happening all around the world.

During 2015, both Puerto Rico and Canada legalized medical marijuana at the national level. In 2014, Uruguay legalized both medical and recreational marijuana. Israel, Canada, and the Netherlands all have legal medical marijuana programs. Portugal and a number of other countries have decriminalized the possession of small amounts of marijuana.

Marijuana Train has Left the Station

Marijuana legalization may not be a top priority for the United States right now, but change is occurring all over the world. The global marijuana industry has gathered support from many high ranking officials over the last two years which has increased overall support for the reform of restrictive laws.

Progress toward this goal is hampered by political realities, such that cannabis is still classified as a Schedule I substance. It is time for change and for the authorities to recognize its medical benefits and to remove some of the restrictions that are not supported by scientific research.

Not only is this a medical necessity, but it just makes good business sense.

What do you think?

Should we lead the way on this issue or just wait and see?

Write your opinion below!

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Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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