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Medicinal Cannabis Market 123

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Medicinal cannabis, also known as medicinal marijuana, is used either to treat disease or improve symptoms.
Medicinal Cannabis Market
- Growth, Trends, and
Forecasts (2016–2024)
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Medicinal cannabis market Overview :
Medicinal cannabis, also known as medicinal marijuana, is used either to treat disease or improve symptoms. Cannabis
has been considered to be a major source of drug addiction. 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 being used in treatment of certain disease or health conditions such as pain, blood pressure, memory,
concentration, appetite, sensory stimulus, muscular problems, and seizures.
Medicinal Cannabis Market Dynamics
However, the debate still continues regarding the approval, safety and usage of cannabis (marijuana) for medicinal
purpose, due to differences in the laws pertaining to this smoked drug. Hence, studies are conducted extensively to
establish the safety aspect of this drug. Various states in the U.S. have already legalized cannabis (marijuana) for
medicinal purposes. Scientific research of chemicals in the cannabis plant for its potential medicinal use has led to a shift
in its demand purpose. Regulatory clearance has played a major role in the growth of medicinal cannabis market.
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, which contain dronabinol in pill form. However, the
FDA has not approved the marijuana plant as a medicine. The medicinal cannabis (marijuana) is administered in either of
the ways – liquid extract, vaporized form, smoked or solid form.
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Prevalent Scenario in the Medicinal Cannabis Market
According to the Medical Marijuana, Inc., the estimated size of the legal marijuana industry in the U.S. is US$ 7.1
billion in 2016. This is an increase of 25% Y-o-Y. As of 2016, 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. California, Nevada,
Maine, and Massachusetts states in November 2016, voted to legalize the recreational use of marijuana. The
accelerated pace of legalization of cannabis (marijuana) in the U.S. has attracted the attention of global investors in
the medicinal cannabis market. However, lack of formulation of a comprehensive law pertaining to medicinal
marijuana in some states inhibits patient access to the drug.
Important role of Regulatory Authorities in the Medicinal Cannabis Market Trends
According to the United Nations, marijuana was the most widely used drug globally in 2014, with around 183 million
users. Such a large user base makes it highly lucrative taxable opportunity, which is influencing various
governments worldwide to initiate studies regarding legalization of the drug for medicinal use. 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. Regulatory
compliance is a key factor that influences cost, quality, and safety of cannabis (marijuana) medicines, as well as the
capacity for the manufacturers in the medical cannabis market to be responsive, scalable, and innovative.
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pranali
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