A cannabis plant is seen at the 1st International Cannabis Expo, in Athens, Greece, January 14, 2018. REUTERS/Costas Baltas
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When Australia said this month it would allow exports of medicinal cannabis in a bid to dominate a global market set to be worth $55 billion by 2025, investors scrambled to buy shares in marijuana companies -- pushing several of them, and the sector as a whole, to record highs.Australia's medicinal cannabis sector, with 12 listed companies, produces a range of products that include chronic pain management and acne creams with extracts of marijuana to aid acne.The reluctance of doctors has curtailed the growth of Australia's cannabis market. Australian law requires the seven companies licensed to grow medicinal cannabis to produce only enough to meet domestic demand.But when the Australian government said it planned to allow medicinal cannabis exports -- perhaps within months -- the three largest companies, AusCann Group, Cann Group and Hydroponics Company immediately looked for ways to expand production.Australia said it will only allow exports of processed or manufactured cannabis products such as oil extracts, which require a separate manufacturing licence.
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