Australia’s ‘booming’ medicinal cannabis trade on track this year to quadruple 2022 sales

Employees tend to medical cannabis plants. Data shows the number of units sold in the first half of 2024 reached 2.87m, up considerably from last year. Photograph: Amir Cohen/Reuters

The medicinal cannabis business is “booming”, with Australian sales likely to have quadrupled in the past two years, according to a new report.

The annual Cannabis in Australia report released by the Penington Institute, a research organisation that promotes harm reduction approaches to drug use, shows the money Australians are spending on medicinal cannabis products is on track to reach $1bn by the end of the year.