Change of Global Legislature Could Prompt Greater Cannabis Market Expansion
NEW YORK: With the recent boom in the cannabis industry, the plant is being exported around the globe to various countries for medicinal uses.
Various researches that have been conducted have linked cannabis to effectively treating conditions such as dementia, behavioral disorder, and chronic pain. Tikun Olam, Israel's veteran medical cannabis company, is among the multitude of organizations undergoing cannabis research.
Lihi Bar-Lev Schleider, Director of Tikun Olam's research department, conducted a clinical trial to test the efficacy of cannabis in elderly patients suffering from cancer and its associated pain and treatment side effects.
The results showed a significant reduction in pain levels and an improved quality of life. Positive results from these studies further progress the overall medical cannabis industry by adding credibility to the plant and its uses. As clinical trials continue, many countries are now exploring opportunities within the medical market. And according to data compiled by Global Market Insights, the global medical marijuana market is projected to surpass USD 55 Billion by 2024. Additionally, the market sector is expected to witness a CAGR of 36.2% throughout the forecast period from 2018 to 2024. MediPharm Labs Corp. (OTC: MLCPF) (TSX-V: LABS), CannaRoyalty Corp. (OTC: ORHOF) (CSE: OH), Intec Pharma Ltd. (NASDAQ: NTEC), Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT), Emerald Health Therapeutics, Inc. (OTC: EMHTF) (TSX-V: EMH)
Normally, patients suffering from chronic pain are prescribed opioids. However, side-effects associated with opioids are liver damage, brain damage, and even addiction. In Schleider's research, it was concluded that the most common side effects of cannabis are dizziness and dry mouth. While the dizziness side effect could possibly increase the risk of falling in the elderly, the research actually showed that the number of falls drastically declined. In another study by Tikun Olam, cannabis was used as an appetite stimulant in patients suffering from cancer and AIDs. Despite the uplifting results, cannabis is still technically federally illegal in many countries. However, the World Health Organization (WHO) is now calling for cannabis to be removed from its status as a Schedule IV drug, the most restrictive category of a 1961 drug convention signed by countries, according to Forbes. The organization also wants to move THC and its isomers to be removed from a separate 1971 drug treaty and added to Schedule I of the 1961 convention.
If the proposition is granted, it can potentially further fuel the overall medical cannabis industry. The placement of cannabis in the 1961 treaty, in the absence of scientific evidence, was a terrible injustice, said Michael Krawitz, a U.S. Air Force veteran and legalization advocate who has pushed for international reforms. Today the World Health Organization has gone a long way towards setting the record straight. It is time for us all to support the World Health Organization's recommendations and ensure politics don't trump science.