Why is the Medical Cannabis Industry Growing?

Medical cannabis is one of the fastest growing industries in the world, with analysts predicting global market value will hit USD$46 billion by 2026. So, what’s fuelling the trend and why is the medical cannabis industry growing at such a fast and steady rate?

Read on to find out more about some of the key growth drivers and what to expect next from the medical cannabis industry.

Widespread legalisation of medical cannabis

An increase in the number of countries legalising cannabis for medical use has helped to quash taboos surrounding the plant and its reputation as a recreational drug. In the United States, more than 35 individual states have legalised cannabis for medical use. The UK legalised cannabis for medical use in November 2018, while Australia amended the Narcotic Drugs Act to legalise the cultivation of cannabis for medical, pharmaceutical and scientific purposes in 2016.

“There are outdated historical stereotypes of who cannabis consumers are,” says Scott Rudder, president of the New Jersey Cannabusiness Association. “They are moms and dads, lawyers, pipe fitters – it covers the gamut of who cannabis consumers are. The foundation of cannabis is as a medicine, and it will be for a very long time. It's very important for people to understand … the science side and medical side of the industry,” he adds. “The consumer, whether a patient or adult-use consumer, is getting smarter and doing their own research. When people start asking questions, you need to have those answers.”

Legalisation of recreational cannabis

While medical cannabis and recreational cannabis are two very different realms, an increase in the number of countries legalising, or at least decriminalising, recreational cannabis has also helped to ease the stigma surrounding the drug in general.

A growing body of scientific research

Consumers trust science and a growing body of research supporting the medical benefits of cannabis has helped to establish the plant as a safe and effective alternative to other therapies.

An injection of research and development

Launching new drugs and therapies is both labour and resource intensive. The uptake in general attitudes, positivity and acceptance towards cannabis has helped many companies secure R&D funding for medical cannabis. The Medical Cannabis Research Group at Imperial College London is a frontrunner and employs a team of scientists dedicated to developing new cannabinoid therapies. This includes treatments for chronic pain, inflammation and cancer.

Advanced analytical techniques such as reflectance spectroscopy have played a critical role in supporting medical cannabis research. Find out more about the fundamentals of the technique, system components and practices, application examples and more in ‘Reflectance Spectroscopy - A Useful Technique for Analysing Solid Samples.’ 

For more information on the medical cannabis industry in general, don't miss 'Medical Cannabis - Testing, Analysis & Identification.'