Sydney-based analytics company Freshleaf Analytics has released their Q3 report, predicting that patients will spend $95 million on medical cannabis products in 2020.
Freshleaf Analytics has been tracking the growth of Australia’s medical cannabis industry since it’s legalisation in 2016. They’re a subsidiary of MMJ’s Australian division – Southern Cannabis Holdings (ASX:MMJ).
Their Q3 report measures Australia’s legal medical cannabis industry, which has grown 3x year on year.
According to the report, the number of cannabis products approved by the Therapeutic Goods Administration (TGA) has doubled, reaching 150. As of June, these were sold to were 50,000 patients on TGA’s Special Access Scheme. Only 30,000 of these patients are currently filling prescriptions.
The average daily dose of cannabinoids has increased to an average of 92mg per day. In the whole of 2020, Australia will consume 1.5 tonnes of cannabinoid API (Active Pharmaceutical Ingredients like CBD and THC).
Simultaneously, Australian patients are spending less on cannabis medications, with the average spend dropping 11.9% in 2020 to $384 per month.
Australians who buy cannabis medications legally are also getting a better deal, as the cheapest illegal products are priced at 7 cents per milligram of cannabinoids. Legal medications are 1 cent cheaper on average, at 6 cents per milligram.
