The cannabis market has been hailed as one of the fastest growing markets to look out for over the course of the past few years, but new updates to legislation and the changing public view of the substance mean that this growth should continue in even greater proportions as we move toward the future. Many pieces of news have been hitting the market that have helped to illustrate the massive amount of growth in place, but only time will tell how they run their course throughout the near future.
The company GW Pharmaceuticals (NASDAQ:GWPH) has been at the forefront of the cannabis market in terms of pharmaceuticals for some time now. The company recently saw their drug known as Epidiolex, a drug that uses CBD to treat rare forms of epilepsy, be approved by the FDA in the U.S. As one of the first times that a medicine using cannabis has been approved by this agency, it seems as though GW should continue to grow throughout the future. This approval also helps to illustrate the massive amount of growth within the CBD market. For those who don’t know, CBD or cannabidiol is one of the main components within the cannabis plant and has been used for many years now as a treatment for a variety of conditions. One research report shows that the market on CBD alone could be worth as much as $20 billion by the year 2024.
The company Insys Therapeutics (NASDAQ:INSY) is another big player in the pharmaceutical side of the cannabis industry. With a market cap of around $500 million, the company has been working to approve new drugs to treat pain and other ailments. Insys has been working to build the market on CBD-based painkillers, which as mentioned before, could become an even larger part of the market on cannabis as a whole moving forward.
CV Sciences (OTC:CVSI) is another company that has been working to build the industry on pharmaceutical uses of cannabis and its derivatives throughout the past few years. According to one report “CV Sciences, Inc. is a supplier and manufacturer of hemp-based phytocannabinoids including cannabidiol (CBD) oil and developer of specialty pharmaceutical therapeutics. The Company recently had news showing unaudited second quarter 2018 revenue. Second quarter 2018 revenue is expected to be USD 12.3 Million, up over 200% to the second quarter of 2017.” This type of growth may be normal in the cannabis market, but it is quite unprecedented across other industries.
Last on the list is the company GTEC Holdings, Inc. (GGTTF)(GTEC). GTEC has been working as a retailer of cannabis that states “GreenTec was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. GTEC is a public corporation listed on the TSX Venture Exchange and based in Kelowna, British Columbia. GTEC is focused on growing premium quality craft cannabis in purpose-built indoor facilities.” The premium side of the cannabis industry is still quite small, and GTEC is perfectly poised to take advantage of this as we move toward the future.
The hopes are high that the companies mentioned above can continue to provide a backbone for more growth throughout the cannabis space as we move across the near future. Only time will tell how the combination of legislation and the changing public sentiment will help to build the market even further.