How Growing Number Of Clinical Trials Are Influencing Growth Of The Cannabis Pharmaceuticals
Financialnewsmedia.com News Commentary
PALM BEACH, Fla., April 14, 2021 /PRNewswire/ -- The medical cannabis market has made some remarkable accomplishments in the past few years with the launch of innovative products. The clinical trials and approval of some cannabis-infused products have opened up the market for cannabinoid-based pharmaceuticals. The market for cannabis pharmaceutical is still in the nascent phase with higher opportunities. The growing legalization of marijuana globally is encouraging more investment in the space, and for pharmaceutical companies to expend more resources on the development of cannabinoid-based pharmaceutical drugs. A report from Grand View Research projected that the global cannabis pharmaceuticals market size was valued at USD 67.0 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 76.8% from 2020 to 2027. The report said: "The rapidly progressing transformation of cannabis from herbal preparations to prescription drugs is anticipated to boost the growth of the market. Furthermore, the growing use of cannabis-based pharmaceuticals for multiple indications including inflammation, chronic pain, epilepsy, sleep disorders, anorexia, schizophrenia, and symptoms of multiple sclerosis, is another major factor driving the growth of the market. Emergence of Cannabis 3.0 that essentially highlights the necessity of value-based outcomes rather than perception based outcomes. This concept revolves around a shift from the traditional approach of smoking whole cannabis flower/bud to the consumption of processed, quantified, and packaged products derived from cannabis." Active Cannabis companies in the markets this week include Ikänik Farms, Inc. (CSE: IKNK.U), Cresco Labs (OTCQX:CRLBF) (CSE:CL), Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF), Aphria Inc. (NASDAQ: APHA) (TSX: APHA), Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI).
Grand View added that: " Pharmaceutical (approved) products… and others (in pipeline) will not only boost the medical cannabis market but, as these drugs are developed and regulated through a stringent process, will also improve physician and patient perspective on quantifiable benefits of cannabis-based drugs. Furthermore, it will also help companies to conduct clinical studies to broaden the application areas. The growing number of clinical trials for various health conditions, due to the therapeutic properties of cannabis especially Cannabidiol (CBD) is also influencing the growth of the market… The surge in the number of authorizing physicians providing medical cannabis to patients owing to an increase in clinical evidence, rise in the awareness, comfort with the process, and the growing number of patients looking for medical cannabis as a potential alternative to traditional drugs is likely to drive the demand worldwide."
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