Q3 defined by greatest drop in product prices since 2016 legalisation of medicinal cannabis products in Australia
Q3 was defined by the greatest drop in product price since early 2016 legalisation of medicinal cannabis products in Australia, as the market has grown 3x year on year and will close 2020 with around 30,000 active patients.
This report will be the fifth major publication from FreshLeaf, which is the leading source of information, data and analysis on the sector.
-Industry revenue expected to grow 3x in 2020 to ~$95M
-Number of available products has doubled in the last year to 150
-Largest YOY drop in price since inception of legal industry
-20% of patients are taking low-dose CBD, a category that is likely to move to over-the-counter in 2021
-NZ going to the polls to vote on legalization for adult use
-COVID-19 has not significantly impacted sales, but may drive need for new taxable revenues and adult use discussion in Australia
-2021 likely a turning point in defining what a ‘healthy’ industry looks like
Cassandra Hunt, Managing Director of FreshLeaf commented: “The last 12 months has seen huge change in the industry. Record numbers of new products, rapid price declines and new regulations that will improve access and reduce patient prices. The next 12 months we expect significant industry consolidation and the emergence of long term sector leaders”.
Tim Drury, CEO of Southern Cannabis Holdings: “FreshLeaf Analytics is excited to release the fifth report in our series. It is encouraging to see that once again, price to patient has dropped – patients now have access to legal medicinal cannabis products that are equivalent in price to the black market”.
The report has also been welcomed by the sector, with key players commenting:
Trevor Schoerie, Managing Director, PharmOut said: "As the industry expands in Australia unbiased data and insight becomes increasingly important to companies and consumers alike. FreshLeaf Analytics stands out as a leading commentator on the state of the market and the opportunities and challenges our regulatory environment presents".
Dr Mark Hardy, Addiction Specialist and CA Clinics medical director commented: “It’s encouraging to see the recent product price decline, bringing illegal and legal markets to parity. This will hopefully enable more patients to gain access to legal medicine pathways, with confidence in the contents and dose”.
And Peter Crock, MCIA Chairman added: "FreshLeaf Analytics has been tracking the Australian medicinal cannabis industry since its inception and we are very pleased to see the latest data and FreshLeaf’s insights supporting ongoing rapid growth of the market".
A full copy of the report can be downloaded for free from the FreshLeaf website.
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About FreshLeaf Analytics
FreshLeaf Analytics, part of the Southern Cannabis Holdings group, is Australia’s leading source of data and information about the medicinal cannabis industry. FreshLeaf provides strategic consulting services to industry and government clients. For more information: firstname.lastname@example.org or email@example.com (+61) 2 8203 8741 @FreshLeafA
About Southern Cannabis Holdings: SCH specializes in building and operating cannabis businesses in markets where cannabis is regulated as a pharmaceutical product. SCH companies include CA Clinics, Applied Cannabis Research and FreshLeafAnalytics. To find out more about SCH, please visit www.southerncannabisholdings.com.au firstname.lastname@example.org
Source: EIN Presswire