Global demand for medical cannabis products grows

Medical cannabis products are continuing to grow in popularity across the world, data shows.

The legal cannabis industry is continuing to expand around the world with major contributions to the market coming from continuous legislative victories in North America and Europe according to experts.

Legalisation of medical cannabis and decriminalisation in some countries has led to a decrease in black-market activity, as people are shifting to legally buying cannabis for medical as well as recreational use.

According to a blog post by New Frontier Data, two-thirds of Americans now support full national legalisation, and seven in 10 view marijuana use as morally acceptable.

But despite the popular transformation of public attitudes toward cannabis over the past 20 years, advocates indicate that the transition from prohibition to legalisation still has obstacles to overcome.

The classification of cannabis as a Schedule 1 drug remains the most consequential impediment to ending the US prohibition laws on a federal level, which will give states more freedom to operate cannabis-based businesses.

CBD products have reaped the benefits in terms of sales due to being known for their wide range of potential health benefits. However, it has only been approved to treat childhood epilepsy syndromes, such as Dravet syndrome and Lennox-Gastaut syndrome after the U.S. Food and Drug Administration approved Epidiolex, making it the first approved cannabis-based drug, last year.

The FDA has made clear that additional research is required in order to advance with more approvals.

Giadha Aguirre de Carcer, New Frontier Data CEO and founder said: “The 29 U.S. states reporting licensed hemp cultivation acreage total almost half a million acres in combined cultivation land area, which is a massive increase compared to 2018 figures of a total land area barely over 100,000 acres.

“While there continues to be uncertainty and a healthy amount of confusion around hemp cultivation for CBD production, it is clear that demand is nonetheless continuing to rise across the US.”

He added: “As states issue more licenses, consumer demand increases, and mass-market retailers such as CVS and Walgreens continue to expand their own product offerings, we expect the FDA may be forced to provide further regulatory clarifications sooner rather than later.”