There seems to be a new industry forming and expanding very rapidly over the global Cannabis industry. Cannabis, commonly known as marijuana, is a psychoactive drug and is quickly gaining legal status around many of the States. The medical benefits of cannabis are becoming recognized and appreciated more. This allows the manufacturing and dealings in the drug to be free from past laws. New Mexico, the first US state to recognize these benefits, passed a law to make marijuana usable for limited medical purposes. In 1990 Marinol, a form of synthetic THC (the psychoactive ingredient in cannabis) administered orally, was approved in limited form by the federal government for the treatment of nausea in cancer patients. However, it was California that became the first state in the US to legalize cannabis in 1996.
But, there was a time when these drugs were strictly prohibited in the States. Richard Nixon, a former President of the US, even declared a ‘war on drugs’ against cannabis. However, with the medical community appreciating the ailments that can be cured using medical marijuana, legalization has become an increasing reality.
Europe was one of the first few countries to have legalized medical cannabis. They were followed by other countries like Italy, Denmark, Netherlands, Poland, Switzerland etc. In the States alone, 33 states have recognized and accepted medical cannabis into their markets. The UK has begun to use medical cannabis since September 2018. All these changes were a result of some few specific high-profile cases like that of Billy Caldwell and Alfie Dingley. In other countries, where cannabis is still prohibited, cannabis-based drugs are made available as unlicensed medicine to be used at the last resort by certain approved medical professionals.
Even though Uruguay was the first state to legalize marijuana at the national level in 2005, the country’s current president, Tabaré Vázquez, has considerably slowed down Uruguay’s marijuana business. This resulted in banks becoming unwilling to loan out to cannabis businesses. In Portugal and Netherlands, having marijuana in small quantities is allowed and not considered a criminal offense. In Europe, Luxembourg could become the first country to fully legalize recreational use for adult residents in the next five years. The medical use of cannabis has been gaining quite the reputation and if the trend continues, medical cannabis might be accepted by the entire world.
