Medical Cannabis Industry is expanding however there is little evidence about Cannabis effectiveness

The global cannabis industry has been evolving rapidly, and due to its explosive and drastic growth it is very difficult to accurately forecast about this industry. As per the insights of the global market it is expected that cannabis use will spread in food supplements, veterinary markets and cosmetics. Recently, one of the largest beverage company Coca Cola was in discussion with Canada’s Aurora Cannabis regarding the creation of cannabis infused beverage. With the recent positive development in the medical research of cannabis and cannabis treatment, many countries are bending their laws to legalize, regulate and license the use of medical cannabis.

There are several conditions that can be treated using medical cannabis which include pain reduction and stimulation for HIV patients, enhancement in mood scale for anxiety patients, joint destruction suppression for arthritis patients and reduction in seizure frequency for those with epilepsy. It can also be used for treating the patients with sleep disorders. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]

Earlier Cannabis was considered as an illegal substance and now it is seen as a promising medicine. It is expected that in future it will not just be used as a last resort instead it will be used as the first option. Canada is soon going to become a first major economy to legalize recreational marijuana and people are very optimistic about its future. In Israel more than 37,000 people have used medical cannabis which has made Israel one of the global leaders in the field of cannabis. According to Dr. Dor who is a senior medical adviser of the Medical cannabis unit of Israel Government, cannabis use is effective on children in epilepsy and it can also be used to treat children with autism. Cannabis use is also helpful in treating cancer patients.

Few Countries that have legalized cannabis for medical use include Greece, Chile, Germany, Israel, and Australia. Australia is having their own Centre for Cannabinoid Clinical and Research Excellence which is funded by the National Health and Medical Research Council where a national research and policy framework is being developed. Australia’s potential medical cannabis domestic market is estimated at $1 billion and global market is estimated to reach $34 billion by the year 2021.

Recently on 9 October 2018, Medcan Australia – a wholly owned subsidiary of Queensland Bauxite Limited (ASX:QBL) secured a medical cannabis manufacture license under office of drug control which will allow Medcan to manufacture number of products like capsules, tinctures, and other forms of medicinal cannabis products. Medcan also secured QLD Health License for the storage of schedule 9 substances that are said to have cannabis seeds.

According to the Australia’s Department of Health there is very limited evidence regarding the effectiveness of the Cannabis and there is not much information about suitable doses for individual products.

Further, among the ASX listed companies, AusCann Group Holdings Ltd (ASX:AC8) and Cann Group Ltd (ASX:CAN) are having better footing while almost all the players in the domain are yet to generate profits. This space seems to have exciting prospects but at the same time, it is quite speculative.

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