Australia just approved medical marijuana exports-and sent some stocks flying

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Health Minister Greg Hunt said the changes are actually a significant step for Australia's domestic patients and domestic supply.

Following a recent federal government initiative allowing the exportation of medicinal cannabis from Australia, medicinal cannabis business The Hydroponics Company (ASX:THC) announced it is well positioned with worldwide partners to take advantage of this opportunity.

The government of Australia has reportedly announced its plans to permit the export of medical cannabis to other countries.

"We have some of the best farmers in the world, we have some of the most secure conditions for the production of medicinal cannabis in the world", he said.

Australia's fledgling medicinal cannabis market is about to get a big boost, with the Federal Government to allow exports of cannabis-based medicines.

"This decision will help both the domestic supply and Australian producers by strengthening the opportunities for domestic manufacturers", Hunt said in a statement.

"We know the medicinal use of cannabis can alleviate people's health issues and therefore if Australia is in a position to provide support, it should do so". "Australian patients come first". The government legalized patient access to medicinal cannabis at the federal level in 2016, though rules differ at the state level. Experts believe that the strategic move will result in the country generating huge revenues through medicinal cannabis exports over the coming years.

The Australian Government aims to give a green light to medicinal cannabis exports.

He said it was "understandable" that many doctors would be cautious about a drug that has only recently been approved for medical use. Since Parliament passed laws allowing its use, the number of patients being prescribed medicinal cannabis has been limited. But he assured they are working along with the College of Global Positioning System and Australian Medical Association to ensure that doctors have access to full information so they can ensure the best interest of patients.