New South Wales has become the first state to receive permission to grow marijuana for medical use. The news will be warmly received by those with chronic illness and who have made TPD claims.
With more and more Australians suffering from severe illness and injury, it's important to seek compensation lawyers to ensure that you have the funds need to cover medical expenses.
Medical marijuana licence a first step
New South Wales will be the first state to obtain approval under the license for the federal government and forms part of a research project into the best approach to growing marijuana.
The license will be a first step to setting the foundations for private growers to supply the medicinal plant to consumers. Speaking to Fairfax, the Primary Industries Minister Niall Blair said the move will be essential to the pharmaceutical supply of cannabis-based medicines made in Australia.
The government is currently conducting a number of trials for treating conditions, such as child epilepsy and chemotherapy-related symptoms. At the moment, companies in the UK and Canada are currently supplying the medicine for the trials.
A business boom just waiting to happen
For long-term suffers, the news will no doubt be received warmly. Yet, it is not just individuals launching TPD claims who could benefit.
The University of Sydney's research shows that a medicinal cannabis industry in Australia would be worth an estimated $100 million every year. The value of such an industry is driven by the expected demand, which could top 8,000kg of the product per year.
To service such a demand, the whitepaper discovered that up to 51,000 square metres of greenhouse space would be needed. To put it into perspective, that's an area three times the size of the Sydney Cricket Ground.
The Business School's Michael Katz said that the health impacts are obvious, with relief from suffering a key example.
"However, we're also going to see employment and wealth creation opportunities in all of the sectors that will come together to facilitate a medical cannabis market, so it's about much more than just the medical benefits," he added.
Like all medicines, cost can be a major obstacle. Luckily, there are options to recover benefits and lump sum payments from your superannuation fund. If you would like to know more about TPD claims, make sure you talk to an expert at Gerard Malouf and Partners today.