Dublin – Medicinal cannabis, also known as medical marijuana, is used either for the treatment of diseases or to improve their symptoms. The two cannabinoids – delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are used in treatment of certain diseases or health conditions such as pain, blood pressure, memory, concentration, appetite, sensory stimulus, muscular problems, and seizures.
According to World Health Organization Marijuana was the most widely used drug globally in 2021 with around 257 million users. Such factors have led to increasing initiatives among governments worldwide to conduct studies regarding legalization of the drug for medicinal use.
On April 1, 2022, Dr. Reddy’s Laboratories Ltd., an India based multinational pharmaceutical company and MediCane Health Inc., an international pharmaceutical company based in Canada, announced the launch of its medical cannabis product in Germany. In this collaboration MediCane would supply the medical cannabis products to Dr. Reddy’s from its European Union -Good Manufacturing Company-certified facilities in Portugal along with providing logistical and regulatory support.
Increasing technological advancements in testing cannabis quality have made it easier for manufacturers to develop new cannabis medicines for various disease indications, which is expected to drive growth of the medicinal cannabis market. For instance, on July 25, 2022, Green Scientific Labs, a hemp and marijuana testing laboratory, launched a new Proprietary Laboratory Information Management System (LIMS) for better management of cannabis and hemp testing process. The system features include Artificial Intelligence to ensure compliance with state regulations on COAs (Chief of Army Staff).
Similarly, in April 2018, Gala Pharmaceutical, a pharmaceutical company, announced that it had expected to build its first testing laboratory that would fulfill the new International Organization for Standardization requirements set by the City of Long Beach and the State of California, US in accordance with the Medical Marijuana Regulation and Safety Act. The Act required the California Department of Public Health to enforce its provisions related to the manufacturing and testing of medical cannabis across the State.
Furthermore, on April 5, 2022, Metrc, a provider of cannabis regulatory systems in the U.S., announced a new contract with the state of Mississippi in the U.S. to support the regulation of its medical cannabis market. Metrc would help expedite Mississippi’s medical cannabis program’s data collection and regulatory oversight through its robust track-and-trace platform. This platform makes each individual plant and product traceable and supplies essential information regarding plant origin, testing results, and chain-of-custody, thereby helping operators optimize quality control, inventory management, and overall compliance.
Key features of the study:
- This report provides in-depth analysis of the global medicinal cannabis market, market size (US$ Mn), and compound annual growth rate (CAGR (%)) for the forecast period: 2022 – 2030, considering 2021 as the base year
- It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by leading players
- It profiles key players in the global medicinal cannabis market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments, and strategies
- Insights from this report would allow marketers and management authorities of companies to make informed decision with respect to their future product launches, governmental initiatives, technological up-gradation, market expansion, and marketing tactics
- The global medicinal cannabis market report caters to various stakeholders in this industry, including investors, product manufacturers, distributors, suppliers, research and consulting firms, new entrants, and financial analysts
- Stakeholders would have ease in decision making through various strategy matrices used in analyzing the global medicinal cannabis market.
Global Medicinal Cannabis Market, By Point of Sale:
- Online Pharmacy
- Hospital Pharmacy
Global Medicinal Cannabis Market, By Active Ingredients:
- Tetrahydrocannabinol (THC)
- Cannabidiol (CBD)
Global Medicinal Cannabis Market, By Therapeutic Application:
- Neurological Disease
- Multiple Sclerosis
- Other Neurological Applications
- Other Applications
Global Medicinal Cannabis Market, By Region
By Company Profiles
- BOL Pharma.
- Medreleaf Corporation
- Aurora Cannabis, Inc.
- Canopy Growth Corporation
- Insys Therapeutics, Inc.
- Aphria, Inc.
- MGC Pharmaceuticals Limited
- GW Pharmaceuticals, plc.
- Medical Marijuana Inc.
Key Topics Covered:
1. Research Objectives and Assumptions
2. Market Purview
3. Market Dynamics, Regulations, and Trends Analysis
4. Global Medicinal Cannabis Market COVID- Impact of Coronavirus (Covid-19) Pandemic
5. Global Medicinal Cannabis Market, By Point Of Sale , 2017 – 2030, (US$ Million)
6. Global Medicinal Cannabis Market, By Active Ingredients, 2017 – 2030, (US$ Million)
7. Global Medicinal Cannabis Market, By Therapeutic Application, 2017 – 2030, (US$ Million)
8. Global Medicinal Cannabis Market, By Region, 2017 – 2030, (US$ Million)
9. Competitive Landscape
(This information is primarily sourced from MXXN. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).