Medical Cannabis is the medical use of the Cannabis sativa, Cannabis indica and various other strains to relieve symptoms of diseases and treat their conditions. Medical cannabis is a category term for anything from dried cannabis flowers, cannabis oils, capsules and tablets to mouth spray. Cannabis-derivatives can provide a remedy for patients suffering from pain, cramps and/or nausea and many other illnesses and diseases, improving function and overall quality of life.
Patients find that medical cannabis from cannabis plants works better than simple medications containing cannabinoids, where active substances are isolated.
Where The Industry Is Heading
Worldwide consumer spending on legal cannabis was expected to reach an estimated $12.2 billion in 2018, jumping from a previous $9.5 billion in 2017, according to the 2019 update of the State of Legal Cannabis Markets, 6th Edition (SOLMM) report released by ArcView Market Research (ArcView Group) and BDS Analytics. ArcView Group now forecasts that spending growth will accelerate in 2019, jumping 38% to $16.9 billion, and continuing to $31.3 billion in 2022, growing at 26.7% compound annual growth rate (CAGR) over the five-year timeframe from 2017.
The market is expected to grow due to various reasons. One of the major ones being that the use of medical cannabis is becoming less stigmatized, showing favorable results for patients and also proving to be an environmentally-friendly choice. The number of countries legalizing its use is constantly increasing, trends in producing edible cannabis products are expanding and many governments are now supporting research and development in the industry.
The legality of cannabis for medical and recreational use varies per country, in terms of its possession, distribution and cultivation as well as how it can be consumed and the medical conditions for which it can be used. Countries that have legalized the medical use of cannabis include Australia, Canada, Chile, Colombia, Croatia, Cyprus, Finland, Germany, Greece, Israel, Italy, Lesotho, Luxembourg, North Macedonia, Norway, the Netherlands, New Zealand, Peru, Poland, South Africa and Thailand. Others have more restrictive laws that only allow the use of certain cannabis-derived pharmaceutical drugs. In the United States, 33 states and the District of Columbia have legalized the medical use of cannabis, but at the federal level its use remains prohibited for any purpose.
Therefore, over the forecast period, the change is expected to be slow, but more legal consumption of cannabis is expected in the developing market, which will ultimately drive