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Medical cannabis companies say the legalization of recreational cannabis in New Zealand could open up the market for over-the-counter wellness products.
Medical cannabis is already legal under the Medicinal Cannabis Program, which came into effect on April 1 and allows access to cannabis-based products by prescription.
New Zealand will vote on the cannabis control and legalization bill in the next general election. The proposed bill establishes a way for the government to control and regulate cannabis, including how people can produce, supply or consume it.
The CEO of medical cannabis company Helius Therapeutics, Paul Manning, said that while the proposed recreational cannabis bill was written to monitor and limit use over time, the economic opportunity cannot be ignored.
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“If the referendum passes, it will open up the potential for us to commercialize non-prescription wellness products for the domestic market. This represents an economic opportunity for New Zealand as control of cannabis shifts from the black market to regulated businesses, ”Manning said.
“There are a number of products that would practically not be produced under the medical cannabis scheme that would be available, which opens up an important new business opportunity for organizations like ours.”
Manning said that abroad, where recreational cannabis was legalized, there was a growing market for over-the-counter nutraceutical wellness products.
These wellness products included cannabidiol (CBD) infused cosmetics, supplements, and CBD oil to control anxiety.
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Helius Therapeutics CEO Paul Manning says the economic opportunities that would arise if the recreational cannabis law were passed cannot be ignored.
The only listed medicinal cannabis company in the country, Cannasouth, is also open to the potential of the nutraceutical industry.
Its chief executive, Mark Lucas, said that the recreational cannabis market could give medical cannabis greater access to different parts of the cannabis plant that could be used for wellness products.
“At the moment, cannabis is accessed through the strict pharmaceutical market or the black market. If there was a white market for non-psychoactive compounds for use in nutraceuticals, that could be quite exciting, ”Lucas said.
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Cannasouth CEO Mark Lucas says legalizing recreational cannabis could allow medical cannabis more access to the over-the-counter supplement market.
International companies that manufacture CBD had also begun to establish footholds in New Zealand in anticipation of a “yes” vote in the referendum, which could open the floodgates to a new multi-billion dollar industry.
Lucas said that ultimately medical cannabis would see further growth as an industry due to export capacity.
“The medical cannabis industry will dwarf the adult use market due to the export opportunity found with medical cannabis. Cannabis grown in New Zealand can be sold at a higher level, like our dairy products or wine.
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The legalization of recreational cannabis could give medical cannabis access to nutraceutical products, including CBD-infused cosmetics, supplements, and oils to manage stress and anxiety.
“We do not rule out anything inside or outside, we are a company and we have shareholders. If the landscape changes, we must make sure that we are at least assessing what challenges and opportunities and that we are aware of this if we develop a business plan that allows a business plan to flourish.
The owner of The Hempstore in Auckland and co-founder of the medicinal cannabis company Zeacann, Chris Fowlie, said that if the referendum passed, he would seek to establish a recreational cannabis retail store.
Under the proposed bill, anyone over the age of 20 could become a cannabis retailer.
Danielle Clent / Stuff
Hempstore owner Chris Fowlie says he would be interested in opening a cannabis retail store if the referendum passes.
Fowlie said that legalizing recreational cannabis would also benefit medical cannabis patients, as it would make the drug more accessible and affordable.
“Many patients still have difficulties accessing medical cannabis even under the scheme. It is not subsidized by Pharmac. But the proposed bill allows patients to grow their own, and if consumers have more options, this will lower the price, ”said Fowlie.
