Pots of profits in weed: Perth's mining market eyes medical cannabis amid resources downturn
Medical marijuana — dubbed green gold — is forecast to hit $40 billion globally in five years.
MONEY doesn’t grow on trees — but Perth companies are hoping medicinal cannabis pot stocks could soon mean big business.
Medical marijuana — dubbed green gold — is forecast to hit $40 billion globally in five years as more nations legalise the treatment for pharmaceutical purposes.
Nedlands-based Phytotech Medical recently became the first ASX-listed medical cannabis company and in July will merge with Canadian firm MMJ.
Ross Smith, who founded Phytotech, was previously managing director at Pilbara Mines.
“Because of the mining downturn, there’s opportunity now arising in the world market that wasn’t there previously,” Phytotech chairman Peter Wall said.
“There’s a much broader and bigger market for it — it’s an industry that will get bigger in time.”
Perth-based Erin Resources was previously intent on...
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