With many of Australia's key trading partners including Canada, Israel and 23 states in the US now making cannabis available for medical use, the world is rethinking the classification of cannabis as a dangerous narcotic on par with heroin and LSD.

Many of the strongest arguments against legal use of cannabis are also being debunked by credible scientific research abroad, and trials in NSW, Victoria and Queensland may further build the case for the use of some strains of the drug, particularly those that reduce the strong psychoactive properties of street pot.

The economic opportunities for the ACT are clear – change appears to be coming, with miners, private investors and others lining up to get a slice of the market estimated to be worth $100 billion a year globally.

But there remain significant risks of rushing in too soon, with a number of legal and medical questions still unanswered. There are also major obstacles with the proposed Drugs of Dependence Bill amendment being proposed by ACT Greens leader Shane Rattenbury that need to be overcome.

As both Attorney-General Simon Corbell and one of the businesspeople looking to establish the industry in the ACT Andrew McCrea have noted, allowing home-growing of the plant is not the ideal solution.

Mr Rattenbury himself acknowledges this, but makes a valid argument that there are members of the community in real need and this may be a reasonable interim solution to get them access to the drug quickly.

The Australian Medical Association among others also raises valid concerns about the potential to exacerbate or unmask psychological problems by encouraging access to cannabis, and points to holes in the existing scientific understanding of the complex drug.

Finally, there is the real risk that if the ACT enacts its own legislation in contradiction to federal law, the territory's parliament may again find itself at risk of a federal veto, as has previously happened with issues like euthanasia.

The experience of Tasmania's opium poppy crops demonstrates that these obstacles are not insurmountable, and cannabis has a real potential to be a viable option for a jurisdiction that desperately needs to look beyond land taxes for its future revenue.

Given public and political support for change and the experience of other countries, it seems likely that cannabis will be reclassified at some point in Australia, creating a major new industry. If the ACT doesn't want to miss the boat it would be wise to get in front of the issue and begin work now on drawing up effective models for safe production, processing, distribution and prescription under a territory-controlled scheme.

Clearing the obstacles to provide a safe, controlled medication suitable for export beyond the ACT's borders will not be an easy task. Tasmania appears close to licensing the first commercial crop of the plant, and other states and territories are also watching the space closely. But there are opportunities, not only in the medical sphere, but in fibre crops as well. Handled carefully, cannabis may be a real economic opportunity for the territory.