The future of the MMJ industry from a Western Hemisphere standpoint

An article by RTT News about the future of the legal marijuana industry optimistically argues that “the marijuana industry is rapidly transiting out of the black market and turning into a mainstream economic juggernaut.” Indeed, it seems that the ongoing global trend, meaning the legalization, to one degree or another, of marijuana consumption, is almost irreversible. The future of the legal marijuana industry will vastly depend on, unsurprisingly, the attitude of current and future governments.

Moreover, it is worth noting that even countries that continue to criminalize it, make an exception for CBD for medicinal uses. Countries like Singapore, with a zero-tolerance policy for drugs, allows for pharmaceutical cannabinoids. Even Turkey, a country in the global spotlight these days due to its foreign policy, is generally supporting the cannabis industry, including for medical uses. In other words, there is potential for this market to grow.

As for Brazil, the market remains restricted, even though CBD can be legally prescribed for medical reasons, as there are only a few companies that sell CBD in the Portuguese-speaking nation. Mr. Palhares of Ease Labs explains that currently “a patient has to have a prescription and request an import authorization to ANVISA (that takes around 55 days to be issued) which can reduce the speed of sales. This restricted scenario averts competition and consequently, prices end up being higher, if authorities open up more the market the biggest winners would-be consumers.”

Finally, we should see CBD from a financial standpoint as well. In an interview with HealthEurope, Dr. Delon Human, Head of Innovation and Medical Affairs of PharmaCielo Ltd., mentioned that since drugs that treat diseases such as diabetes, arthritis or cancer are constantly innovating, they result in high costs for new treatments and pills; obviously, individuals with limited financial resources will have more problems accessing them than wealthier patients. In contrast, cannabis offers the possibility of both high innovation and high access and is inexpensive to produce.

Read more at intpolicydigest.org


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