In a groundbreaking development, the Global Cannabis Use Disorder Treatment Industry is set to witness a robust growth trajectory, as highlighted in a recent report by Future Market Insights. Projections indicate a remarkable Compound Annual Growth Rate (CAGR) of 4.9% from 2023 to 2033, signifying a period of substantial expansion.

The market, valued at US$ 1.57 billion in 2022, is anticipated to soar to US$ 1.65 billion by the end of FY 2023, showcasing an impressive Year-on-Year (Y-o-Y) increase of over 5%. This positive momentum is indicative of a burgeoning demand for effective cannabis use disorder therapies.

The forecast is underpinned by a compelling statistic from the United Nations Office on Drugs and Crime (UNODC), revealing that over 275 million individuals globally engaged in drug use in 2020, with more than 36 million grappling with drug use disorders.

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As per a UN Office on Drugs and Crime report, around 284 million people aged 15-64 used drugs worldwide in 2020, a 26% increase over the previous decade. Young people are using more drugs, with use levels today in many countries higher than with the previous generation. Globally, the report estimates that 11.2 million people worldwide were injecting drugs. Around half of this number were living with hepatitis C, 1.4 million were living with HIV, and 1.2 million were living with both.

To counter this, healthcare practitioners are adopting a slew of strategies which involve introducing virtual applications helping addicts quit their cannabis dependence, or collaborating with governments to legalize recreational consumption. In addition, numerous clinical studies are underway to develop anti-dependence drugs, although the results at present appear quite limited.

Key Takeaways from the Global Cannabis Use Disorder Treatment Industry Study

• By type, treatment for tobacco/nicotine and vaping to remain prominent, comprising 67% of all solutions
• Counselling & behavioral therapy to be most common treatment approach, registering a 5.5% CAGR
• Rehabilitation centers to be key places to seek cannabis use disorders treatment
• North America to account for 45% of all cannabis use disorder treatments, amid heavy marijuana dependence
• Latin America to emerge as an opportunistic market, expected to register a 4.5% CAGR
• Europe to experience a growth rate of 4% concerning CUD treatment

https://www.pharmiweb.com/press-release/2024-02-07/global-cannabis-use-disorder-treatment-industry-set-for-substantial-expansion-envisaging-a-valuatio

The first legal medical cannabis factory on the island of Ireland is on course to start production in 2024. Growth Industries Pharma Ltd, a Belfast-based pharmaceutical company, has been able to push ahead with its construction of a facility to grow medical cannabis. This comes at a time when the UK’s medical cannabis industry is predicted “to be worth over £453m by 2026 – almost a quarter of the total European market by that time.” Further reports from the IMARC group have found that the global medical cannabis industry is forecasted to reach $57.4bn by 2028, with the UK’s medical cannabis sector having the opportunity to create 100,000 new jobs at a time when the cost-of-living crisis and soaring inflation are dealing heavy blows to the UK’s economy.

Mamedica – the UK’s leading medicinal cannabis clinic – is at the forefront of this industry growth with its patient numbers up 700% in 2023 alone. The business is now set to hire 200 employees over the next two years to keep up with patient demand and forecasted growth. Considering the success of the legalisation of cannabis in the US – which has since seen the government record a tax revenue of $4.6bn – Jon Robson, CEO and founder of Mamedica, discusses the economic benefits that can arise from tapping into an emerging sector like the UK medical cannabis industry.

Jon Robson comments: “By tapping into the cannabis industry’s vast potential, the UK can establish itself as a leader in the region, attracting investments, driving local economies, and ultimately enhancing the well-being of our population. The growing acceptance of medical cannabis as a viable alternative treatment presents an immense opportunity for economic growth and job creation. As the global cannabis market expands, embracing this emerging sector will not only generate substantial tax revenue for the government but also employment opportunities.”

The taxation of medical cannabis products and related services could create £360m in government revenue, according to Maple Tree Consultants and Mackrell Solicitors. This could as a result provide additional spending on innovation and infrastructure to support the key priorities outlined by the UK government.

Prime Minister Rishi Sunak has previously announced plans to streamline innovation, remain a global tech competitor and boost economic growth. Alongside the cost-of-living crisis and sky-high energy bills, the UK medical cannabis sector could generate a much-needed capital injection for the government to support households and businesses alike.

Source: https://pharmaceuticalmanufacturer.media/pharma-manufacturing-news/latest-pharmaceutical-manufacturing-news/northern-ireland%E2%80%99s-first-medical-cannabis-facility-to-open-i/

Ganjapreneur

Kentucky lawmakers passed a bill to legalize medical cannabis in the state on Thursday, sending the proposal to Gov. Andy Beshear (D) who said he plans to “proudly” sign the legislation later today.

Kentucky lawmakers on Thursday passed a bill to legalize medical cannabis in the state, moving the legislation to Democratic Gov. Andy Beshear (D), Spectrum News 1 reports. Beshear, on Twitter, said he plans to “proudly” sign the legislation today. The measure does not include smokable forms of cannabis but would allow patients enrolled in the program to access edible and concentrate products. 

Last year Beshear signed an executive order to legalize the possession of cannabis by some individuals suffering from severe medical conditions. Those reforms took effect on January 1, allowing individuals with a medical provider’s statement to possess up to eight ounces of cannabis for medical purposes if purchased legally in another state.      

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Kentucky Passes Medical Cannabis Legalization Bill