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Key Emerging Trends in the Medical Cannabis Market
Numerous private and government organizations, along with industry leaders, are actively supporting research and development (R&D) efforts focused on cannabinoids for medical purposes. These cannabinoids, derived from the cannabis plant, possess various medicinal properties that can be utilized to treat a range of diseases. The National Institute of Drug Abuse reported that in 2017, the National Institute of Health (NIH) allocated significant support to 330 projects, investing a total of USD 140 million in cannabinoid R&D. Notably, USD 36 million went towards 70 projects exploring the therapeutic properties of cannabinoids, and an additional USD 15 million supported 26 projects specifically centered on cannabinoid cannabidiol (CBD). The increasing financial backing from key agencies is anticipated to contribute to the overall expansion of the medical cannabis market in the foreseeable future.
Even in Singapore, known for having some of the world's strictest drug laws, there is a notable commitment to funding research projects related to medical treatments containing synthetically derived compounds from the cannabis plant. In 2017, the National Research Foundation, a government-run organization, initiated a program to investigate the therapeutic potential of cannabinoids. With the heightened emphasis on research and development in pharmaceutical companies, there is now the possibility of developing CBD compounds synthetically in laboratories without the need to grow the cannabis plant. For example, STI Pharmaceuticals, a UK-based company, is actively involved in cannabinoid research and manufactures synthetic CBD compounds through collaborative efforts. Zynerba Pharmaceuticals, Inc., another pharmaceutical company, is developing a synthetic transdermal cannabidiol named Zygel (ZYN002 CBD Gel) for the treatment of focal epilepsy in adults.
Examining investment trends in the cannabis industry provides further insights. PitchBook data analyzing 351 venture capital-backed deals related to cannabis companies in 2019 revealed a total investment of USD 3.2 billion. However, this figure declined to USD 1.4 billion in 2020. Similarly, Crunchbase data indicated that venture capitalists invested USD 1.9 billion in 178 cannabis-related companies in 2019, with a significant 60% decrease in investments in 2020. As of April 2021, investments amounted to USD 357 million in 29 companies. Venture capitalists and strategic investment firms are now directing their focus towards increasing investments in medical cannabis companies. For instance, Medicinal Organic Cannabis Australia, established in 2017, offers investment opportunities in the cannabis industry and has agreements with leading global suppliers of organic medical cannabis for supply and wholesale. Northern Leaf (US), a Jersey-based medical cannabis cultivator, successfully raised approximately USD 20 million in 2021.
The recent changes by the Financial Conduct Authority allowing medicinal cannabis companies to list on the London Stock Exchange have led to increased activity in the UK market. Notable acquisitions, such as Jazz Pharmaceuticals (Ireland) acquiring the UK-based pharmaceutical firm GW Pharma, specializing in cannabis-derived treatments for epilepsy in May 2021, have reshaped the market structure. The ongoing investment activities across the cannabis industry are anticipated to drive the growth of the medical cannabis market size in the coming years.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Improving status of cannabis in Asian and African countries |
| Market Dynamics | Growing research and development activities and financial support by various private and government organizations for cannabis research Rising prevalence of chronic diseases and other medical conditions |
Medical Cannabis Market Highlights:
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