Fundamentally, there have been improvements in the Australian...

Fundamentally, there have been improvements in the Australian medical cannabis sector, but the ECS price and overall market prices are still around their lows. I think that there is a good chance that 2024 will be good for the sector and for ECS.



"Stocks Down Under" (Pitt Street Research) called out ECS as one the potential leaders in the next rise in cannabis stock prices



This is from their recent report on Cannasouth "Globally, the business of medicinal cannabis is taking off. In 2022, the sector was already valued at approximately US$14bn. Currently ~60 countries have legalised access to some form of medicinal cannabis, and this is set to grow exponentially over the next decade. The global CBD market is likely to grow from US$13bn in 2023 at a CAGR of 13% to US$24bn in 2028. Growth in the medicinal cannabis market is likely to be driven by increasing awareness about medical applications such as pain management and legalisation in the medical usage of cannabis across the globe. The rising number of patients pertaining to chronic diseases globally, an increased inclination towards a healthy lifestyle, and increasing R&D activitiesfor medical cannabis products are also some factors driving market growth. Where the regulations allow, companies are developing a variety of cannabidiol products, including edibles, topicals, and beverages, to meet the demand from consumers. Medical professionals are progressively becoming more at ease with regulating access and prescribing of products, thereby increasing market size."

"Official data from the Therapeutics Goods Administration (TGA) reveals that total number of doctors authorised to issue prescriptions for medicinal cannabis increased from 144 in 2019 to 1701 in 2022. Between 2020 and 2022, 295,515 prescriptions were issued for medicinal cannabis compared to just 1011 between 2016 and 2019."

"In Australia, there have been a number of positive developments regarding the medical use of cannabis:

• On 16 December 2020, TGA allowed the down-scheduling of certain CBD preparations from Schedule 4 (prescription medicine) to Schedule 3 (pharmacist only medicine). This decision followed the interim decision announced in November 2020, which allowed over-the-counter sales of CBD products, i.e., without a prescription. Moreover, TGA increased the maximum limit for the daily dose of CBD from 60 mg per day to 150 mg per day (a 2.5x increase).
• On 1 July 2023, all products (including imports) were required to meet GMP quality standards. This marks a key milestone for the Australian market and is likely to witness increased demand for GMP manufactured products."

This was in the news today: NSW drug law overhaul would allow six marijuana plants for personal use and Legalise Cannabis Party member waves cannabis in NSW parliament during bill introduction