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Over the last few years, recreational and medical Cannabis and hemp cultivation have been gradually growing, and it is expected that it will continue for many coming years. The global Cannabis market is expected to grow at a rate of 14.3% in the next seven years.
Let's find out what is the global Outlook of medicinal Cannabis.
Cannabis is a plant that belongs to the Cannabis Sativa genus. Cannabis or Cannabis Sativa is known as weed, hemp marijuana, etc. This plant has been around for centuries as a source of therapeutic benefits and for various other industries. However, one of the main reasons it became blacklisted is its sedating abilities. People only focused and feared the intoxicating nature of this plant, totally neglecting its therapeutic abilities.
Cannabis and Its Compound Paved the Path
The cannabis plant consists of different cannabinoids and compounds such as CBD, CBC, CBG, CBN, and THC. Cannabinoids are the source of the therapeutic and medicinal potential of the Cannabis plant. Among these cannabinoids, THC and CBD are the two most popular. CBD is the most potent therapeutic cannabinoid, whereas THC is the most intoxicating cannabinoid.
The legalization of CBD in 2018 was one of the significant steps to make people realize the wellness benefits of Cannabis. Different research studies support the benefits of medical Cannabis for many health conditions. In this regard, other States have different laws about a person's eligibility to take medical Cannabis.
So if you want to use medical Cannabis, check your States law and regulations.
Benefits of Cannabis
Studies indicate that medical marijuana can help in managing the following conditions:
Chronic or severe pain
Severe nausea vomiting due to cancer treatment
Amyotrophic lateral sclerosis
Multiple sclerosis and muscle spasms
Scientists have used a new term called the entourage effect to explain the potential medicinal Cannabis. According to researchers, the entourage effect occurs when all the cannabinoids of the Cannabis plant are consumed together. They enhance each other's therapeutic abilities, and therefore the user is able to experience the greater good.
Researchers believe that CBD and THC and all the other cannabinoids and other compounds such as terpenes and flavonoids are also very beneficial for different health concerns. Therefore people can consume medical Cannabis in the form of full-spectrum or broad spectrum Cannabis extract to benefit from the entourage effect.
Side Effects of Medical Cannabis
Although more solid research is required to know about the side effects of medical Cannabis, scientists believe that it can cause increased heart rate, dizziness, impaired memory and concentration, slow reaction time, drug interactions, higher risk of stroke, heart attack, addiction, and withdrawal symptoms.
The Legality of Medical Cannabis
Laws regarding medical marijuana are very complex and vary from State to State. Under Federal Law, it is still illegal to consume or possess Cannabis or marijuana, even if it is for medical use. However, many states have legalized the medicinal use of Cannabis to treat different health problems. Therefore if you want to use medical Cannabis, you have to check your local laws. If you plan to travel to another state with Cannabis, make sure to check the laws of that State before getting into trouble.
Global Outlook of Medical Cannabis
Increasing public interest and awareness regarding medical Cannabis around the globe has pushed the higher authorities to legalize medical Cannabis. The global medicinal Cannabis market showed strong growth from 2015 to 2020.
Owning to the medicinal benefits of Cannabis, it has been approved in many countries with different degrees of restrictions. Some of these countries include Uruguay, Germany, Mexico, Italy, Czech Republic, Colombia, Brazil, Argentina, Chile, Canada, Spain, the United States, and the United Kingdom.
According to global market insights, the medical Cannabis market was valued at 22.4 billion US dollars in 2020, and it will record exponential growth in the coming years due to the following trends.
It is believed that the Cannabis market is growing exponentially due to the development of new products by prominent players in the Cannabis industry, such as Aurora Cannabis and Canopy Growth Corporation. For example, GW pharmaceuticals in 2018 announced that FDA had approved their first plant-based pharmaceutical CBD to treat rare children epilepsies. This Approval has helped the company look for cannabis treatment without any restriction from the FDA and expand its portfolio.
Demand for the Treatment of Nausea
Two main cannabinoids of the Cannabis plant, THC and CBD, are widely used to manage nausea in patients undergoing chemotherapy. Many CBD and THC infused medications are also approved so far to treat nausea. Cannabis market analysts are of the view that this market can reach a CGAR of 18.4 % by 2027 due to the rising incidences of nausea and cancer.
Other factors that have increased the growth rate of the medicinal Cannabis market are:
The prominence of the topical route of administration is estimated to gain a value of Dollar 5 billion by 2027.
Highest sales due to dispensaries-this market segment held a value of 50 8.4% in 2020.
The growing trend of medical Cannabis in Latin America -if favorable scenarios remain, the market is projected to expand at the rate of 20.9 % by 2027.
Topical Cannabis products such as lotions and cleaned his are preferred by users to treat pain and inflammation instead of opioids. As compared to opioids, they don't have any significant side effects. They also allow self-administration and minimal invasion. Weather with the increasing demand and adoption of topical medical Cannabis products, it is estimated that the main segment will gain a value of Dollar 5 billion by 2027.
Dispensaries have become a significant distribution channel around the globe. Due to strict regulatory scenarios around the sales and consumption of medical Cannabis, it is easy for both consumers and suppliers to engage with each other under a regional medical Cannabis program, which is why dispensaries are predicted to maintain the dominance and hold a market share of 58.4 %.
Countries like Argentina and Chile in South America are some of the major consumers of medical Cannabis. Argentina has legalised the cultivation of Cannabis, while Chile has approved many clinical trials to assess the medicinal value of Cannabis. If legal scenarios remain favorable, the market is projected to expand and a rate of 20.9% by 2027.
Cannabis and its related compounds are a part of more than 500 on-going researches. This incredible genus comprises numerous healthy and essential compounds that can help you means in several ways. For a long time, Cannabis was confused with being a recreational drug only, but scientific research has shown that it is much more than a mind alternating drug. Even though THC has the main psychoactive component of Cannabis but is also associated with numerous health benefits. THC has its own way of interacting with the human body, and its control quantity can help maintain multiple physiological functions.
However, let's not forget about the legal reservations associated with Cannabis until it is fully legalised. Not only this, make sure to consult your licensed physician before taking Cannabis or any of its compounds as the only medicine for your health issue. Don't forget to follow the guidelines provided by your health care practitioner.