New Zealand has huge capabilities in growing plants for medicine for the soaring pharmaceutical and consumer health industry, a defining new biotech economic study report says.
The landmark BioTechNZ study analysed the state of biotechnology and its impact and benefits for the New Zealand economy and society.
New Zealand coupled with its wealth of knowledge in the primary sector and its distinctive growing conditions, it often results in an increased amount of high value active ingredients which are of huge benefit for the health sector.
Medicinal cannabis is projected to be worth $US97 billion by 2026 and is growing at a compound annual growth rate of 33%.
Following a law change, a medicinal cannabis scheme came into effect on April 1 this year which enables licensed businesses and individuals to cultivate, manufacture, supply and export medicinal cannabis products in New Zealand.
BioTechNZ executive director Dr Zahra Champion says they "anticipate the New Zealand market for medicinal cannabis will move more quickly than other international medicinal cannabis markets".
Read more at helius.co.nz