Rising Rate Of Marijuana Legalization To Drive Global Medical Marijuana Market Growth
Medical cannabis, or medical marijuana, is the unprocessed, extract or whole of marijuana plant utilized for the treatment of symptoms of numerous conditions or illness. Over the last 2 decades, numerous biopharmaceutical firms across the world has been attracted to medical marijuana as scientific research has demonstrated that an array of symptoms and diseases can be treated with chemical cannabinoids. The global medical marijuana market exhibits promising growth during the forecast period. The growth of this market can be attributed to the rising count of nations making the usage of medical marijuana legal, suitable compensation policies & government support within specific countries, and trend of manufacturing edible products with marijuana.
Every year, the lawful usage of marijuana for recreational and medical reasons is increasing steadily; however it differs across nations, based on the cultivation, distribution, possession, and medical suggestions for its intake. Further, with the rising count of R&D activities for studying the medicinal usage of marijuana plant, more nations are projected to make using medical cannabis legalize in the years to come. At present, there’s also a rise in usage of cannabis as a functional food, with claimed health advantages far outstripping what customers can receive from turmeric, kombucha, or kale.
Moreover, constant research and development activities to offer effective therapeutic intervention for a range of symptoms and conditions are expected to fuel the expansion of the global medical marijuana market in the near future. Numerous extracts or chemicals derived from marijuana are at present in clinical trials, making marijuana testing a key factor driving the global medical marijuana market growth. Also, the increase in the count of nations allowing the product use for therapeutic application like appetite stimulant, pain management in HIV/AIDS & cancer patients, and lessening nausea is expected to fuel the expansion of the global medical marijuana market.
Furthermore, numerous private firms and government organization are undertaking many initiatives to discover cannabis’ medical applications. To cite, the US government in September 2019 had declared a funding of USD 3 million to explore marijuana’s application for relieving pain. This study was primarily intended to decrease the opioid misuse and battle the countrywide opioid addiction crisis. Nevertheless, non-uniformity and irregularities of cannabis testing norms is projected to obstruct the growth of the global market. Also, the dearth of cognizance among the budding economies together with lack of sufficient safety statistics will further restrict the expansion of the global medical marijuana market during the forecast period.
To cite, in early March 2020, one of early marijuana-imparted product brands of Denver, Dixie Brands, had settled to an acquisition agreement with a private equity company that majors in in cannabis mergers. As per the joint statement from a division of Connecticut-located marijuana investment company Rose Capital, BR Brands, and Dixie, the deal is valued at more than $43.2 million and is anticipated to be sealed by 2020’s third quarter. Dixie Brands was established as a medical marijuana firm in 2010—earlier dubbed Dixie Elixirs—and was among the foremost commercial producers of THC-infused drinks within Colorado.
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