BBS Pharmaceuticals, a licensed cultivator and manufacturer of medicinal cannabis products would like to congratulate Minister David Littleproud and the Australian Parliament in passing the Export Control Legislation Amendment (Certification of Narcotic Exports) Bill 2020.
The Bill, albeit small in size is very significant in terms of allowing the export of cultivated medical grade product and we believe it will enable the industry to grow. This is genuine red tape reduction and creates a slightly more level playing field.
BBS Pharmaceuticals is currently constructing a facility to supply both the Australian domestic market and also export medicinal cannabis products to the world as demand grows globally.
Located in Regional South Australia, our state-of-the-art facility has been designed to be powered by solar and wind, is carbon neutral, recycles all wastewater, and is sufficient scale to commence with, but can also significantly upscale.
As part of the negotiating process with overseas buyers, we would always need to place caveats on any potential agreement ‘subject to regulatory approvals’. This creates a degree of uncertainty, additional cost and delay in obtaining special approvals, which can cost Australian producers dearly.
Taking into account international buyers can see it as too difficult and too uncertain to navigate, providing this level of certainty is good for exports, it’s good for Australia’s GDP, it’s good for our Balance of Trade and it is good for jobs in Australia as we navigate our way out of COVID19.
At present, Australia is a net importer of medical cannabis as the cannabis industry is still growing.
We expect that to change over the next year or so as Australia’s infrastructure for the growing of medical cannabis grows and it capitalises on its clean and green agricultural reputation.