Medicinal Cannabis Market – Global Industry Analysis 2024

Medicinal cannabis, also known as medicinal marijuana, is used either to treat disease or improve symptoms. Cannabis, in general, has been a major source of drug addiction for years now. Extract from the dried flower bud part of the plant called as Marijuana has certain medicinal properties. The two cannabinoids - delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD), are the being used in the treatment of certain disease or health conditions such as pain, blood pressure, memory, concentration, appetite, sensory stimulus, muscular problems and seizures. However, the debate still continues regarding the approval, safety and usage of cannabis (marijuana) for medicinal purpose, because of differences in the laws pertaining to this smoked drug. Hence, studies are conducted extensively to establish the safety aspect of this drug. In fact a number of states in the U.S. have already legalized cannabis (marijuana) for medicinal purpose. Scientific research of the chemicals in the Cannabis plant for its potential medicinal use has led to a shift in its demand purpose.

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Other names of Cannabis - grass, pot, dope, Mary Jane, hooch, weed, hash, joints, brew, reefers, cones, smoke, mull, buddha, ganga, hydro, yarndi, heads and green.

The U.S. FDA has approved two medications, Marinol and Syndros, that contain dronabinol in pill form. However, the FDA hasn’t approved the marijuana plant as an approved medicine. The medicinal cannabis (marijuana) is administered in either of the ways – liquid extract, vaporized form, smoked or solid form.

Increasing Regulatory Approval of Medicinal Cannabis Globally

According to the Medical Marijuana, Inc., the estimated size of the legal marijuana industry in the U.S. is USD 7.1 billion in 2016. This is an increase of 25% for the year before. Until now, 28 states in the U.S. have legalized marijuana for medicinal purpose with some more gearing up for votes on the recreational use of marijuana. The California, Nevada, Maine, and Massachusetts states recently voted to legalize the medicinal use of marijuana. The accelerated pace of legalization of cannabis (marijuana) in the U.S. has attracted the attention of global investors in this industry. However, law pertaining to medicinal marijuana is not formed comprehensively in some states which are extending the time for patients to access to this drug.

Markets other than the U.S. potential for medicinal cannabis include Canada, Israel, Australia and Spain. Mexico is also in process to consider the legalization of cannabis. The rest of the world may consider legalizing cannabis once there are set safety and efficacy studies and guidelines laid by the government of respective countries. According to the Arcview Group, which is the cannabis industry investment and research firm, about 200 investors met companies to capitalize on this promising new market. This implies that there is a huge potential in this market and pharmaceutical and biotechnology companies need to give some attention to this emerging market.

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Important role of Regulatory Authorities

According to the United Nations, marijuana was the most widely used drug globally in 2014 with around 183 million users. With such high usage and incurring huge taxes, countries should find way to make a demand shift considering its medicinal usage. The National Institute on Drug Abuse is still conducting research on cannabis (marijuana) to treat numerous diseases and conditions such as autoimmune disease, pain, inflammation, seizures, mental disorders and substance abuse disorders. On the top of everything, regulations will affect the cost, quality and safety of cannabis (marijuana) medicines, as well as the capacity for the industry to be responsive, scalable, and innovative.

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