In July 2024, Weedmaps teamed up with NuggMD to roll out a medical cannabis card program that would make the education and application process for patients easier. The partnership linked prospective patients on Weedmaps to NuggMD's telemedicine platform, expanding access to medical cannabis. This initiative created a seamless e-commerce experience, allowing patients to shop and learn about medicinal cannabis products on Weedmaps after completing their application.
In May 2024, Synbiotic Se, a German industrial hemp and cannabis group, acquired WEECO Pharma GmbH from Hildesheim, Germany, significantly expanding its position in the medical cannabis market. This merger made SYNBIOTIC one of the leading players in the German and European medicinal cannabis sectors. With the acquisition of WEECO Pharma, SYNBIOTIC’s portfolio was enhanced to include a full range of high-quality cannabis flowers, alongside extracts and dronabinol, particularly in alternative administration forms.
In 2021, GW Pharmaceuticals was acquired by Jazz Pharmaceuticals. The acquisition allowed Jazz Pharmaceuticals to diversify its product line into the area of cannabinoid-based treatments and enhance its foothold in the markets of neurology and rare diseases.
In 2021, Aurora Cannabis instituted a strategic business transformation initiative of multiple cost reduction actions, restructuring, and divestitures designed to improve financial performance and align the businesses with its core operations.
In 2020, Canopy Growth formed a strategic alliance with U.S.-based cannabis operator Acreage Holdings, Inc. The agreement was designed so that Canopy Growth would be able to take over Acreage when cannabis is federally legalized in the United States. This partnership was intended to set up Canopy Growth for success in the U.S. cannabis market in the future.
Industry Growth and Market Projections
The medical cannabis industry is growing at an unprecedented rate. According to Coherent Market Insights (CMI), the medical cannabis industry is projected to rise at a 23.1% CAGR during the assessment period. The total industry size is expected to reach US$ 102.58 billion by 2032, reflecting the increasing global demand for cannabis-based treatments. This growth is driven by the expanding legalization of cannabis, the growing body of evidence supporting its health benefits, and the increasing number of people turning to natural remedies for pain management and mental health support.
The quick growth of the medical cannabis industry is a sign of a promising future. With the growth of the industry, we will be witnessing more products, studies, and innovations that will further enhance the availability and potency of cannabis-based medicines.
Legalization and regulation of medicinal cannabis, and growing awareness regarding the science behind medicinal cannabis and proven health benefits of medicinal cannabis, have set the platform for massive growth in the industry. Recent breakthroughs in studies, coupled with stunning market projections, indicate that the industry of medical cannabis can be an increasingly essential part of global medicine. With a maturing industry, patients across the world will have more opportunities to benefit from cannabis-based therapy, resulting in increased health gain and improved quality of life.
One of the biggest shifts in the last few decades is the regulation and legalization of medicinal cannabis across more and more parts of the globe. As governments relax their cannabis legislation, access to medicinal cannabis is becoming more readily available. States and nations are setting regulatory systems to make sure that cannabis drugs are safe, properly dosed, and adulterant-free. These controls give patients a more stable and safer means of obtaining the medicinal benefit of cannabis-based medicines and provide the potential for additional research into its value in medicine.
The growing legalization and regulation of medical cannabis have opened up new doors for innovation in medicine. Drugs based on cannabis, from oil to edibles, are being increasingly provided, and more treatment options are available to patients for managing conditions such as chronic pain, anxiety, and insomnia.
Source:
E-commere Platform: ScienceDirect.com, National Institutes of Health
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