The global medical cannabis market has been growing rapidly in recent years. The main reason for that is that more and more countries are legalizing the use of marijuana for medical purposes. The growth is expected to continue in the upcoming years, and the global market is expected to reach close to 50 billion dollars by next year. In this article, we are going to talk about the trends, opportunities, and challenges that are likely to shape the global medical cannabis market in 2023. Keep on reading to learn more about the use of products, what we are expecting to see, and what are the possible setbacks that many businesses are and will be facing.
What are some of the trends?
The first thing we are going to talk about is some of the biggest trends in the medical cannabis market. This market is growing since the world started accepting the use of cannabis as a legitimate medical treatment. Because of this, we are able to explore the benefits without thinking of this plant as something dangerous or something taboo. There is a lot of scientific research that has found that cannabis can be effective in treating a wide range of medical conditions. These conditions include multiple sclerosis, epilepsy, nausea associated with chemotherapy, chronic pain, and even some mental health issues.
Another trend that has been noticed is the emergence of new and innovative products. We know that in the past, we were only able to get cannabis as a plant that was consumed only by inhaling, which led to additional respiratory issues. Nowadays, we can see that there has been a surge in the development of new cannabis-based products. These include oils, tinctures, as well as edibles.
The benefit of these products is that they are far easier to consume than traditional cannabis products and they are more discreet. This has helped broaden the appeal of medical cannabis and it has made it more accessible to a wider range of patients. As you can see on WeGROW, this trend is only increasing by the day, and you can explore premium cannabis products without worrying that you cannot find something that fits your needs, preferences, and lifestyle.
What are the opportunities that come with medical cannabis?
Now that you know more about the trends of growing medical cannabis, let’s talk about the opportunities that this market provides. You should know that the acceptance of this plant is creating significant possibilities for brands operating in this field. As we already know, more and more countries are legalizing the use of cannabis for medical purposes, and this provides opportunities for growing cannabis-based products.
In addition to this, this has created opportunities for brands to develop and market new products, and furthermore, they are also expanding in new geographic markets.
Experts suggest that the biggest opportunity we are noticing here is the potential to develop new and innovative medical treatments. As we already know, cannabis has been found to be effective in treating a wide range of conditions. Now, as we are becoming more and more accepting, we are exploring opportunities to see how patients react to different products that are cannabis-based. This leaves room to hopefully develop better products that may not be able to cure some diseases, but they can definitely help with the symptoms.
The understanding of the medical properties of this plant is continuing to grow, and this provides an opportunity to develop new treatments that could have a significant impact on patient outcomes. This also means that we will be able to increase the quality of life of terminal patients, we can delay the onset of the symptoms, and we would be able to hopefully come up with solutions for medical issues that have been unsolvable till now.
What are the challenges in this business?
Finally, let’s talk about the challenges in the medical cannabis business. Even though more and more countries are growing acceptive of the use of the products, there are still a number of challenges that businesses operating in this space are facing.
One of the biggest challenges is the lack of regulation and standardization in the industry. Cannabis is still illegal in many countries, and because of that, there is a lack of uniform standardizations and regulations governing the product, testing, as well as sale of the products.
This creates uncertainty for brands that are in the field, entities making it difficult to ensure the quality and consistency of the products. As we already know, in places where cannabis is not legalized, there are still a lot of illegal marijuana and marijuana-based products. Just because this plant is illegal, it does not prevent people, including patients, to access the products. The negative side of this is that when things are sold on the black market, there is no standardization, there are no regulations, and because of that, many patients are receiving low-quality products that may end up doing more damage than good. Experts suggest that as soon as this plant is legalized everywhere, standardization and regulation will be possible, and with that, patients will be able to receive equal, high-quality care.
Another challenge that businesses are facing is limited access to traditional financing services and banks. A lot of banks and financial institutions are hesitant to collaborate with brands that are operating in the marijuana field due to regulatory and legal uncertainty surrounding the industry. This means that businesses are having a difficult time when they want to access the capital they need to grow and expand. Hopefully, as we are growing more accepting of the benefits that come with these products, we will be able to overcome these challenges and start living in a more inclusive world.
The global cannabis market is going to continue to grow in the upcoming years since more and more countries are legalizing the use of cannabis for medical purposes. The growth is always going to be driven by the acceptance of marijuana as a legitimate medical treatment, as well as the rise of new and innovative products. Even though there are a lot of challenges that businesses operating in this field are facing, the opportunities are significant. There is and will be a huge potential to develop better medical treatments that could have a significant impact on patient outcomes.