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Explore StocksBotanix Pharmaceuticals, a medical dermatology company, released new key findings for a Phase 2 study of its BTX 1503 product.
Botanix Pharmaceuticals (ASX:BOT), a medical dermatology company, released new key findings for a Phase 2 study of its BTX 1503 product.
As quoted in the press release:
Key highlights
• All doses of BTX 1503 were very safe – no serious adverse events or treatment related discontinuations while achieving positive effects on acne lesion reductions
• BTX 1503 as a once daily application had the best performance, which from a compliance and commercial perspective, is the ideal dosing regime
• A strong and consistent impact on inflammatory lesions was seen across the entire study with even greater non-inflammatory lesion reductions
• Australian sites showed clear separation of BTX 1503 5 percent once a day vs vehicle – 40.8 percent vs 26.4 percent for inflammatory and 38.1 percent vs 5.1 percent for non-inflammatory lesions
• Patients in the USA that received vehicle had a high vehicle response which skewed the primary endpoint
Botanix Pharmaceuticals (ASX:BOT) announced a widened product portfolio and progress in its clinical trials as a part of its quarterly activities report.
As quoted in the press release:
Key highlights
• Completed BTX 1503 Phase 2 acne clinical study with efficacy and safety results announced in October 2019 (subsequent to quarter end)
• Moving forward with preparations for BTX 1503 Phase 3 clinical program and an end-of Phase 2 meeting with the US FDA
• BTX 1204 Phase 2 atopic dermatitis study entering the final stages, with recruitment on track to be completed in 4Q CY2019 and study data in 1Q CY 2020
• Completed formulation development and pre-clinical studies of BTX 1702 for the treatment of papulopustular rosacea
Botanix Pharmaceuticals (ASX:BOT) announced a widened product portfolio and progress in its clinical trials as a part of its quarterly activities report.
As quoted in the press release:
Key highlights
• Completed BTX 1503 Phase 2 acne clinical study with efficacy and safety results announced in October 2019 (subsequent to quarter end)
• Moving forward with preparations for BTX 1503 Phase 3 clinical program and an end-of Phase 2 meeting with the US FDA
• BTX 1204 Phase 2 atopic dermatitis study entering the final stages, with recruitment on track to be completed in 4Q CY2019 and study data in 1Q CY 2020
• Completed formulation development and pre-clinical studies of BTX 1702 for the treatment of papulopustular rosacea
Recreational cannabis remains out of reach in Australia, but the country legalised medical cannabis in 2016, opening up access to the cannabis market for both Australians and investors alike.
Cannabis in Australia is used to treat a myriad of conditions, from epilepsy to neuropathic pain, but federal legislation has a strict hold on the distribution of cannabis in the country.
Patients can only receive medicinal cannabis products via a specialist and then may have to wait up to a month for government approval. However, there are signs that the limits to access are slowly lessening, including the approval of over-the-counter cannabidiol (CBD) products and new breakthroughs in government-sponsored medical cannabis research.
Here the Investing News Network (INN) takes a look at how to access medical cannabis in Australia, plus the challenges facing the country’s patients and what it all means for the budding Australian cannabis industry.
Cannabis was first outlawed in Australia in 1938 in the midst of a moral panic. The uproar was ignited by a story in an Australian newspaper that was authored by the US Bureau of Narcotics — it referred to marijuana as “a new drug that maddens victims.”
The “war on drugs” ramped up in the Oceanic country decades later in the 1970s amid US-style drug prohibition, and communes in Queensland and New South Wales faced paramilitary raids.
Over the years, Australia’s relationship with the drug has been complex. Cannabis use has remained fairly high despite it being illegal.
In 2016, the drug’s status changed irrevocably when Australia’s parliament amended the Narcotic Drugs Act 1967 to allow the cultivation of cannabis for medicinal and research purposes.
The amendment came into action exactly a year after medical cannabis campaigner Dan Haslam died after being diagnosed with bowel cancer. Haslam used marijuana to ease his pain and nausea before he died. His mother went on to create a medical cannabis advocacy group, Unite in Compassion, that petitioned the government to make the drug legal.
When the amended act was being passed, Haslam’s story was brought up as an example of the kind of patient that counts on cannabis as a pain aid.
“It is incredibly fitting that today we are passing this bill which is one step towards making medicinal cannabis accessible to people like Dan,” said Australian Senator Richard Di Natale before parliament.
Medical cannabis in Australia is overseen by the Therapeutic Goods Administration (TGA) and the Office of Drug Control, both of which are part of Australia’s Health Products Regulation Group under the Australian Government Department of Health.
The TGA is the country’s regulatory authority for ensuring the safety and quality of therapeutic materials, including medicine and medical devices. The Office of Drug Control issues three types of cannabis licences: research, manufacturing of a drug or product and cultivation or production of medical cannabis. As of July 2021, a total of 16 research licences and 40 cannabis cultivation or production licences were reported to be held by medical cannabis companies in Australia.
Medical cannabis products in Australia are only be available for specific patient groups under medical supervision, and are subject to stringent security and quality control measures.
Patients can access products such as raw cannabis, oils, liquid sprays and topical treatments via import from Canada or the US or from local sources. But these items can only be prescribed by a registered medical practitioner after a thorough assessment to determine if medical cannabis is right for the patient.
Patients seeking access to medical cannabis products in Australia can do so through the Special Access Scheme (SAS), the Authorised Prescriber (AP) Scheme or a clinical trial.
The SAS provides a route for medical professionals and their patients to gain to access unapproved medicine with government permission. An AP is a medical practitioner who has already been approved by the TGA to prescribe unapproved medical goods and doesn’t need further permission.
The TGA has approved SAS applications for ailments including chemotherapy-induced vomiting, paediatric epilepsy, cancer pain and spasms from neurological conditions.
But SAS approval doesn’t guarantee access to medical cannabis — that falls to the medical practitioner and the patient. If a doctor sees fit to prescribe medical cannabis products to a patient, they must do so under state or territory laws. These laws can vary and can affect whether or not medical cannabis can be prescribed. INN’s state-by-state guide to cannabis in Australia offers investors a more in-depth look at these jurisdictional variances in medical cannabis regulations.
That said, there have been efforts to streamline the SAS application process. In June 2018, the TGA set up an online system to lodge SAS applications, replacing the old paper form system, and it has been working with the health departments of Australia’s states and territories to make it easier for patients.
Patients looking to secure access to medical cannabis can also seek out an AP or submit an online form for an AP as well, expediting the application process. As of June 2021, there were 263 APs in Australia, up from the 56 reported in June 2019 — a clear sign that access to medical cannabis in Australia is on the rise.
There are also clinical trials that involve the use and study of unapproved goods. When a trial involves cannabis, the products used have to meet the quality standards the TGA has established.
While Australia’s budding cannabis industry is well regulated, its tight restrictions and lengthy application process have caused problems for patients seeking access to medical cannabis in Australia.
Additionally, according to some Australian members of parliament, some physicians are hesitant or outright unwilling to prescribe cannabis due to a lack of cannabis clinical trials. It has led to some apprehension around the safety and efficacy of the drug.
However, there is hope on the horizon as new government-supported cannabis research is underway. In July 2021, the Hemp Gazette reported that scientists from Agriculture Victoria Research had developed the world’s most complete medicinal cannabis genomic reference. Under a federal cannabis research licence, the scientists used genomic DNA testing to extract genetic information and build a database based on a variety of medical cannabis strains found worldwide.
This medicinal cannabis genomic reference guide benefits the Australian medical cannabis market in a number of ways. For one, it provides critical information for cannabis cultivators, including the “growth rates, bud size, cannabinoid profile and disease resistance of specific strains.” For medical professionals and patients, the information will help match strains for the treatment of specific conditions. At the compliance and regulatory level, the database will improve the efficiency and cost-effectiveness of product testing.
“Victoria’s cultivation trial has not only made medicinal cannabis available to patients but has also provided our world-leading scientists with important genetic information to design more effective products,” said Mary-Anne Thomas, Victoria’s minister for agriculture.
In another sign that Australia’s medical cannabis market is opening up, the TGA updated its medicinal cannabis policy in February 2021, moving CBD from Schedule 4 (prescription only) to Schedule 3, permitting over-the-counter sales at any pharmacy. Given the very strict metric of quality, it will be some time before such products make it to market.
However, these strict standards for medical cannabis products are expected to be good for the Australia-based medical cannabis industry in the long run, especially when it comes to exports to global markets. The Australian government has permitted the country’s cannabis manufacturers to export medical cannabis and its products to the global market since January 2018.
“The TGA has one of the highest standards in the world, and combined with our scientific prowess as a nation, it puts Australia in a prime position to compete in quality and scale,” said Angus Chapel, founder and CEO of Medibis Australia. The private firm is building a cultivation facility in Toowoomba and has partnered with BOL Pharma, an Israel-based cannabinoid pharmaceutical company, to launch cannabis medicines in Australia.
Despite the hurdles facing patients who use cannabis, projections for Australia’s medical cannabis market are favourable. A report by FreshLeaf Analytics predicts that by the end of 2021, the medical cannabis market in the country will be worth AU$200 million. The research firm cites the growing number of patients and authorised prescribers, better product selection, emphasis on product quality and growing investment in research and development as supporting factors.
Registered patients in Australia totalled around 45,000 in March 2021, up from 30,000 patients at the end of 2020 and 3,000 patients in 2019. The firm also notes that the number of available products has doubled yearly since 2018.
Although still in its early stages, Australia’s medical cannabis industry is moving in the right direction despite the challenges. As it continues to grow, Australia’s cannabis space will continue to be of interest for investors as companies expand their reach through international sales and through research products that may help demystify the effects of the drug.
For more insight on the investment opportunities in Australia’s medical cannabis market, check out INN’s 10 ASX Cannabis Stocks and Australia Cannabis Investing: What You Need to Know.
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Click here to read the previous Australia mining update.
After an uncertain 2020 for the Australian mining industry, the resource market showed signs of a sharp recovery in the first six months of the new year.
Prices for iron ore are supporting resource exports in the country, with many ASX-listed mining companies also posting gains year-to-date.
Here the Investing News Network looks at what's happened in Australia's mining sector so far in 2021, and what could be ahead in the second half.
Following a chaotic 2020, where the Australian resource industry showed resilience, 2021 kicked off on a bright note.
During the first three months of the year, Australia's mineral exports improved as the world economy rebounded from the impact of the COVID-19 pandemic.
"Australian miners have found their product in high demand, helped by the impact of government and central bank measures abroad," the Office of the Chief Economist's (OCE) March quarterly report reads.
In that period, the OCE's Resources and Energy Export Values Index rose 11.8 percent from the March quarter of 2020 — a 1.8 percent rise in prices added to a 10 percent gain in volumes.
Speaking at the recent Noosa Mining Conference in Queensland, EMR Capital's Owen Hegarty said Australia has outperformed almost every other country on the mining front.
"We have remote locations, (and) wonderful principles, policies and practices when it comes to occupational health and safety," he said.
The resource sector is looking strong for the expert in the next few years as demand continues to grow, backed by a sharp recovery, a growing population and the green energy transition.
"Commodities have a very strong demand going out for the longer term — supply side is the problem," he said, pointing to the lack of reinvestment from some of the bigger miners, paired with lead times for permitting and licencing approvals all of which are taking longer.
"There's only one thing that can happen to prices under those sorts of circumstances, and that is they will be under tension," he added.
Looking at how top Australian commodities performed, the iron ore price has remained strong in the first few months of the year, as a recovery in demand in some of the advanced industrialised nations has added to strong Chinese demand. That paired with low Brazilian supply has kept prices high.
"In the coming year, it is likely that the iron ore sector will make a significant contribution to (gross domestic product) growth, as high prices and margins drive growing volumes," the OCE said back in March. "The coal sector is likely to make only a modest contribution to growth in the first half of the outlook period."
Meanwhile, Australian miners and explorers continued to make progress at their projects, following a historic year for capital raising. In fact, according to Refinitiv, 2020 brought the highest total activity in the country since 2015, plus a record number of equity issuances.
In early June, BDO published a report on cash raised by explorers in the mining sector, showing positive signals for a continued strong recovery.
Exploration companies raised AU$2.37 billion in the March 2021 quarter, up 7 percent from the AU$2.21 billion raised in December. Of those companies, 48 raised funds of AU$10 million or more and made up 75 percent of the total funds raised.
"The first quarter of 2021 has proven to be a strong start to the year for Australian explorers, and is showing signs of a transition away from mere recovery to a new focus on ESG," the BDO report reads. "The global push for lower carbon emissions and clean energy has put a spotlight on EV-related commodities and greener energy alternatives, which we are already seeing in the March quarter."
As economies continue to open up, the fight against the coronavirus is still ongoing. The second half of the year kicked off with new lockdown measures in some countries and cities. However, many continue to be optimistic about the Australian mining sector's outlook for 2021.
Australia's resource and energy exports are estimated at a record AU$310 billion in 2020/2021, with almost half of those earnings coming from iron ore alone.
"The improved outlook reflects the ongoing rollout of vaccines, and the momentum this is providing for economic activity and trade amongst many of Australia's major trading partners," the most recent OCE quarterly report reads.
Australian iron ore earnings appear to have surged by almost 50 percent to an all-time high in 2020/2021. After topping the AU$100 billion mark ― the first time ever for any commodity ― in 2019/2020, iron ore export earnings are forecast to rise to AU$149 billion in 2020/2021, according to the OCE.
In other base metals, Australia's copper export volumes are expected to be moderate over the outlook period, from 924,000 tonnes in 2020/2021 to around 909,000 tonnes in 2022/2023.
"Australia's copper export earnings are expected to increase in-line with higher prices. Export earnings are forecast to reach $13 billion in 2021/2022, up from $10 billion in 2019/2020," the OCE forecasts.
Meanwhile, metallurgical coal prices have recovered moderately, in line with improving global industrial production and economic activity. The Australian premium hard coking coal price is estimated by the OCE to increase from an average of US$143 a tonne in 2021 to around US$157 by 2023.
Looking over to precious metals, Australia's gold exports are forecast to reach a record AU$29 billion in 2021/2022.
"Labour and skill shortages are affecting Australia's gold mine production, which is estimated to reach 332 tonnes in 2020-21," the latest OCE report reads. "Production from new mines and existing mine expansions is expected to boost gold mine production to 388 tonnes in 2022/2023."
For battery metals the story is also looking bright. Rising prices for lithium are supporting the recovery of Australian producers with two refineries under construction.
According to the OCE, Australia's lithium export earnings are forecast to increase from AU$1.1 billion in 2019/2020 to AU$2.5 billion in 2022/2023.
Commenting on his favourite commodities going forward, EMR Capital's Hegarty mentioned copper, gold and met coal.
"Copper is electrifying China and the rest of the developing world. It's the noblest of all metals, it's got a great diversity of uses and now you've got the green energy transition, which adds another leg to copper demand," he said. "It's on the supply side that the issue is ― the discoveries have been declining, exploration spins have been at a low point, so it's going to be tough to bring on new copper."
Aside from copper, the expert also believes lithium, cobalt and graphite will be winners in this green energy transition, and EMR Capital has long positions in cobalt.
Hegarty has also liked gold for a long time, saying it's not only a commodity, but also a currency and a store of value.
"Exchange-traded funds are becoming more and more popular, and also the governments continue to buy gold," he said. "And it's the same thing as with copper — you've just got less exploration going into it, you've got less discoveries going into it and that's why gold continues to be under tension."
Looking over to met coal, Hegarty made the point that this commodity is part of the solution to decarbonisation and not part of the problem.
"It's so important to have that high-quality hard met coal going into steel production, so that we can actually continue to grow and the world can go through this whole decarbonising process," he said.
Don't forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
This Master Services Agreement is the first partnership for Medlab to supply their cannabinoid medications outside of its current Australian Special Access Scheme.
Dr Sean Hall, CEO of Medlab stated, “This is a major milestone for Medlab to begin supplying NanaBis(TM) and NanoCBD(TM) on prescription for the first time to patients outside Australia.”
Established in 2008, WEP Clinical manages pre-approval Expanded Access (EAP) and post-approval Named Patient (NPP) programmes on behalf of established pharmaceutical companies and healthcare providers. WEP provides end-to-end EAP and NPP solutions which include regulatory expertise, real-world data collection, drug warehousing and distribution services to help patients with an unmet medical need receive unapproved medicines in a timely manner.
Jas Khera, Managing Director at WEP Clinical stated “WEP Clinical is pleased to partner with Medlab Clinical to bring novel cannabinoid medications to patients in Europe and UK. The early clinical trial data and development programme supporting their products in cancer pain management coupled with their unique patented NanoCelle(R) delivery platform is what excites us about working exclusively with Medlab in the cannabis-based medicine space.”
Over the next 3 months, Medlab and WEP will undertake the required work to prepare for the entry of both NanaBis(TM) and NanoCBD(TM) into the UK.
Mr Laurence McAllister (Medlab Board Director) stated: “This Compassionate Program approval for the UK & Europe coupled with the Special Access Scheme (SAS) in Australia is now creating the Medlab, NanaBis(TM), NanoCelle(R) and NanoCBD(TM) branded Medlab trademark awareness in clinicians and patient’s hands to build the trusted quality of the hard clinical trials and R&D bench work behind the medicine, and now we need to finalize the North American initiative with the FDA that is well developed as soon as possible.”
About WEP Clinical:
Established in 2008, WEP Clinical is a specialist services company that works with drug developers to help patients and physicians gain early access to medicines when no other treatment options are available. We have offices located in London, United Kingdom; RTP North Carolina, United States; Lisbon, Portugal; and Dublin, Ireland and possess all the necessary licenses allowing us to meet drug access and distribution needs across all regions, worldwide. We are passionate about helping those in need. For more information, please visit www.wepclinical.com
About Medlab Clinical Ltd:
Medlab Clinical Limited (ASX:MDC) is pioneering the development and Commercialisation of a delivery platform, allowing for enhanced medical properties, including increased efficacy, safety, patient compliance and stability. Medlab’s pipeline comprises a number of small and large molecules from repurposing generic medicines to enhancing the delivery of immunotherapies. Patented lead drug candidate NanaBis(TM) has been developed for cancer bone pain as a viable alternative to opioid use. Data to date, strongly suggests NanaBis(TM) may be equally effective in non-cancer neuropathic pain. NanoCelle(R), the patented delivery platform is wholly owned by Medlab and developed in Medlab’s owned OGTR Registered Laboratory. NanoCelle(R) is designed to address known medication problems, addressing global unmet medical needs. Medlab operates in Australia (Head Office), USA, and the UK.
Source:
Medlab Clinical Ltd
Contact:
Medlab Clinical
Dr. Sean Hall, CEO
Sean_hall@medlab.co
Medlab US Investor Relations
Laine Yonker
lyonker@edisongroup.com
News Provided by ABN Newswire via QuoteMedia
After the country became the world’s largest lithium producer in 2018, many market participants are wondering if investing in lithium in Australia is a good option
Without a doubt, the energy revolution is here to stay, with forecasts for electric vehicle (EV) sales increasing every day. As a result, demand for lithium, a key element in the lithium-ion batteries used to power electric cars, is expected to triple by 2025 — reaching about 1 million tonnes in size.
For investors interested in getting into the space, here’s a brief overview of the basic facts to know about investing in lithium in Australia, including what stocks to keep an eye on.
Lithium is found globally in hard-rock deposits, evaporated brines and clay deposits. Australia is known for its hard-rock, pegmatite-hosted lithium resources, which are largely located in Western Australia.
Hard-rock ore containing lithium is extracted at open-pit or underground mines using conventional mining techniques. The ore is then processed and concentrated using a variety of methods prior to direct use or further processing into lithium compounds.
Australia produced 40,000 metric tons of lithium in 2020. The country hosts the Greenbushes lithium asset, which is operated by Talison Lithium, a subsidiary jointly owned by miners Tianqi Lithium (SZSE:002466) and Albemarle (NYSE:ALB). Greenbushes is the world’s largest hard-rock lithium mine.
Other operations in the country are the Mount Cattlin, Early Grey, Mount Marion and Bald Hill deposits, as well as other deposits with significant lithium resources.
In terms of reserves, Australia holds over 4.7 million metric tons of identified lithium reserves, according to the US Geological Survey, which puts it well behind Chile (9.2 million metric tons). It’s worth noting that most of the country’s lithium supply is exported to China as spodumene.
Despite a strong future outlook, 2020 was a particularly tough year for lithium producers in Australia given COVID-19 restrictions. Many other factors are impacting the sector as well, including trade tensions with China and a downward trend in prices over the past few years.
In 2020, “owing to overproduction and decreased prices, several established lithium operations postponed capacity expansion plans,” as per the US Geological Survey. “Junior mining operations in Australia and Canada ceased production altogether.”
However, lithium prices have rebounded in 2021, with investor sentiment for lithium stocks picking up as well. Many analysts and market participants agree that the long-term fundamentals for lithium remain strong, with the EV revolution leading the way.
Benchmark Mineral Intelligence forecasts that lithium demand will reach 2.2 million tonnes by 2030, driven by growing EV adoption through the next decade.
With the lithium forecast looking bright, investing in lithium in Australia could lead to portfolio gains.
Investors interested in lithium stocks should keep an eye on companies listed on the Australian Securities Exchange (ASX). The Sydney-based stock exchange, which has a total market capitalization of about AU$2.1 trillion, has more than 2,000 stock listings.
When looking at investing in lithium in Australia, companies listed on the ASX are a good place to start learning about players in the space. Here’s a quick look at the five top lithium stocks on the ASX by market cap. Data for this list was gathered using TradingView on June 23, 2021.
Market cap: AU$9.16 billion
Mineral Resources is a leading mining services provider, with a particular focus on the iron ore and hard-rock lithium sectors in Western Australia. Its current lithium projects include Mount Marion and Wodgina.
The Mount Marion lithium project, which is located in Kalgoorlie, Western Australia, is jointly owned by mining companies Mineral Resources and top lithium producer Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460). The asset was initially expected to produce 206,000 tonnes of spodumene concentrate per year, but an upgrade project completed in 2019 increased production to 450,000 tonnes of all-in 6 percent spodumene concentrate per year.
Market cap: AU$4.48 billion
Pilbara Minerals owns 100 percent of the world-class Pilgangoora lithium-tantalum project, which the company says is one of the biggest new lithium ore (spodumene) deposits in the world, with a globally significant hard-rock spodumene resource.
The current mineral resource estimate for the asset comprises 226 million tonnes grading 1.27 percent lithium oxide (lithia), 116 parts per million tantalum pentoxide (tantalite) and 0.6 percent iron oxide, meaning there are 2.86 million tonnes of lithium oxide and 57.7 million pounds of tantalum pentoxide.
Market cap: AU$2.05 billion
Orocobre is building a substantial Argentina-based industrial chemicals and minerals company through the construction and operation of its portfolio of lithium brine, potash and boron projects and facilities.
Orocobre, in partnership with Toyota Tsusho (TSE:8015), has built the Olaroz lithium-producing facility in Northern Argentina; it is the world’s first commercial lithium brine operation built in about 20 years. Olaroz has a measured and indicated resource of 6.4 million tonnes of lithium carbonate equivalent and is capable of sustaining current continuous production for over 40 years.
Market cap: AU$1.72 billion
Galaxy Resources owns lithium production facilities, hard-rock mines and brine assets in Australia, Canada and Argentina. The company wholly owns the Mount Cattlin mine in Ravensthorpe, Western Australia, which is currently producing spodumene and tantalum concentrate, as well as the James Bay lithium pegmatite project in Quebec, Canada.
Market cap: AU$1.18 billion
Liontown Resources holds two lithium projects in Western Australia. The advanced-stage Kathleen Valley spodumene lithium project has a 2020 mineral resource estimate of 156 million tonnes grading 1.4 percent lithium oxide and 130 parts per million tantalum pentoxide, with 80 percent of the resource in the measured and indicated category. The company completed a prefeasibility study in 2020 and is now progressing a definitive feasibility study on Kathleen Valley.
Liontown’s Buldania project has a maiden indicated and inferred mineral resource estimate of 14.9 million tonnes grading 0.97 percent lithium oxide and 44 parts per million tantalum pentoxide.
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Investors looking for decentralised assets (and potentially major gains) in a post-COVID-19 Australia are turning in droves to cryptocurrencies.
Bitcoin in particular is getting Aussies excited after its price hit record highs in March 2021, and again the next month. As a finite resource, its volatility is proving exciting for many market watchers.
For those interested in jumping into the space, the Investing News Network has put together a step-by-step guide on how to start buying bitcoin in Australia — and how to stay safe while doing so.
Bitcoin is a decentralised digital cryptocurrency not issued under the authority of a government.
As a digital unit of account, each bitcoin transaction is made online via a peer-to-peer network. Transactions are then collected into blocks, with new blocks attached to previous blocks — hence the term "blockchain."
More and more places in Australia are accepting bitcoin as payment, although this is considered somewhat risky due to its price fluctuations. Many enthusiasts prefer instead to simply hold bitcoin for the long term.
There are a few different ways to purchase bitcoin in Australia. These include buying from a bitcoin cryptocurrency exchange, using a bitcoin broker or choosing to use a peer-to-peer exchange.
Here's a quick look at how to get started:
After making a bitcoin purchase, how can it be stored? Buyers have a few choices.
In Australia alone there are reportedly more than 70 cryptocurrency wallets on the market. A crypto wallet, sometimes known as a digital wallet, is a software program that allows users to store and make transactions with cryptocurrencies like bitcoin.
A crypto wallet has a private key that enables the owner to access any funds stored in the crypto wallet; it also has a public key that functions like a bank account number, enabling other people to send digital funds.
Sometimes called "cold storage," a hardware wallet stores cryptocurrencies completely off the internet. These devices look a little like a USB stick, and are used to store users' private keys for bitcoin.
In order to trade cryptocurrencies held in a hardware wallet, owners must move the coins to an exchange, which comes with some security risks.
If setting up a crypto wallet is too much of a hassle, it's also possible to store cryptocurrencies in a wallet connected to the same exchange the coins were purchased from.
This option isn't usually recommended by crypto experts as it means the coin owner doesn't control the wallet's private key — meaning they don't completely own their cryptocurrency. It also makes bitcoin holders a target for thieves, and since bitcoin is a decentralised currency there is little hope of recovering it once stolen.
Bitcoin is a compelling purchase, but sometimes an investment reaches its end.
When it's time to cash out, bitcoin holders must first decide whether they want to sell their bitcoins for Australian dollars, or trade them for another cryptocurrency. Here's how the process can be completed:
Alternatively, if you have an extremely large amount of bitcoin to trade or sell, you can use one of 32 bitcoin ATMs around Australia to quickly make the change to cold, hard cash.
For more on bitcoin in Australia, click the link below:
Don't forget to follow @INN_Australia for real-time updates!
Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.
Recreational cannabis remains out of reach in Australia, but the country legalised medical cannabis in 2016, opening up access to the cannabis market for both Australians and investors alike.
Cannabis in Australia is used to treat a myriad of conditions, from epilepsy to neuropathic pain, but federal legislation has a strict hold on the distribution of cannabis in the country.
Patients can only receive medicinal cannabis products via a specialist and then may have to wait up to a month for government approval. However, there are signs that the limits to access are slowly lessening, including the approval of over-the-counter cannabidiol (CBD) products and new breakthroughs in government-sponsored medical cannabis research.
Here the Investing News Network (INN) takes a look at how to access medical cannabis in Australia, plus the challenges facing the country’s patients and what it all means for the budding Australian cannabis industry.
Cannabis was first outlawed in Australia in 1938 in the midst of a moral panic. The uproar was ignited by a story in an Australian newspaper that was authored by the US Bureau of Narcotics — it referred to marijuana as “a new drug that maddens victims.”
The “war on drugs” ramped up in the Oceanic country decades later in the 1970s amid US-style drug prohibition, and communes in Queensland and New South Wales faced paramilitary raids.
Over the years, Australia’s relationship with the drug has been complex. Cannabis use has remained fairly high despite it being illegal.
In 2016, the drug’s status changed irrevocably when Australia’s parliament amended the Narcotic Drugs Act 1967 to allow the cultivation of cannabis for medicinal and research purposes.
The amendment came into action exactly a year after medical cannabis campaigner Dan Haslam died after being diagnosed with bowel cancer. Haslam used marijuana to ease his pain and nausea before he died. His mother went on to create a medical cannabis advocacy group, Unite in Compassion, that petitioned the government to make the drug legal.
When the amended act was being passed, Haslam’s story was brought up as an example of the kind of patient that counts on cannabis as a pain aid.
“It is incredibly fitting that today we are passing this bill which is one step towards making medicinal cannabis accessible to people like Dan,” said Australian Senator Richard Di Natale before parliament.
Medical cannabis in Australia is overseen by the Therapeutic Goods Administration (TGA) and the Office of Drug Control, both of which are part of Australia’s Health Products Regulation Group under the Australian Government Department of Health.
The TGA is the country’s regulatory authority for ensuring the safety and quality of therapeutic materials, including medicine and medical devices. The Office of Drug Control issues three types of cannabis licences: research, manufacturing of a drug or product and cultivation or production of medical cannabis. As of July 2021, a total of 16 research licences and 40 cannabis cultivation or production licences were reported to be held by medical cannabis companies in Australia.
Medical cannabis products in Australia are only be available for specific patient groups under medical supervision, and are subject to stringent security and quality control measures.
Patients can access products such as raw cannabis, oils, liquid sprays and topical treatments via import from Canada or the US or from local sources. But these items can only be prescribed by a registered medical practitioner after a thorough assessment to determine if medical cannabis is right for the patient.
Patients seeking access to medical cannabis products in Australia can do so through the Special Access Scheme (SAS), the Authorised Prescriber (AP) Scheme or a clinical trial.
The SAS provides a route for medical professionals and their patients to gain to access unapproved medicine with government permission. An AP is a medical practitioner who has already been approved by the TGA to prescribe unapproved medical goods and doesn’t need further permission.
The TGA has approved SAS applications for ailments including chemotherapy-induced vomiting, paediatric epilepsy, cancer pain and spasms from neurological conditions.
But SAS approval doesn’t guarantee access to medical cannabis — that falls to the medical practitioner and the patient. If a doctor sees fit to prescribe medical cannabis products to a patient, they must do so under state or territory laws. These laws can vary and can affect whether or not medical cannabis can be prescribed. INN’s state-by-state guide to cannabis in Australia offers investors a more in-depth look at these jurisdictional variances in medical cannabis regulations.
That said, there have been efforts to streamline the SAS application process. In June 2018, the TGA set up an online system to lodge SAS applications, replacing the old paper form system, and it has been working with the health departments of Australia’s states and territories to make it easier for patients.
Patients looking to secure access to medical cannabis can also seek out an AP or submit an online form for an AP as well, expediting the application process. As of June 2021, there were 263 APs in Australia, up from the 56 reported in June 2019 — a clear sign that access to medical cannabis in Australia is on the rise.
There are also clinical trials that involve the use and study of unapproved goods. When a trial involves cannabis, the products used have to meet the quality standards the TGA has established.
While Australia’s budding cannabis industry is well regulated, its tight restrictions and lengthy application process have caused problems for patients seeking access to medical cannabis in Australia.
Additionally, according to some Australian members of parliament, some physicians are hesitant or outright unwilling to prescribe cannabis due to a lack of cannabis clinical trials. It has led to some apprehension around the safety and efficacy of the drug.
However, there is hope on the horizon as new government-supported cannabis research is underway. In July 2021, the Hemp Gazette reported that scientists from Agriculture Victoria Research had developed the world’s most complete medicinal cannabis genomic reference. Under a federal cannabis research licence, the scientists used genomic DNA testing to extract genetic information and build a database based on a variety of medical cannabis strains found worldwide.
This medicinal cannabis genomic reference guide benefits the Australian medical cannabis market in a number of ways. For one, it provides critical information for cannabis cultivators, including the “growth rates, bud size, cannabinoid profile and disease resistance of specific strains.” For medical professionals and patients, the information will help match strains for the treatment of specific conditions. At the compliance and regulatory level, the database will improve the efficiency and cost-effectiveness of product testing.
“Victoria’s cultivation trial has not only made medicinal cannabis available to patients but has also provided our world-leading scientists with important genetic information to design more effective products,” said Mary-Anne Thomas, Victoria’s minister for agriculture.
In another sign that Australia’s medical cannabis market is opening up, the TGA updated its medicinal cannabis policy in February 2021, moving CBD from Schedule 4 (prescription only) to Schedule 3, permitting over-the-counter sales at any pharmacy. Given the very strict metric of quality, it will be some time before such products make it to market.
However, these strict standards for medical cannabis products are expected to be good for the Australia-based medical cannabis industry in the long run, especially when it comes to exports to global markets. The Australian government has permitted the country’s cannabis manufacturers to export medical cannabis and its products to the global market since January 2018.
“The TGA has one of the highest standards in the world, and combined with our scientific prowess as a nation, it puts Australia in a prime position to compete in quality and scale,” said Angus Chapel, founder and CEO of Medibis Australia. The private firm is building a cultivation facility in Toowoomba and has partnered with BOL Pharma, an Israel-based cannabinoid pharmaceutical company, to launch cannabis medicines in Australia.
Despite the hurdles facing patients who use cannabis, projections for Australia’s medical cannabis market are favourable. A report by FreshLeaf Analytics predicts that by the end of 2021, the medical cannabis market in the country will be worth AU$200 million. The research firm cites the growing number of patients and authorised prescribers, better product selection, emphasis on product quality and growing investment in research and development as supporting factors.
Registered patients in Australia totalled around 45,000 in March 2021, up from 30,000 patients at the end of 2020 and 3,000 patients in 2019. The firm also notes that the number of available products has doubled yearly since 2018.
Although still in its early stages, Australia’s medical cannabis industry is moving in the right direction despite the challenges. As it continues to grow, Australia’s cannabis space will continue to be of interest for investors as companies expand their reach through international sales and through research products that may help demystify the effects of the drug.
For more insight on the investment opportunities in Australia’s medical cannabis market, check out INN’s 10 ASX Cannabis Stocks and Australia Cannabis Investing: What You Need to Know.
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
This Master Services Agreement is the first partnership for Medlab to supply their cannabinoid medications outside of its current Australian Special Access Scheme.
Dr Sean Hall, CEO of Medlab stated, “This is a major milestone for Medlab to begin supplying NanaBis(TM) and NanoCBD(TM) on prescription for the first time to patients outside Australia.”
Established in 2008, WEP Clinical manages pre-approval Expanded Access (EAP) and post-approval Named Patient (NPP) programmes on behalf of established pharmaceutical companies and healthcare providers. WEP provides end-to-end EAP and NPP solutions which include regulatory expertise, real-world data collection, drug warehousing and distribution services to help patients with an unmet medical need receive unapproved medicines in a timely manner.
Jas Khera, Managing Director at WEP Clinical stated “WEP Clinical is pleased to partner with Medlab Clinical to bring novel cannabinoid medications to patients in Europe and UK. The early clinical trial data and development programme supporting their products in cancer pain management coupled with their unique patented NanoCelle(R) delivery platform is what excites us about working exclusively with Medlab in the cannabis-based medicine space.”
Over the next 3 months, Medlab and WEP will undertake the required work to prepare for the entry of both NanaBis(TM) and NanoCBD(TM) into the UK.
Mr Laurence McAllister (Medlab Board Director) stated: “This Compassionate Program approval for the UK & Europe coupled with the Special Access Scheme (SAS) in Australia is now creating the Medlab, NanaBis(TM), NanoCelle(R) and NanoCBD(TM) branded Medlab trademark awareness in clinicians and patient’s hands to build the trusted quality of the hard clinical trials and R&D bench work behind the medicine, and now we need to finalize the North American initiative with the FDA that is well developed as soon as possible.”
About WEP Clinical:
Established in 2008, WEP Clinical is a specialist services company that works with drug developers to help patients and physicians gain early access to medicines when no other treatment options are available. We have offices located in London, United Kingdom; RTP North Carolina, United States; Lisbon, Portugal; and Dublin, Ireland and possess all the necessary licenses allowing us to meet drug access and distribution needs across all regions, worldwide. We are passionate about helping those in need. For more information, please visit www.wepclinical.com
About Medlab Clinical Ltd:
Medlab Clinical Limited (ASX:MDC) is pioneering the development and Commercialisation of a delivery platform, allowing for enhanced medical properties, including increased efficacy, safety, patient compliance and stability. Medlab’s pipeline comprises a number of small and large molecules from repurposing generic medicines to enhancing the delivery of immunotherapies. Patented lead drug candidate NanaBis(TM) has been developed for cancer bone pain as a viable alternative to opioid use. Data to date, strongly suggests NanaBis(TM) may be equally effective in non-cancer neuropathic pain. NanoCelle(R), the patented delivery platform is wholly owned by Medlab and developed in Medlab’s owned OGTR Registered Laboratory. NanoCelle(R) is designed to address known medication problems, addressing global unmet medical needs. Medlab operates in Australia (Head Office), USA, and the UK.
Source:
Medlab Clinical Ltd
Contact:
Medlab Clinical
Dr. Sean Hall, CEO
Sean_hall@medlab.co
Medlab US Investor Relations
Laine Yonker
lyonker@edisongroup.com
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(TheNewswire)
New patent granted in India bolsters worldwide patent coverage, adding to existing patents in the EU, the U.S., and Australia
Kelowna, British Columbia TheNewswire – May 12, 2021 Lexaria Bioscience Corp. (Nasdaq:LEXX) (Nasdaq:LEXXW) (CSE:LXX) (CNSX:LXX.CN) (the “Company” or “Lexaria”), a global innovator in drug delivery platforms, announces further expansion of its intellectual property portfolio with its first-ever patent granted in India.
The patent is titled “ Stable ready-to-drink beverage compositions comprising lipophilic active agents” and is of particular importance given the size of the Indian population, which is nearly four times as large as the U.S. population . The patent is valid for 20 years from the patent application date of Dec. 1, 2016.
“This is our 19 th patent granted worldwide, allowing us to innovate in the ready-to-drink beverage composition category around the world,” said Chris Bunka, CEO of Lexaria. “This new patent complements our existing suite of granted patents spanning the EU, the U.S., and Australia, and provides intellectual property protection to both consumer-packaged goods as well as registered drug applications. We believe these are robust growth categories that add to Lexaria’s strategic value.”
This is the second patent granted from Lexaria’s third patent family. Lexaria’s patent application suite has grown to a total of 13 patent families. Active ingredients that may be used under this new patent include NSAIDS (e.g., acetylsalicylic acid, ibuprofen, diclofenac, indomethacin, piroxicam), fat-soluble vitamins, and acetaminophen. Active ingredients under the new patent also include nicotine and cannabinoids.
Claims granted cover a wide range of product formats, including non-carbonated beverages, carbonated beverages, colas, root beers, fruit-flavoured beverages, citrus-flavored beverages, fruit juices, fruit-containing beverages, vegetable juices, vegetable-containing beverages, teas, coffees, dairy beverages, protein-containing beverages, shakes, sports drinks, energy drinks, and flavored waters.
Lexaria has patent applications progressing in countries around the world with aggregate populations of approximately 3.7 billion people and will report on further progress as information becomes available.
About Lexaria Bioscience Corp.
Lexaria Bioscience Corp.’s proprietary drug delivery technology, DehydraTECH™, improves the way active pharmaceutical ingredients (APIs) enter the bloodstream by promoting healthier oral ingestion methods and increasing the effectiveness of fat-soluble active molecules, thereby lowering overall dosing. The Company’s technology can be applied to many different ingestible product formats, including foods, beverages, oral suspensions, tablets, and capsules. DehydraTECH has repeatedly demonstrated since 2016 with cannabinoids and nicotine the ability to increase bio-absorption by up to 5-10x, reduce time of onset from 1–2 hours to minutes, and mask unwanted tastes. DehydraTECH is planned to be further evaluated for orally administered bioactive molecules, including anti-virals, cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs), and nicotine. Lexaria has licensed DehydraTECH to multiple companies, including a world-leading tobacco producer for the development of smokeless, oral-based nicotine products, and for use in industries that produce cannabinoid beverages, edibles, and oral products. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 19 patents granted and approximately 60 patents pending worldwide. For more information, please visit www.lexariabioscience.com .
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements. Statements as such term is defined under applicable securities laws. These statements may be identified by words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions. Such forward-looking statements in this press release include, but are not limited to, statements by the Company relating the Company’s ability to carry out research initiatives, receive regulatory approvals or grants, or experience positive effects or results from any research or study. Such forward-looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that the Company will actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements. As such, you should not place undue reliance on these forward-looking statements. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation and regulatory approvals, managing and maintaining growth, the effect of adverse publicity, litigation, competition, scientific discovery, the patent application and approval process, potential adverse effects arising from the testing or use of products utilizing the DehydraTECH technology, the Company’s ability to maintain existing collaborations and realize the benefits thereof, delays or cancellations of planned R&D that could occur related to pandemics or for other reasons, and other factors which may be identified from time to time in the Company’s public announcements and periodic filings with the U.S. Securities and Exchange Commission on EDGAR. There is no assurance that any of Lexaria’s postulated uses, benefits, or advantages for the patented and patent-pending technology will in fact be realized in any manner or in any part. No statement herein has been evaluated by the Food and Drug Administration (FDA). Lexaria-associated products are not intended to diagnose, treat, cure, or prevent any disease. Any forward-looking statements contained in this release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise, except as otherwise required by law.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
INVESTOR CONTACT:
Phone: 866-221-3341
Copyright (c) 2021 TheNewswire – All rights reserved.
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Recreational cannabis remains illegal in all Australia’s states and territories with the exception of the Australian Capital Territory (ACT). But could that change in the future?
So far there are no clear indicators as to when or if Australia could legalise recreational cannabis, but attitudes seem to be changing. Public support is growing, and there’s even some political acceptance.
Read on to learn more about when Australia may legalise recreational cannabis.
Australians are no strangers to cannabis — a recently updated report from the Australian Institute of Health and Welfare shows that marijuana is the most extensively used illicit substance in the country.
With that in mind, it’s perhaps unsurprising that views on cannabis are changing in the country. In 2019, Australia’s National Drug Strategy Household Survey found that 41 percent of Australians are in favour of legalising cannabis — that’s close to double the support seen when the survey was done in 2007.
Aside from that, legalisation has been recommended by a number of government inquiries, including a 2019 Queensland Productivity Commission report on imprisonment and recidivism.
Several states have decriminalised personal use of cannabis on private property, including the ACT, the Northern Territory (NT) and South Australia. Most other states have a discretionary almost de facto decriminalisation in place through police diversion programs.
Those arrested for small amounts of under 50 grams of cannabis can be diverted to drug counselling or education, or issued a fine rather than a criminal conviction.
Although Australia’s economy ended 2020 on a high note after facing COVID-19-related setbacks, some experts believe cannabis legalisation could assist even further with economic growth.
The climate of the NT and its accessibility to Asia makes the likelihood of legalised marijuana a possible gold mine for the NT, according to economist Rolf Gerritsen.
“The Government, if it licensed the system and appointed official sales points, could actually set up a nice little industry with the possibility of future exports,” Gerritsen told ABC News.
In 2020, Australia’s economy plunged into its first recession in three decades due to fallout from the coronavirus, which came mere months after devastating bushfires that ravaged over 12 million hectares.
During the fall, a Twitter campaign from the Australian Greens political party pushed for legalisation to help pull the nation out of its recession, declaring cannabis a “multi-billion dollar industry.”
Although exciting, it seems unlikely that the Australian government will legalise marijuana at this stage.
Outside the Twitter campaign mentioned above, legalisation of cannabis has been a big part of the platform for the Greens, which are seeking the establishment of a controlled market for the sale of cannabis and would allow members of the public to grow up to six plants.
But the Greens are currently the only political party pushing for legalisation of recreational cannabis.
Both the Liberal National Party and Australian Labor Party have only shown support for medicinal cannabis at a federal level. In fact, Australian Attorney-General Christian Porter has been vocally opposed to the legalisation in Canberra, declaring the laws “terrible” and saying state- and territory-level laws conflict with federal laws on possession.
Many were looking towards the outcome of a New Zealand referendum on legalisation that failed as 50.7 percent voted “no” to the 48.4 percent “yes” votes.
A report from cannabis researcher Prohibition Partners hypothesizes great potential for Australia to significantly increase value through cannabis exports, while a focus on buying local could see more domestic cannabis revenue than ever before.
Success could encourage more regions to look closely at their own reform measures, particularly after watching the ACT’s adoption of restricted cannabis legalisation, the study argues.
“Both Victoria and Tasmania are also making moves towards more lenient cannabis laws and could be following in the ACT’s footsteps,” said the report’s authors.
“The Victorian government invested in R&D of the local industry, and is said to have ambitions to be the ‘cannabis bowl of Australia’ with a target of 500 local jobs.”
The report predicts the Australian cannabis market will break a total market value of US$1.5 billion by the year 2025, which would make it the largest legal cannabis market in Oceania. Eagle-eyed investors will be watching the market closely.
Don’t forget to follow @INN_Australia for real-time updates!
Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.
Australia made waves when it federally legalised medicinal cannabis in 2016, and its marijuana market has experienced significant growth since then.
A study from FreshLeaf Analytics pegs Australian medical market sales at AU$95 million in 2020, while research firm Prohibition Partners indicates that Oceania’s cannabis industry is expected to be worth US$1.55 billion by 2024; medicinal cannabis is expected to account for 40 percent of the industry.
Despite that growth, the country’s cannabis industry is still young. Recreational use is not yet in sight, and even medical access remains limited and highly regulated.
Currently only one medicinal cannabis product, Sativax, is registered with the Therapeutic Goods Administration (TGA), and none are subsidised through the country’s Pharmaceutical Benefits Scheme. Patients who want access to medicinal cannabis must go through special pathways, and doctors who want to prescribe medicinal cannabis have to apply to do so.
The situation gets more complex at the state and territory level, as each area of Australia has different rules and regulations that must be followed. Read on for a breakdown of the laws for medicinal and recreational cannabis in Australia’s six states and two territories.
Use, supply and possession of cannabis is illegal in New South Wales (NSW); however, first-time offenders with a small amount on hand may only be issued a caution. Up to two cautions can be received, and they often come with a referral for drug-related information.
The NSW government recognises the potential of medicinal cannabis to treat debilitating or terminal illnesses. Any doctor can prescribe medicinal cannabis if it is determined an appropriate treatment and the doctor has the approvals required to do so.
In another show of support for the drug, the NSW government has established the Centre for Medicinal Cannabis Research and Innovation to educate the community and monitor clinical trials.
Recreational possession and use of cannabis is a criminal offence in Victoria, but similar to NSW, those caught with a first offence of 50 grams or less are typically given a caution and directions to attend drug counselling. It’s more serious if there are additional charges or if a person is found with an amount over 50 grams; 250 grams is considered a traffickable quantity of cannabis.
Medicinal cannabis can be prescribed by any doctor for a patient with any condition if they believe it is clinically appropriate. Victoria was the first state to legalise medical marijuana use, and young children suffering from epilepsy were the first to gain access.
In Queensland, growing cannabis or recreational use is illegal under four different acts. Under the Drug Misuse Act 1986, unlawful possession, supply, production and trafficking have maximum penalties of up to 25 years imprisonment, depending on circumstances such as how much cannabis is involved.
Medicinal use is less frowned upon in Queensland as any registered medical practitioner in the state can prescribe medicinal cannabis if clinically appropriate.
After new legislation changes in June 2020, any Queensland doctor can prescribe Schedule 4 CBD or Schedule 8 THC or CBD products without formal approval from state health authorities.
Medicinal cannabis can be administered via vapour, capsules, sprays or tinctures — smoking cannabis is not allowed in Queensland. Interestingly, advertising medicinal cannabis is restricted to the medical, wholesale and pharmaceutical professions only.
Cannabis, cannabis oil and cannabis resin are all illegal to keep, use, grow, sell or give away in South Australia. Possession for personal use can be penalised with an expiation, which means a fine that does not attract a criminal conviction. Large-scale trafficking or selling can attract big penalties of up to AU$500,000 and 15 years to life imprisonment, or both.
Those looking for medical cannabis products can obtain them via prescription from an authorised medical practitioner in the region.
Approval under South Australian Controlled Substances legislation is also often required, although there are exemptions for elderly and terminal patients.
Even though Western Australia (WA) officially decriminalised cannabis in 2004, Liberal Premier Colin Barnett repealed the decision in 2011 as part of a “tough on crime” approach.
Today, driving with THC in your system is an offence in WA, regardless of whether it is medicinal or recreational. Personal cultivation is illegal.
Medicinal cannabis is available via prescription from any doctor in WA providing they have the required government approval. Prescriptions can be dispensed at any pharmacy.
Obtaining medicinal cannabis is arguably most complicated in Tasmania. A patient must have their general practitioner refer them to a relevant specialist; the specialist can then provide medicinal cannabis in limited circumstances once conventional treatment has been unsuccessful.
Tasmania is taking steps to make medicinal cannabis more accessible. Starting on July 1, 2021, general practitioners will be able to fill out prescriptions, although the process is still expected to be slow.
Possession of cannabis is illegal in Tasmania — in fact, any utensil or appliance for preparation, smoking, or inhalation of cannabis is illegal and can attract a maximum fine of AU$7,950. Trafficking an amount of 25 grams of oil or 1 kilogram of plant material carries a serious imprisonment term of up to 21 years.
Cannabis is largely decriminalised in the NT, but possession of a small quantity in a public place still carries an imprisonment penalty. Possession of less than 50 grams in your own home is penalised with a fine only. The penalty for cultivating, even small amounts of less than five plants, is 200 penalty units or two years imprisonment. A commercial quantity of more than 20 plants results in life imprisonment.
The first NT medicinal cannabis patient to fill a script did so in November 2019, but uptake has been slow since then and the NT has a low number of users. That’s largely because there are few doctors who are authorised prescribers in the NT — as the area is remote, travel is not feasible for all residents.
In September 2019, the Australian Capital Territory (ACT) passed a bill to legalise the possession of small amounts of cannabis for personal use as of January 31, 2020. Confusingly, the ACT’s state laws conflict with federal laws, which still prohibit the recreational use of cannabis.
ACT residents who are over 18 can carry up to 50 grams of cannabis and grow as many as four plants — although the 50 gram amount is less than what one plant produces. Plants must also be grown outdoors only, leaving them open to theft.
Medicinal cannabis is available for patients with a number of conditions and also on a case-by-case basis. Doctors must have approval from the ACT chief health officer and the TGA to prescribe.
Don’t forget to follow @INN_Australia for real-time updates!
Securities Disclosure: I, Ronelle Richards, hold no direct investment interest in any company mentioned in this article.
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