Medical Cannabis Market to Exhibit Skyrocketing Expansion with Top Players BOL Pharma, Tilray, Medreleaf, Aurora Cannabis,Canopy Growth, Insys Therapeutics

Legalization of medicinal marijuana and decriminalization in some countries has led to a significant decrease in the black market, as people are resorting to legally purchasing cannabis for medicinal as well as recreational use. In addition, lack of safety data and difficulty in undertaking medical marijuana business is also estimated to hinder the medical marijuana industry growth.

Moreover, government earnings through taxation is further viewed as an opportunity for countries to earn revenues. Presence of a large customer pool and legalization of medical marijuana in U.S. and Canada is expected propel the product demand from North America. Few side effects such as fatigue, dizziness, insomnia, speech problems and constipation associated with medical marijuana are most likely to restrain medical marijuana market size expansion.

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The growth of the global medical marijuana is primarily driven by increasing prevalence of conditions that require medical marijuana for the treatment, rising geriatric population in need of treatment for chronic diseases, awareness programs conducted by public and private associations, and growing number of medical marijuana clubs, which promote the quality associated with medical marijuana. Medicinal cannabis manufacturers in the U.S. are actively focusing on expansion of their medicinal cannabis product business. For instance, in July 2016, Insys Therapeutics, Inc. received the U.S. Food and Drug Administration (FDA) approval for dronabinol oral solution- Syndros, an orally administered liquid formulation of the pharmaceutical cannabinoid dronabinol.

The Syndros is indicated to be used in the treatment of anorexia associated with weight loss among patients suffering from AIDS and those suffering from cancer chemotherapy-induced nausea and vomiting. However, manufacturers on a global level are engaged in developing products that should get recognition in order to be in use for a greater population. The legalization of medical marijuana in developing countries is expected to drive the demand for medical marijuana as an alternative for traditional medicines. Moreover, in January 2018, Apria, Inc. entered into a distribution agreement with Cannabis Wheaton, to supply 60,000 kilograms of the cannabis products between January 2018 and February 2022. The agreement allows Aphria to expand its brand through Cannabis Wheaton’s strong distribution network in Canada. It makes the medical marijuana industry more accessible for the new players with fragmented company profiles, majority of them in situated in the U.S. and Canada.

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