Medical Cannabis State of the Industry and Socio-Economic Opportunities
The medical cannabis industry is in a transitional phase. Multiple companies have entered the industry over the past three years, and a few have begun to produce products ready for sale. The regulatory regime which allows for the cultivation, production, sale, and export of medical cannabis products is just over a year old at the time of this report. However, multiple companies in the industry are valued at over 30 million NZD. Global estimates for the size of the medical cannabis market range from 10 to over 100 billion USD annually, suggesting a significant financial opportunity. With a lack of domestic data, the international medical cannabis market is often pointed to as a clear indication of the potential of the New Zealand medical cannabis market. However, we know that New Zealand’s primary industries can differ dramatically from their international equivalents and that international case studies are not always directly applicable. We also understand that every medical cannabis jurisdiction has unique regulatory settings which strongly influence the nature of the market and the ability of the industry to deliver socio-economic impacts.