Shares in MMJ PhytoTech dropped sharply after the medical cannabis company announced a first half loss and a successful $5 million equity capital raising.

A short time ago, the shares were down 14.7% to $0.29.

The company is issuing 20,833,333 shares at 24 cents each, a 20% discount to the 15 day average price.

The funds raised will be used to accelerate the company’s entry into the Australian market following the passing of legislation by the federal government legalising cannabis for medicinal purposes.

The funding will also be applied for a phase two clinical study to further test an oral capsule for treating multiple sclerosis.

AUSTRALIA is facing “big change” to laws around cannabis, with Queensland leading the way on helping sick people access the currently illegal drug.

Queensland Health Minister Cameron Dick told Triple M Brisbane’s Marto and Ed Kavalee for Breakfast this morning that there was “growing demand” for the move.

The Bill, which was released online for public consultation last night, will formalise the process by which doctors can prescribe medicinal cannabis to patients.

WELLINGTON -- The New Zealand government is reviewing its guidelines for the approval of medical cannabis use following a series of controversial cases around the narcotic.

Associate Health Minister Peter Dunne said Friday he would also be raising the issue with counterparts in Australia.

Medical cannabis was a new policy area for New Zealand's Ministry of Health and the wider medical profession, so there would inevitably be fine tuning as the process developed, Dunne said in a statement.

The guidelines were set up after a teenager, whose family and doctors had appealed for medical cannabis treatment, died following a severe epileptic seizure last year.

Lawmakers in Australia legalized medical marijuana Wednesday, passing revisions to the Narcotic Drugs Act so a national body can be created to issue licenses to weed growers and regulate local crops.

Medical marijuana advocates had argued that patients were forced to purchase the drug on the black market because pot was illegal to grow and import for medical purposes in Australia, The Sydney Morning Herald reported.

Medical marijuana can now be used in Australia to treat patients suffering from painful and chronic illnesses. The Parliament has passed new national laws and amendments to the Narcotic Drugs Act now permit legally-grown marijuana for the manufacture of medicinal cannabis products in Australia. Changes proposed by the Turnbull government earlier this month had bi-partisan support.

The Nimbin Hemp Embassy will apply for a licence to cultivate medicinal cannabis following the passing of laws in Federal parliament this week.

Hemp Embassy president Michael Balderstone said the Embassy had contacts with a network of growers and healers on the north coast of New South Wales.

‘We are a non-profit organization and we know the cannabis culture really well,’ Mr Balderstone said.

‘This is an opportunity to create genuine legal, taxable employment in this region.’

His comments followed the passing of legislation that clears the way for Australia’s State and Territory governments and companies to apply for a license to locally cultivate or manufacture medicinal cannabis products.

Marijuana legalization has been a political issue in the United States for some time, and while it remains illegal in most states, others have softened their stance in recent years. Colorado and Washington both passed initiatives by popular vote to decriminalize and legalize cannabis in 2012. In 2014, Oregon, Alaska and Washington, D.C., followed suit. Many states including Massachusetts, California, Missouri, Hawaii, Maine, Nevada and Ohio have flirted with legalization for a few election cycles, with buzz growing.

The United States isn't the only country where people use marijuana legally or illicitly. In fact, it isn’t even the country with the highest reported marijuana use.

We like to think of ourselves as leaders…

But this time we’ve fallen behind.

Australia became the first continent to legalize medical marijuana after the Australian Parliament passed a measure earlier today. The amendments to the Narcotic Drugs Act legalizes the cultivation of medical marijuana for medical and scientific purposes.

Following the passing of this amendment, the Australian Minister for Health Sussan Ley made the following statement:

The Australian government has passed new national laws to permit the use of medicinal cannabis by people with painful and chronic illnesses. The amendments to the Narcotic Drugs Act will allow cannabis to be legally grown for medicinal purposes without repercussion from the law. Here’s everything patients and potheads need to know.

Medical cannabis company MGC Pharmaceuticals completed its backdoor listing on the ASX today with a reverse takeover of Erin Resources. 

A short time ago, its shares were up 7.6% to $0.028.

The biotech startup has appointed Sydney cardiologist and media presenter Dr Ross Walker to its board to engage with the emerging medical cannabis market in Australia.

The company is also working with the University of Sydney business school for a white paper to advise governments on the creation of an medical cannabis industry.