ACT legalises personal cannabis use
The ACT has become the first Australian jurisdiction to legalise the possession, use and cultivation of small amounts of cannabis for personal use.
The laws passed the ACT legislative Assembly on Wednesday 25th September 2019.
The law allows possession of up to 50 grams per person and a maximum of four plants per household. It will come into effect from January 31, 2020.
There is a slight issue with the passing of the law in the ACT, it conflicts with Commonwealth laws which prohibit the possession of cannabis. Keep in mind that there will be serious legal risks from people growing, possessing or smoking cannabis in the ACT.
The Commonwealth government can still exercise the right to overrule the ACT, and seek to have the laws struck out as inconsistent with its own legislation.
So is this a step towards Australia legalising the commercialisation of the drug?
Michael Pettersson, the Labor MLA behind the recently passed bill believes there is some merit in the ACT eventually going down a path of commercialisation.
What about other countries?
Based on a CNBC report Canada and America estimate combined that by the year 2020 the legal purchase of medical grown cannabis will grow from $10B USD to $20B USD.
The most recent statistics show that the Cannabis Industry has helped to grow the economy through they payment of taxes but helped with the high unemployment rate.
The cannabis industry employs between 125,000 to 160,000 full-time workers, according to Marijuana Business Daily. It’s expected to add another 340,000 full time jobs by 2022, reflecting an estimated growth of 21 percent per year.
In the US the demand for weed has hit a market of $52.5 Billion.
What this could mean for Australia?
Australia could potentially start growing in a commercial level, tax the growers and export the product around the world. We could be the leader in Medical Grade Cannabis and CBD oil.
It will generate an enormous amount of revenue for the Government and help with our unemployment rate.
We should also encourage small businesses to help and build a co-operative based system.
We still have a long way to go but there is many benefits for our country.