COVID-19 Impact On Global Medical Marijuana Market to Witness a Progressive Growth in the Near Future

In the healthcare industry, medical marijuana is still in its introduction phase. The medicines manufactured in China are already produced by using cannabis, which is why this potent product is now gaining mass acceptance, globally. There are some cases that cannot be completely treated with the traditional medicines, and therefore, medical marijuana remains a large influence in the medical health industry.

Marijuana is plant that has a vital component called as cannabis which has multiple clinical properties to manufacture drugs that have therapeutic applications. Medical marijuana is used to treat various diseases related to Alzheimer's, central nervous system, and cancer. The two types of marijuana plants are sativa and indica. Thus, to manufacture medicines, the manufactures use either of these two types, with several properties when exposed to the human body. The two forms in which medical marijuana is mostly found are dried and extract.

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Recent Developments

According to the Nation Health Service (NHS), medical marijuana, also known as medicinal cannabis, is an extensive term used to relieve symptoms for any sort of cannabis-based medicine. A cannabis plant contains cannabinoids, which consists of not less than hundred different chemical compounds. The most well-known cannabinoids are cannabidiol (CBD) and tetrahydrocannabinol (THC).

All over the globe, the cannabis is already used for medicinal purposes in several countries. Or instance, in the Netherlands, cannabis can be available only if prescribed by the doctors for medicinal purposes. The House of Commons Health and Social Care Committee in December 2018, launched an inquiry into issues around medicinal cannabis. Later in September 2019, the government responded to the sanctions set out in committee's December report. The NICE guidelines for prescribing the cannabis-based products were published in November 2019. The guidance mentions precise cannabis-based products used in the treatment of vomiting and intractable nausea, but not for the pain treatment.

Aurora Cannabis in August 2019, announced completion of acquisition with a company that provides low-cost hemp raw materials for extraction. The acquisition was made with a UK-based Hempco Food and Fiber Inc. to enable the company to strengthen its presence in the U.S. hemp-deprived CBD and hemp food markets.

Aphria in January 2019, completed its acquisition with a leading German-based company, CC Pharma. CC Pharma is involved in distribution of several pharmaceutical products across the European region and Germany. The wide distribution network of CC Pharma for medical marijuana will strengthen Aphria's market presence and complement its revenue generation.

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Future of Medical Marijuana Market

Global medical marijuana market is anticipated to spectate a progressive growth over the forecast period from 2019 to 2026. A number of countries in both developed and developing economies are approving the use of medical marijuana products for therapeutic application such as appetite stimulant, pain management in HIV/AIDS and cancer patients, and decreasing nausea, which is expected to drive the growth of global medical marijuana market. However, stringent government regulatory, high growth in recreational, personal use and cultivation of marijuana are likely to hamper the growth of the global market.

As per the Research Dive statistics of research report, the global medical marijuana market is anticipated to rise at a CAGR of 28.7% during the forecast period. The top gaining players of the global market in order to gain competitive advantage, are heavily investing in the R&D activities to develop cannabis based therapeutic drugs. Geographically, the North America medical marijuana industry will witness a significant growth owing to the growing requirement of medical cannabis for treating various medical conditions. Besides, awareness programs conducted by private as well as public associations and growing number of states legalizing medical use of cannabis will drive business growth in this region. Since 2014, for example, 13 states in the U.S. legalized the medical use of cannabis.

Mr. Abhishek Paliwal
Research Dive
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