Saturday, 31 October 2020

Legislative Breakthroughs Propel the Medical Cannabis Industry Forward

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  • PRN | 2 months ago
NEW YORK: Cannabis is continuously growing as a popular option for medical treatments due to its beneficial and diverse treatment options.

In fact, multiple countries have adopted regulatory medical cannabis legislation to treat conditions such as cancer, chronic pain, depression, arthritis, epilepsy, Tourette's, and many others. Nations such as Argentina, Brazil, Canada, Germany, Italy, Mexico, the United Kingdom, amongst others, have all moved to adopt cannabis for medical applications.

According to data compiled by Imarc Group, the global medical cannabis market was estimated to expand upwards of USD 11 Billion in 2017. By 2023, the market is expected to reach USD 37 Billion while registering a CAGR of 22% during the forecast period.

In the United States, cannabis is legal in some states, but on a federal level, marijuana is still listed as a Schedule I substance, a category that also features drugs such as heroin, LSD, ecstasy and peyote. However, according to a report by ABC News, the U.S. House of Representatives is set to vote on a legislation that would decriminalize marijuana use at the federal level in September. MediPharm Labs Corp. (OTC MEDIF) (TSX LABS), Tilray, Inc. (NASDAQ TLRY), Canopy Growth Corporation (NYSE CGC), Aurora Cannabis Inc. (NYSE ACB), GW Pharmaceuticals plc (NASDAQ GWPH)

The Marijuana Opportunity Reinvestment and Expungement Act of 2019 or the MORE Act, includes Democratic Vice Presidential nominee Kamala Harris as the lead sponsor of the Senate version of the Act.

Times have changed — marijuana should not be a crime. We need to start regulating marijuana and expunge marijuana convictions from the records of millions of Americans so they can get on with their lives, Sen. Harris said in a press release last month.

As marijuana becomes legal across the country, we must make sure everyone — especially communities of color that have been disproportionately impacted by the War on Drugs — has a real opportunity to participate in this growing industry. I am thrilled to work with Chairman Nadler on this timely and important step toward racial and economic justice.

Legislative Breakthroughs Propel the Medical Cannabis Industry Forward

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