Some More Smoke From Pot Industry - New Zealand Legalizes Medical Marijuana Consumption

New Zealand passed a significant legislation on Tuesday relaxing marijuana laws, decriminalizing its consumption and allowing critically ill patients to use the drug legally.

The bill passed with majority voting, paves way for legal consumption of medical marijuana with a legal defence if prosecuted.

Till now the cannabis consumption in the nation was governed by the Misuse of Drugs Act 1975 providing illegal status to cannabis consumption. In October 2017, the government of New Zealand First, Green Party and Labour announced a national poll of the legality of cannabis. There are plans to conduct the survey by 2019-20. This would ensure mass public participation in the critical decision-making process of the nation.

As stated by Health Minister David Clark, the new law “Misuse of Drugs (Medicinal Cannabis) Amendment Bill” allows terminally ill patients to make use of weed products to ease pain without facing the possibility of prosecution. Several New Zealanders have been living with chronic health conditions and there exists strong evidence for medical benefits of the psychoactive weed drug. This is proposed as an intermediary setup until the full Medicinal Cannabis Scheme is set up.

As per the New Zealand Drug Foundation survey of 2016, almost 65% of respondents Kiwis prefer decriminalising cannabis.

However, opposition is against the law on the grounds that it fails to provide in-depth details of the planned medical marijuana scheme. This is expected to have dangerous impact as it would encourage public smoking in pot.

The legal move is criticized by few on the grounds that medical cannabis is acceptable but not the smoking of loose-leaf cannabis in public.

Marijuana legalization advocates are rejoicing over the growing popularity of the momentum with the nations across the globe in the process of weed legalization.

There has been significant easing of restrictions in medicinal cannabis research and manufacturing across the globe such as in Australia, Canada, Czech Republic, Germany, India and many more.

Michigan has become a latest US state to legalize marijuana for recreational use. While the legalization for medical use has been passed in both Utah and Missouri, but voters rejected a similar measure in North Dakota. Canada is another example to legalize marijuana for recreational use this October.

Lawmakers in countries such as Thailand, Chicago and New York are also walking on the decision path of legalizing cannabis consumption. As stated by Chicago Mayor, the nation has plans to invest revenue from marijuana sales to fund pension schemes.

Investors are eyeing companies belonging to legal cannabis industry. The stocks of Bod Australia Limited (ASX: BDA), Australia based manufacturer and supplier of medicinal cannabis, has shown impressive performance this year demonstrated by YTD return of around 17%.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK