Australia said on Thursday it planned to become the fourth country in the world to legalize medicinal marijuana exports in a bid to score a piece of the estimated $55 billion global market.
Cannabis cultivation in Australia is still relatively small, as recreational use remains illegal. But the government hopes domestic medicinal use, legalized last year, and exports will rapidly boost production.
"Our goal is very clear: to give farmers and producers the best shot at being the world's number one exporter of medicinal cannabis," Health Minister Greg Hunt told reporters in Melbourne.
Shares in the more than a dozen Australian cannabis producers listed on the local exchange soared after the announcement.
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