Positive Trial Results Help to Spur Cannabis Legalization Efforts Worldwide
The U.S. Drug Enforcement Agency recently announced plans to expand cannabis research after a prolonged delay. The DEA said it hopes to receive a variety of compelling research about marijuana after the agency delisted CBD, or cannabidiol, from the Schedule 1 list last year.It is important to note, however, that the cannabis plant itself is still a Schedule 1 drug. CBD, meanwhile, is a compound found within the hemp plant, which falls within the cannabis family. Previously, cannabis research was heavily limited as there were only few researchers who were allowed to cultivate and provide cannabis for medical purposes. However, over the past several years, many researchers have delivered uplifting results from clinical trials that proved cannabis is a reliable and effective medical treatment. Now, medical cannabis is predominantly being used to alleviate symptoms associated with afflictions such as chronic pain, cancer, and epilepsy. The positive data has even led many U.S. states to legalize medical cannabis. And as of 2019, there were 33 states and the District of Columbia that have already moved to legalize medical cannabis. In general, the U.S. was one of the earliest adopters of medical cannabis when California first legalized medical use in 1996. Since then, a number of countries such as Australia, Colombia, Germany, France, Spain, Thailand, and South Korea have all been influenced by the remarkable data and have also moved to legalize medical cannabis. As a result, the global legal marijuana market is expected to reach USD 146.4 Billion by 2025 while registering a CAGR of 34.6%, according to data compiled by Grand View Research. Pasha Brands Ltd. (OTC: CRFTF) (CSE: CRFT), Tilray, Inc. (NASDAQ: TLRY), Cronos Group Inc. (NASDAQ: CRON), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB), The Green Organic Dutchman Holdings Ltd. (OTC: TGODF) (TSX: TGOD)
The Top Companies Disrupting a Massive $23.7 Billion Medical Cannabis Market
Global demand for cannabis-based consumer products has been increasing at a rapid pace. In fact, the Brightfield Group estimates the U.S. CBD product market alone to be worth over $23.7 billion by 2023, as CBD finds its way into a variety of consumer product categories including food and beverage, pharmaceuticals, and health and wellness. Analysts at Research and Markets say the global medical cannabis market could be worth up to $44.4 billion by 2024 from just $13.4 billion last year. In addition, analysts at Statista says U.S. medical retail sales could reach $7.3 billion by 2022, as compared to $4.5 billion sales in 2018. Better, according to a May 2018 survey from Nielsen, analysts found that consumers are quickly embracing CBD products, particularly when it comes to medicinal purposes. In fact, according to the survey, 40% of head and migraine suffers are considering cannabis in addition to 40% of all arthritis pain suffers, and 41% of all back and neck pain sufferers. As CBD continues to disrupt major industries, it's creating a wide range of opportunity for companies such as XPhyto Therapeutics Corp. (CSE:XPHY), HEXO Corporation (NYSE:HEXO)(TSX:HEXO), Aphria Inc. (NYSE:APHA) (TSX:APHA), Tilray Inc. (NASDAQ:TLRY), and OrganiGram Holdings Inc. (TSX-V:OGI)(NASDAQ:OGI).
Thinking about buying stock in Canopy Growth, Micron Technology, Palatin Technologies, SINTX Technologies, or Tilray?
NEW YORK , Sept. 12, 2019 /PRNewswire/ -- InvestorsObserver issues critical PriceWatch Alerts for CGC, MU, PTN, SINT, and TLRY.