Last month, Australia’s Ministry of Health and the Therapeutic Goods Administration (TGA) agreed to reschedule CBD from Schedule 4 to Schedule 3.
This allows for CBD to be sold without a prescription.
The decision and down scheduling is set to take effect on June 1, 2021.
The TGA also approved the CBD medicine Epidyolex from GW Pharmaceuticals PLCs (NASDAQ: GWPH). The treatment is used for patients living with seizures associated with Lennox-Gastaut syndrome, or Dravet syndrome.
Dr. Issac Balbin, founder of Melbourne-based blockchain cannabis tracking brand Parsl, welcomed the developments and expressed excitement over the market’s direction.
“As CBD starts to become available, people in Australia are going to become more and more conditioned to the effectiveness of cannabis as a medicine with very limited side effects,” Balbin said, citing a potential boost in pharmacy revenues. “At the same time, there will be a drop in the use of pharmaceutical opiate-based pain medication because people are looking for this type of answer. They just haven’t had it …