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Business Scoop » Australia Legal Cannabis Market Based On Latest Study Of Potential Growth Challenges
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The Australian cannabis market is opening up, 5 years after landmark legal changes Experts and business say it s still too difficult to access
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This article by Hugo Gray was originally published on The Green Fund, and appears here with permission.
Conversely, the Australian Cannabis Index underperformed again last week, as investors turned their attention towards the US cannabis market.
The US cannabis market reacted in jubilation last week, after the Secure and Fair Enforcement (SAFE) Banking Act which would make it legal for insurers and banks to work with the cannabis industry was successfully passed by the House of Representatives.
Meanwhile, the recent influx of states electing to legalize cannabis prompted analysts at the investment firm Cowen Inc to revise their annual market forecast for the US recreational market to $41 billion by 2025.
Bod Australia (ASX:BDA) begins expansion efforts with first U S order
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The market for CBD skin care in the Asia-Pacific is forecast to witness a compound annual growth rate of 21.77% over the forecast period 2019-2028. India, China, Japan, Australia & New Zealand, South Korea, ASEAN countries, and Rest of APAC countries together shape the market in this region.
The consumption of marijuana is considered illegal in India. However, in 2018, in a first, Uttarakhand allowed the commercial cultivation of hemp crop. Bombay Hemp Company (BOHECO) was the first company to be allowed to manufacture cannabidiol products in the country. It makes medicinal products for consumption and cosmetic purposes.
Following suit, Flowerkist Incorporated, in December 2019, partnered with Dabur Research Foundation for developing a varied range of 100% hemp-based CBD infused topical products. Thus, a high demand for CBD is being witnessed in India, which will prove beneficial for the growth of its CBD skin care market over the forthcoming y