Following Tasmanian Alkaloids' appearance at a hearing of the inquiry in late January, in a second submission to the committee the company's chief executive Ross Murdoch said he wanted to offer the committee a first-hand view of what was required for Australia to be a successful player in the regulated health care extraction and production industry.

Dr Murdoch said he also wanted to show the committee what type of facilities already exist in the country and the investments already made into the cannabis industry.

"It is crucial the same high standards that apply to the control and manufacture of alkaloids are applied to medicinal cannabis," Dr Murdoch said.

Dr Murdoch said Tasmanian Alkaloids' recommendation regulatory requirements for field grown medicinal cannabis be brought in line with those for industrial hemp may reduce the cost of field production from tens of thousand of dollars per hectare to less than $5000 per hectare.

He said independent sources suggested medicinal cannabis could be produced in the field for 10 to 30 per cent of the cost of producing the same crop in a controlled grow room facility.

"Thus, further reducing the production cost of the cannabis bud used for medicinal cannabis therapies," Dr Murdoch said.

"If the Australian medicinal cannabis industry is to be sustainable, such opportunities must be considered by governments at all levels in cooperation with industrial hemp and medicinal cannabis growers, processors and manufacturers."

Dr Murdoch said pharmacovigilance, being the practice of monitoring the effects of medical products after they have been licensed for use, should be applied to the medicinal cannabis industry as it matures.

"It is only through robust regulation that health professionals and patients can have confidence that prescribed medical cannabis therapies consistently meet the same high standards as those of other pharmaceuticals," he said.

Dr Murdoch said regulation costs would not be onerous for the industry and government oversight would ensure patients are able to access the product consistently through an approved supply chain.

"Proper regulation will reduce the very real threat that exists for less scientific, less ethical entities to harm the medicinal cannabis industry," he said.

"It would work to minimise patients sourcing, using or administering medicinal cannabis products which are not fit for purpose and not of a regulated dose or strength that could, potentially, exacerbate the health issues of patients."