Market stays strong in Australia and big win for Cannabis in US
Australian approvals for medical cannabis through an Authorised Prescriber for the first half of this year were 120 per cent up on the same time in 2022.
Data from the Therapeutic Goods Administration (TGA) shows that Australia’s medical cannabis industry has remained robust during the first half of 2023.
According to the TGA, medical cannabis approvals through an Authorised Prescriber (AP) have continued to grow rapidly so far this year, reaching approximately 304,000 in the first half, up more than 120 per cent over the same period last year.
In addition to AP, Australian medical marijuana patients can access cannabis through the Special Access Scheme (SAS-B).
SAS-B registered 44,345 approved applications in the past six months, according to the TGA.
Big win for cannabis as SAFER Banking Act set to be passed in the US Australia’s cannabis industry remains robust this year, says TGA.
Huge win as US SAFER Act passes
Meanwhile, there was great news for the industry in the US, too.
A bill to give the regulated cannabis industry access to basic banking services has been approved by the US Senate legislative panel.
The legislation, known as the Secure and Fair Enforcement Regulation (SAFER) Banking Act, was amended before being approved by the Senate Committee on Banking, Housing and Urban Affairs.
The legislation is huge for the cannabis industry.
It will allow all US cannabis businesses to have access to deposit accounts, insurance and other basic financial services.
But as cannabis investors know, the road to get to this point has been long and arduous.
Over the past decade, 47 states, four US territories, and the District of Columbia have legalised some form of medical or recreational cannabis — despite its classification as an illegal drug under the Controlled Substances Act.
Due to the conflict between federal and state laws however, many financial institutions remained reluctant to conduct business with legitimate, state-sanctioned entities.
As a result, these businesses and their employees have been blocked from accessing deposit accounts, securing lines of credit and other financial services — including commercial and residential mortgages, and accepting credit and debit cards while operating a retail business.
The SAFER Banking Act aims to resolve these issues by providing a safe harbour for banks, credit unions, other financial institutions, and payment processors that provide services to these state-sanctioned businesses, allowing them to operate in the financial mainstream.