Countries Around the Globe Soften Their Stance on Cannabis use

 

FinancialBuzz.com News Commentary

NEW YORK, Feb. 22, 2019 /PRNewswire/ -- Countries all over the world such as Canada, Uruguay, Australia, and South Africa have already moved to fully legalize cannabis for medical use, as the topic continues to draw debate. Currently, cannabis is predominately being used to treat chronic pain among patients as an alternative to opioids. However, cannabis is also being leveraged to treat maladies like cancer, epilepsy, Alzheimer's, and various mental conditions. The beneficial health effects of cannabis have even prompted South Korea to legalize certain medicinal cannabis treatments, making it the first East Asian country to allow the plant's medical use in some form. The legalization in South Korea marks a major milestone for the global industry, considering the harshly enforced regulations in East Asian culture. According to data compiled by Mordor Intelligence, the global cannabis market was valued at USD 7.7 Billion in 2016 and is expected to reach USD 65 Billion by 2023. Additionally, the market is projected to register a robust CAGR of 37% during the forecast period as well. The market is predominately being accelerated by the widespread legalization efforts currently ongoing around the globe. Mainly, countries are exploring opportunities within the medical sector, however, other nations like the U.S. and Canada are expected to dominate the recreational sector. Weekend Unlimited Inc. (OTC: WKULF) (CSE: POT), Liberty Health Sciences Inc (OTC: LHSIF) (CSE:LHS),  VIVO Cannabis Inc. (OTC: VVCIF) (TSX-V: VIVO), Nightfood Holdings, Inc. (OTC: NGTF), Baristas Coffee Company Inc. (OTC: BCCI)

The matter of legality revolving around cannabis in Asia is uncertain, however, multiple countries in Europe and South America have already legalized, or are moving to, legalize cannabis on some level. Many are beginning to understand the beneficial and therapeutic effects of cannabis, which is prompting countries to consider the plant as a legitimate medical treatment. As research and development continue to progress, more nations are projected to move to legalize cannabis. However, certain regions view medical cannabis through different lenses, varying on their tolerance of flower and oil use or which medical condition the plant can be used to treat. Despite the restrictions, the broad adoption of medical cannabis is allowing the industry to grow gradually. "The vast majority of [medical marijuana programs] look completely different from the U.S. You can't go in and buy a gummy bear and have that be considered medicine. The Canadian approach to regulation and product differentiation is much more reflective of what we're likely to see internationally," said Bethany Gomez, Director of Research for Brightfield Group, via Forbes, "Every country is going to be cautious about legalizing a drug that has been demonized for so many years," she said.