Medical cannabis company Australian Natural Therapeutics Group (ANTG) has signed a deal that will see the company supplying large quantities of medical cannabis to Germany over the next ten years.
ANTG is NSW’s first producer of cannabis oil. They were granted a license to produce large quantities of cannabis oil in December 2020.
Now, the company has announced a deal that will see them exporting $92 million in medical cannabis to Germany, where it will be available to Germans who are prescribed cannabis medications by a doctor.
The export deal will continue until 2031, with ANTG shipping 2 tonnes of dried cannabis flower to Germany over the next 18 months. The cannabis flower will be fully Australian-grown.
ANTG believe the exporting deal will be positive for Australia’s medical cannabis industry, as Germany is the world’s third-largest medical cannabis market – behind Canada and the United States.
Germany’s medical cannabis market is expected to be worth as much as $12.4 billion by 2028, according to ANTG.
Germany currently sources 80% of their cannabis from German-companies, with exported cannabis coming from the Netherlands and Canada. ANTG will be the second Australian company to export medical cannabis into Germany after Althea Group announced a deal with Nimbus Health in November last year.
However, other Australian medical cannabis companies are expected to begin exporting products overseas, as a bill passed in June 2020 gives medical cannabis a ‘Legitimate Export of Narcotic Products’ stamp. This will also allow cannabis to be sold in Europe, Canada, the US, China and parts of South-East Asia.
Growth in cannabis exporting leaves Australia poised to become a global leader in medical cannabis supply, according to comments from Health Minister Greg Hunt in 7News.
Australia’s gold-standard regulation of medicinal cannabis products, coupled with a premium agricultural and manufacturing industry, means we are well-positioned to become a preferred supplier.
Hunt believes this will have a positive benefit on Australia’s economy, as it has the potential to create jobs and boost economic growth nationwide.
Australia’s medical cannabis industry is expected to be worth $1.5 billion by 2024.
