Medical cannabis (also known as marijuana) is gaining rapid importance on account of its therapeutic effects on patients. The demand for medical cannabis is backed by a wide base scientific research, regulations supporting the usage of cannabis, and rising support from the public. Two major cannabinoid medicines derived from the cannabis plant and approved by the Food and Drug Administration (FDA) are known as CBD and THC. These medicines find wide usage in treating various medical conditions such as reducing nausea, pain and inflammation, treating alzheimers, muscle control problems and increasing appetite among others.
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Rising incidences of cancer is one of the key factors resulting in the growth of the medical cannabis market at present. According to Insights and Reports, in 2017, more than 1.5 million cancer cases occurred in the U.S. and more than 550,000 thousand deaths were recorded in the country. Medical cannabis is effective in restricting the growth of malignant cells. Compounds that are extracted from the cannabis plant are reported to restrict the growth of several types of cancer such as breast cancer, and lung cancer among others. Further the usage of medical cannabis prevents the cancer cells from spreading and homing on new & healthy tissues. These are the factors that are supporting the growth of the medical cannabis market in the U.S.
Further, the demand for medical cannabis in Australia is expected to witness a significant growth in the coming years. Rising support from the regulatory authorities is augmenting market growth of medical cannabis in the country. Legislative changes in the country from 2016 has set the pace for the usage of medical cannabis among prescribing doctors to patients suffering from specific medical conditions. Rising number of approvals regarding the usage of medical cannabis is expected to pave the way for local production of the same in the country in the coming years.
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North America held the dominant share in the medical cannabis industry on account of rising legalization of cannabis for medical treatment is one of the key factors resulting in market growth of medical cannabis in the country. Massachusetts, California, Arizona, Nevada and Maine are the few states where cannabis has been legalized for medicinal purposes.
Some of the key players operating in the field of medical cannabis include Cannabis Sativa Inc., United Cannabis Corporation, Cara Therapuetics Inc., and various others. In 2018, Imperial Brands Plc and Snoop Dogg’s venture capital firm, Casa Verde Capital brought an unknown stake in Oxford Cannabinoid Technologies. This venture is done in an attempt to expand Imperial Brands’ product portfolio.
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