Cannabis Business Plans for Australia
We Write Successful Cannabis Business Plans
We understand the Australia cannabis market: the legislation, the size of the market and the business side of growing and selling cannabis. Sharp Business Plans is based in Canada, the first major country to legalize cannabis for both medical and recreational use, which has helped to leverage our expertise globally. We have written over 100 business plans for the cannabis industry, including cannabis business plans for companies in Australia, Canada and the USA.
We’re confident that now is a good time to act, especially because getting into the market in its infancy will help you be well-positioned to acquire a decent market share. The Prohibition Partners Cannabis Report reveals, medicinal cannabis market is forecast to grow from $52 million in 2018 to $1.2 billion in 2024 and over $3 billion by 2028. The New York Times forecasts that the combined medicinal and recreational market could reach $12.3 billion by 2028. Additionally, in Asia, Australia is an agricultural powerhouse, ideally located to benefit from cannabis exports.
The potential profits from a cannabis growing or extraction business are immense, but you do need an adequate investment to get in. When you’re investing, you need a business plan. The business plan will help you break down your costs and their timing so you know how much it will take to launch into the cannabis business.
Australia's Capital Legalized Recreational Cannabis
Growing and possessing cannabis for personal use will be legal in the nation’s capital once the law takes effect on January 31, 2020. Canberra (pop. 400,000) and its surrounding territory have passed legislation to legalize cannabis, allowing adults 18 or over to both possess and cultivate cannabis for recreational use. The Australian Capital Territory (ACT) is the first of Australia’s six states and two main territories to legalize cannabis for personal use. Adults will be able to legally possess up to 50 grams (1.76 ounces) of dried cannabis or 150 grams (5.30 ounces) of the fresh cannabis and cultivate up to two plants per person, or four per residence. Cannabis laws will differ throughout Australia depending on the state or territory. Public perception and business potential is evolving, which could be a sign of things to come for the rest of Australia, and only a matter of time before the other states follow legalization for recreational use.
Reuters.com (Sydney) reports, “Cannabis remains a prohibited substance under Australia’s federal law and the new law conflicts with national drug laws which were enacted by the country’s parliament that prohibits the possession of marijuana.” However, if Christian Porter, the attorney general so decides, he can legally and officially quash the law and end the clash between the rules of the Commonwealth and the rules of the territory. Business Insider Australia reveals, “those Commonwealth laws still cover the ACT, meaning police could still technically charge you. It’s believed however that they will use discretion and follow the local laws instead.”
Types of Licences
Under the Australian Government Department of Health, the Office of Drug Control (ODC) is responsible for reviewing all licence applications.
As stated on the Australian Office of Drug Control website, an ODC licence allows you to legally cultivate and/or produce cannabis for medicinal or associated research purposes. All licences will have conditions that require that any cannabis cultivated or produced be done in accordance with a permit. Once you have a licence, you can apply for a permit, which outlines the amounts and types of cannabis you can cultivate or produce. A licence combined with a permit allows you to obtain cannabis material (such as equipment, seeds and nursery stock) and covers associated cultivation and production purposes.
There are three types of cannabis licences:
- Medicinal cannabis licence authorizing cultivation or production or both
- Cannabis research licence authorizing cultivation or production for research purposes
- Cannabis manufacturing licence authorizing the manufacture of a drug or product
Cannabis Jobs – According to the November 2018 Oceania Cannabis Report™ Australia estimates there will be 50,000 cannabis jobs in the country by 2028. Jobs will be created in areas of greenhouse operations, processing and distribution, facility operations, and sales and marketing. Over time the creation for new jobs could expand further, especially in areas of production, marketing and sales. The total job creation will be greater than the ‘plant touching’ roles directly created.
Why Sharp Business Plans is Your Top Choice
If you are considering applying for a licence with the ODC you will need a business plan. We have written hundreds of successful business plans and have the expertise across a broad-spectrum of industries to give you the results you want. Unlike our competitors, we do not use generic templates; competitors might copy our structure, but not our ideas. We consult with you in detail to craft a personally tailored plan as it relates to your unique business. We believe in personal interviews and in-depth consulting to ensure we capture a detailed depiction of your new venture. We build a fully customizable financial model for you, that shows in-depth how the production and financial sides of the business will work together.
How Sharp Business Plans Continues to be Successful
Sharp Business Plans have worked with businesses from across North America and around the globe. Don’t let geography get in the way of you getting a professional business plan that works for you. Contact us and let’s get started on writing a business plan for your cannabis venture in Australia.