Time to Get Serious, The Real Business is in Medical Marijuana
It’s become increasingly clear that rolling a joint is no longer limited to a lazy Sunday afternoon. Our favorite herb is already widely known and medically proven for its many medicinal, pain-relieving qualities.
Medical marijuana advocates and some research studies suggest that marijuana, or more specifically CBD, of the cannabinoid constituents of cannabis, can be effective in treating chronic pain, as well as conditions like post-traumatic stress disorder, epilepsy and the side effects of chemotherapy. It’s less addictive than many pharmaceuticals, with no risk of death from overdose.
As more states like New Jersey continue to expand their medical programs or consider legalization altogether, the use of medical marijuana continues to expand greatly.
Twenty-nine states, plus the District of Columbia, Guam and Puerto Rico, now allow marijuana for medical purposes. Of course, only a small sliver of the population in those states actually uses medical marijuana, anywhere from 0.01 percent to 3.2 percent, according to the Marijuana Policy Project. The number of users depends on the restrictiveness of a state’s program.
By 2022, we’ll see close to 340,000 full-time jobs in the medical marijuana industry. As of now, the number stands at 125,000 to 160,000. This is an estimated 21 percent growth in a span of just 4 years.
People have started to become more open to the idea of marijuana as a medical drug. Back in 1997, only 62% were favor of this, but this year, surveys conducted have shown that it’s grown to nearly 83% in favor of the use of this drug in the field of medicine.
Looking Ahead – Medical Marijuana Trends
The legalization of medical marijuana in developing countries is expected to drive the demand for medical marijuana as an alternative to traditional medicines. It makes the medical marijuana industry more accessible for the new players with fragmented company profiles, the majority of them are situated in the U.S. and Canada.
The gradual lifting of prohibition for CBD, medical and adult-use products is overall good news for the industry as the regulatory shift can alleviate supply chains and compliance burdens for growers and distributors. However, legalization will still bring virtually the same level of legal oversight, if not more as the concerns over the cannabis industry’s effect on consumer segments remain. cannabis businesses in areas being opened to adult-use must contend with exposure to new audiences and compliance pain points that come with them – namely ensuring that product marketing and distribution does not affect minors.