Australia to allow medicinal cannabis exports

The Aussies plan to get in well ahead of New Zealand when it comes to exporting medicinal cannabis.

Growers of medicinal cannabis there will soon be able to export their products to the world.

The Australian government has promised to change the law allowing producers to enter what's suddenly an extremely lucrative international market.

The global medicinal cannabis industry is worth around $10 billion. It's in its early stages in Australia but that could change quickly, with the market for medicinal cannabis is expected to quadruple in the next three years.

Just two weeks ago, the New Zealand Government made a law change of its own, allowing Kiwi farmers to grow and harvest medicinal cannabis.

But it's expected to be another two years before the industry is flourishing and by then Aussie producers are likely to have a massive foothold in the global market.

They'll be able to ship their product to over 25 countries that have legalised cannabis for medical use.

The law change in Australia will be made official when its parliament resumes next month.