Cannabis, also known as grass, pot, hash, weed and marijuana, refers to a depressant drug which is extracted from the Cannabis Indica or Cannabis Sativa plant. Owing to its associated advantages, cannabis is now gradually being legalized in numerous countries across the globe, especially for manufacturing medicines, food and beverages, and personal care products. In this article, we take a look at the top trends which will shape the cannabis industry in 2019:
1. Burgeoning Legal Acceptance of Cannabis Worldwide
As stated earlier, several countries around the world have approved the use of cannabis for medical purposes, while others are still in the process of legalizing it. For instance, cannabis has been approved in Australia, Canada, Chile, Colombia, Croatia, Czech Republic, Israel, Italy, Macedonia, Philippines, Puerto Rico, Turkey and Uruguay, whereas it has been partially legalized in Argentina, India and Poland. Due to the relaxation of restrictions on its distribution, the medical marijuana market is expanding at a tremendous pace and the drug is experiencing a new level of acceptance in different industries worldwide.
2. Increasing Utilization of Cannabis in Healthcare Sector
Cannabis comprises of three active compounds, including Cannabidiol (CBD), Cannabinol (CBN) and Tetrahydrocannabinol (THC). Amongst these, CBD provides significant medical advantages to consumers without having any psychoactive effects. On the other hand, THC is a psychoactive substance which aids in treating nausea, pain, depression, vomiting and appetite loss. On account of the therapeutic properties and ongoing legalization of cannabis, it is being incorporated in the healthcare industry. Physicians are now allowed to prescribe cannabis in the form of smoke, vapor, topical and oral solutions to patients suffering from anxiety, epilepsy, migraine, depression, arthritis, multiple sclerosis, Parkinson’s disease, post-traumatic stress disorder and cancer. These developments have led to rapid expansion of the global medical marijuana market size.
3. Cannabis Products Gaining Traction Worldwide
After the legalization of cannabis in the United States, a major change has been experienced in its usage. Several large CPG (consumer packaged goods) organizations across the globe are investing in the production of cannabis-infused consumer products such as candies, gummies, snacks and non-alcoholic beverages. For instance, Constellation Brands, one of the leading United States retailers of alcoholic beverages, invested a $4 Billion stake in the Canadian cannabis producer - Canopy Growth Corporation. Through this investment, Canopy Growth Corporation aims to expand its operations in the countries with an ongoing medical cannabis program.
4. Cannabis in Personal Care Products
Inflammation is one of the major root causes for numerous skin woes, ranging from acne to rosacea. As cannabinoids possess anti-oxidant and anti-inflammatory properties, they are now being included in various personal care products as an effective topical solution for reducing swelling, puffiness and soreness. They are also being utilized for treating skin problems such as itching, acne, eczema and psoriasis. In the near future, the application of cannabis is also anticipated to gain momentum in the personal care industry due to its anti-aging properties.
5. Educational Efforts for Spreading Awareness About Cannabis
As more and more governments approve the use of marijuana, education about cannabis use is becoming a growing concern among various governmental and non-governmental organizations. As a result, several companies are taking initiatives to spread awareness about the consumption of cannabis. For instance, Nutritional High International Inc. has recently launched the FLÏ™ Safe Cannabis Awareness Program which focuses on spreading knowledge and encouraging safe consumption of cannabis for generating awareness regarding its health benefits.
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The legalization of cannabis in numerous countries has provided lucrative opportunities for manufacturers for setting up their plant and producing consumer products. Moreover, active compounds in cannabis are now being included in the personal care and healthcare industries due to their advantageous properties. With expanding applications of cannabis and progress in technology, the cannabis industry is expected to grow at a robust pace in the coming years.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the medical cannabis industry, which has enabled the clients to successfully set up and expand their businesses. Some of the company’s offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development