The effects of cannabis use have been debated and deliberated for many years to determine what medical benefits it can provide the human body.
Following several provable cases of improvement to patients suffering with neurological conditions such as multiple sclerosis and epilepsy, more advanced testing of marijuana for medical purposes has been commissioned by organizations right around the world.
Here, Bold Business looks at the increase of cannabis use in the medical field and how the sector is set to grow exponentially over the coming years.
A report released by New Frontier projects that Florida’s medical cannabis market will grow to 1.6 billion USD by 2020, California’s will reach 2.6 billion USD, and Colorado is projected at 1.5 billion USD.
Not only is the medical field reaping the rewards of legalized marijuana use but other sectors are slowly incorporating it into their products to aid those benefiting from the medical effects. Cannabis is being used in edible products, drinks, nutraceuticals (nutritional supplements) and much more.
According to statistics on Financialbuzz.com, the global nutraceuticals market is expected to reach 240 billion USD by 2019, which is “driven by increasing health concerns, growing government support, aging populations, and advancing per capita incomes.”
NutraFuels, a leading manufacturer of nutritional supplements, is to launch a new hemp-based cannabidiol to add to its extensive line of nutraceutical products. They claim their products have improved health benefits and an increased absorption rate, while the financial benefits have also increased.
Following several months of research, testing and product development, Marijuana Company of America has expanded right across the United States and has started to export its hempSMART Brain product around the world.
Meanwhile, Cannabis Science develops, produces, and commercializes Phyto cannabinoid pharmaceutical products primarily in the United States. The company helps to “develop medications for autism, blood pressure, cancer and cancer side effects, along with other illnesses involving general health maintenance.”
The same company famously developed the CS-TATI-1, targeted at patients infected with drug resistant strains of HIV. While other drugs were developed to “treat basal and squamous cell carcinomas; and a proprietary cannabis-based therapy for neurological conditions.”
Although the psychological effects of marijuana have yet to be fully determined, there have been many claims that it can cause depression or more serious mental conditions like psychosis, there is no doubting the medical benefits cannabis can provide.
Organizations are perfecting tests, production and the use of medical cannabis to ensure the side effects are minimal and the product is safe for worldwide distribution. It is no wonder the cannabis sector is expanding exponentially as this little green ‘weed’ helps to improve the lives of millions around the world on a daily basis.