Medical Marijuana Market to See 22.2% Annual Growth Through 2022
Industry Boosted by Response to the Opioid Crisis
WELLESLEY, Mass., August 1, 2019 (Newswire.com) - According to a report by BCC Research, “Medical Marijuana and the Opioid Crisis,” the urgency of the opioid crisis and the need to find alternative treatment options for patients are major factors contributing to the growth of the medical marijuana market.
The medical cannabis market expects to see a compound annual growth rate (CAGR) of 22.2% through 2022, when it could be worth $19.8 billion.
Major players in the market include: Aurora Cannabis, Canopy Growth Corp, MedMen Enterprises and Hemp Inc.
- Biotech company Arena Pharmaceuticals is working on an Olorinab cannabinoid, a drug developed for the treatment of gastrointestinal pain associated with Crohn's disease and Irritable Bowel Syndrome
- Two of the most potent THC-dominant Cannabis strains in the market include: Godfather OG- Indica-34.04% THC and Super Glue-Hybrid-32.14% THC.
- Even if cannabinoids-based drugs do not fully substitute opioid use, a combination of medical marijuana use with reduced dosages of opioids may help to curb the crisis.
Read the full report here: https://www.bccresearch.com/market-research/healthcare/medical-marijuana-and-the-opioid-crisis-market-report.html.
“Overall, the medical marijuana market is showing a positive, expanding trend, especially since the opioid crisis is forcing the pharma industry to consider marijuana as a very viable alternative,” notes BCC Research analyst Marianna Tcherpakov. “However, one of the main challenges of this sector is the legality of medical marijuana and its related compounds.”
The Uncertain Role of Cannabis in the Opioid Crisis
Some recent statistical research shows that there might be some correlation between decreased opioid addiction, lower prescription rates for opioids and more cannabis use for pain.
However, more studies are needed to confirm these assumptions. For example, double blind, placebo-controlled comparisons between medical marijuana and legally prescribed opioids for debilitating non-cancer pain syndromes will provide the science necessary to determine the efficacy and safety of marijuana as a medication for chronic pain. These results may have heavy impact on the growth of the cannabis market.
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Source: BCC Research