Data Points to Cannabis Emergence as a Viable Part of Cancer Treatment
The burden of symptoms associated with medical conditions has ravaged millions of people around the globe. Every day, people suffering from medical conditions are distraught by the harsh effects of the symptoms derived from their ailments. For instance, patients receiving cancer therapy can face a plethora of side effects such as nausea and severe pain. Generally, patients may take other medicines in order to subdue these side effects, and in particular, cancer patients suffering from chronic pain may be prescribed opioids from their physician. The major downside of these treatments is that opioids have life-threatening consequences. Overall, cancer patients suffer from side effects associated with cancer therapies as well as the treatments used to control their side effects. As a result, more medical institutions are beginning to recommend cannabis as an alternative to treat the adverse associated with cancer. The American Cancer Society has cited studies that determined that marijuana can be helpful in treating the side effects of cancer chemotherapy. A few studies have even uncovered that inhaled (smoked or vaporized) marijuana can help with the treatment of neuropathic pain. And more recently, scientists have also reported that THC and other cannabinoids such as CBD can slow the growth of and possibly eliminate cancer cells, ultimately reducing the spread of certain forms of cancer. Other studies have suggested that cannabinoids can be safe for humans in treating cancer, which has led to the wide spread of medical cannabis around the world. As more global government agencies collect positive data from clinical trials, more countries will move towards legalizing medical cannabis because of its valuable therapeutic effects. And as a result, the global legal marijuana market is expected to reach USD 146.4 Billion by 2025 while registering a CAGR of 34.6%, according to data compiled by Grand View Research. Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT), Canopy Growth Corporation (NYSE: CGC) (TSX: WEED), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), HEXO Corp. (NYSE: HEXO) (TSX: HEXO).
Shifting Cannabis Regulations Signal New Potential for the Industry
The cannabis industry experienced uplifting news after the U.S. Food and Drug Administration announced it is expediting processes to address the matter regarding cannabidiol or CBD. FDA Principal Deputy Commissioner and Acting Chief Information Officer Amy Abernethy announced in a series of tweets that the matter is an "important national issues with public health impact." Moreover, Abernethy says that the FDA is enthusiastic about researching regarding the therapeutic benefits of CBD products. Similarly, former FDA commissioner Scott Gottlieb also made it a goal to expedite research regarding CBD. The conjoined efforts of the public and the FDA ultimately led to the passage of the U.S. Farm Bill and the descheduling of CBD by the U.S. Drug Enforcement Administration. Additionally, the FDA approved the use of Epidiolex, a CBD-based drug, to treat epilepsy common among children. Following the passage, CBD products rapidly emerged throughout the U.S. from local brick-and-mortar stores to giant e-commerce portals. However, the FDA has made it clear that the addition of CBD in foods and beverages is still prohibited. Nonetheless, consumers can still obtain these health and wellness products containing CBD in some areas. Furthermore, CBD has also become prevalent in nations such as Australia, Chile, Colombia, France, Germany, and Spainas they have legalized cannabis for medical applications. Primarily, most of the regions are using CBD to treat patients suffering from conditions such as multiple sclerosis, cancer, chronic pain, epilepsy, and depression. While the CBD marketplace is thriving globally, the THC market is experiencing growth in regions where recreational cannabis is legal. Overall, the combination of the two markets is causing the broader cannabis industry to undergo exponential growth and development. According to data compiled by Mordor Intelligence, the global cannabis industry was valued at USD 14.5 Billion in 2018. By 2024, the market is expected to reach USD 89.1 Billion while registering a CAGR of 37% during the forecast period from 2019 to 2024. MediPharm Labs Corp. (OTC: MEDIF) (TSX-V: LABS), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), The Green Organic Dutchman Holdings Ltd. (OTC: TGODF) (TSX: TGOD), Charlotte's Web Holdings, Inc. (OTC: CWBHF) (TSX: CWEB)
With 10,000 Licenses Issued, California Reflects the Growing Power of Hemp
As hemp production increases, Californian legislators have extended the duration of thousands of cannabis cultivation licenses to support the state's thriving industry.