A roadmap to guide companies through the complexities of shipping product overseas is being drawn up by the Medicinal Cannabis Industry Australia (MCIA) following the award of a $250,000 government grant to boost exports of local product. The MCIA will use the cash to plot a strategic export plan and build industry market knowledge of key overseas markets. The report will be presented at an industry summit planned to coincide with the ACannabis 2024 conference. MCIA said it will form the basis for companies to make “informed decisions on market development and investment”. While domestic supply remains paramount, exports will become increasingly important for the prosperity of local companies given the limited size of Australia’s population. However, navigating the complex regulatory pathways of international markets is a significant barrier. It is felt the funding will enable the MCIA to provide a degree of clarity and arm industry players with the knowledge to successfully export Australian-made products. MCIA chairman Peter Crock said: “The Australian regulatory framework and adherence to globally recognised quality standards has ensured that the industry is well positioned to take advantage of export opportunities. “This grant will be invaluable in helping address much needed knowledge and skill gaps and assist the industry to establish a strong presence on the global stage.” He added: “We welcome and appreciate the government’s recognition of the industry’s potential growth opportunity”. Minister for agriculture, fisheries and forestry Murray Watt recognised medicinal cannabis as an “emerging and fast-growing” industry. “The Albanese Government is providing this grant to support the development of an export strategy and international engagement plan to help the industry build a globally competitive supply chain,” the minister said. “There is huge potential for the Australian medical cannabis industry to grow and become globally competitive. Given its relatively new status and the complex global regulatory environments, this strategy is needed now to set sound foundations for the industry going forward.”
Source: Cannabiz