Growing R&D initiatives by leading market players for creating global medical pharmaceuticals are likely to boost market expansion during the forecast period. Increased approvals for medical cannabis products, as well as increased research and development initiatives by major competitors in the medicinal cannabis market, are projected to drive market expansion. The legalisation of medical cannabis is predicted to increase as solid proof of its safety and usefulness is achieved via significant study. Several funding agencies and stakeholders in both the public and private sectors are concerned about the harmful effects/side effects and legality of different medical cannabis medications. Adverse effects of medical cannabis, such as cognitive impairment, are likely to stymie the worldwide medicinal cannabis market's expansion. Furthermore, there are various commercial challenges associated with medicinal cannabis. The fundamental constraint of the medicinal cannabis business is the lack of legalisation in the majority of nations.
According to Coherent Market Insights, the global Medicinal Cannabis Market is estimated at US$ 10,180.17 million in 2022 and is expected to witness a CAGR of 24.4% over the forecast period (2022 – 2030).
Leading Companies in the Medicinal Cannabis Industry:
1. BOL Pharma
OL Pharma (BOL) has been pioneering the creation of the medical cannabis industry in israel since 2007. The company sources 99% pure pharma grade CBD, THC, and other active ingredients from its own organic GAP certified growing facilities and cGMP certified production plant. Working in conjuction with Israel’s Ministry of Health and under governmental license, BOL serves thousands of patients, doctors, HMOs, and hospitals providing cannabis based medical products and cannabinoid active pharmaceutical ingredients (APIs).
2. Tilray
Tilray provides pharmaceutical-grade cannabis products to patients, researchers, pharmacies and governments. Tilray cultivates and delivers the benefits of medical cannabis safely and reliably. The company was founded in 2013, headquartered in Canada.
3. Medreleaf Corporation
Producer and distributor of cannabis intended to sell medical marijuana in Canada. The company's business includes production, processing, distribution, importing, exporting and supplying narcotic drugs, licensed medical marijuana and other related products for medical purposes, enabling the patients to avail themselves of premium clinical products. The company was founded in 2013, headquartered in Canada.
4. Aurora Cannabis, Inc
Aurora Nordic is a pharmaceutical firm specialized in producing and manufacturing medicinal cannabis in large scale. The company was founded in 2018, headquartered in Denmark.
5. Canopy Growth Corporation
Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes primarily in Canada, the United States, and Germany. It operates through two segments, Global Cannabis and Other Consumer Products. Canopy Growth Corporation was incorporated in 2009 and is headquartered in Smiths Falls, Canada.
6. Insys Therapeutics, Inc.
Insys Therapeutics is a commercial-stage specialty pharmaceutical company that develops and commercializes innovative supportive care products. The company was founded in 1990, headquartered in Arizona, U.S.
7. MGC Pharmaceuticals Limited
MGC Pharmaceuticals Limited, a bio-pharma company, develops and supplies phytomedicines in worldwide. The company produces and supplies medicinal cannabis products; and non-cannabis phytomedicines. MGC Pharmaceuticals Limited was founded in 2014 and is based in West Perth, Australia.
8. GW Pharmaceuticals, plc.
GW is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics from its proprietary cannabinoid product platform in a broad range of disease areas. In June 2020, GW Pharmaceuticals plc, a pharmaceutical company involved in discovering, developing and delivering regulatory approved cannabis-based medicines, announced that the U.K. Home Office had reclassified EPIDYOLEX (cannabidiol) as a Schedule 5 drug. This change would take effect immediately in all four of the constituent nations of the U.K., with Northern Ireland enacting separate legislation and the medicine move from Schedule 2 to Schedule 5 under the Misuse of Drugs Regulations 2001. The company was founded in 1998, headquartered in UK. The company is acquired by Jazz Pharmaceuticals. On March 2022, GW Pharmaceuticals begins construction on new 60,000sq ft cannabis facility at Kent Science Park in Sittingbourne
9. Medical Marijuana Inc.
Medical Marijuana, Inc., an investment holding company, operates in the cannabinoid-based nutraceutical industry. Medical Marijuana, Inc. was incorporated in 2005 and is based in San Diego, California.
*Definiton-Medical cannabis, commonly known as medicinal marijuana, is used to cure ailments or alleviate their symptoms. Delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are cannabinoids that are utilised in the treatment of specific diseases or health conditions, as well as applications such as pain management, blood pressure, memory, focus, hunger, sensory stimulation, muscle difficulties, and seizures.
