Marijuana has been known to be the best treatment for a wide variety of illnesses, but many companies are just now beginning to find viable drugs using cannabis as the base. With so many new pharmaceutical companies popping up in the marijuana industry, it seems as though marijuana could be the next big thing for biotech.
The legal market for weed has exploded throughout the past several years, but the bulk of the growth has yet to even happen. According to one report “the global medical marijuana market should reach a value of $55.8 billion by 2025. That’s thanks to rising awareness regarding medical applications such as pain management, appetite enhancement, and reducing eye pressure. Recreational sales are on a strong growth track, too. That market has a value of $10.82 billion this year, but that will climb to $24.07 billion by 2025, according to Statista.” The market is growing at an immense rate, but the issue with the pharmaceutical side continues to be that of legislation.
A poll last year showed that as much as 64% of the American population is in favor of legal cannabis. This means that the market will likely continue to grow as this paradigm continues to shift in the near future. For some time now, cannabis has been considered to be quite taboo as far as legality goes. The past several years have shown the immense amount of potential that cannabis has to treat a wide range of illnesses and even possibly cure them. With more research being done, cannabis could potentially take over the pharmaceutical industry in the future.
One of the biggest pieces of news to hit the market is the fact that Canada could potentially legalize the use of recreational cannabis by the summer of this year. If Canada is able to legalize the use have the substance nationwide, it will represent a large change in the entire paradigm of the cannabis industry. Many investors are hoping that as the Canadian market grows, the rest of the world will see a ripple effect that will result in a large amount of legislation in favor of cannabis.
Another exciting prospect in the Industry is that many states in the US are working to legalize the use of cannabis. With the national sentiment being clearly in favor of its use, this will likely help to build the pharmaceutical industry as well. Research is being done into how the various cannabinoids within the cannabis plant can affect the brain and various conditions. A large amount of research is being dedicated to creating drugs that do not give the user any psychoactive effect, or in other words, the drugs will not get the user high. In recent news, the FDA as stated their mass support for new drugs using cannabis as its backbone. Cannabis has shown itself to be a viable treatment for anything from cancer to pain management.
The cannabis industry let alone the pharmaceutical side of the market has a large amount of room to grow. As mentioned prior the only issue that is standing in the way of new research and products coming to the market is the advent of legislation not in favor of cannabis. The pharmaceutical side of the market it is extremely promising and will likely in the future represent a larger portion of the entire industry. The cannabis market is very much still in its infant stages, but this is changing very quickly. Only time will tell how well the combination of new legislation and research will change the whole of the marijuana space for good.