Driving Forces Behind Market Growth:
Supportive government policies and the legalization of cannabinoid products, especially in countries like Canada, are pivotal in encouraging companies in the cannabinoids market. The rise in interest in the potential medical applications of cannabinoids, coupled with ongoing research on adverse health effects, has prompted global support for CBD oil in medical settings. Investments in research and development, exemplified by Organigram Holdings, Inc.’s investments in Hyasynth Biologicals, Inc., showcase the industry’s commitment to product advancements.
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Medical Applications and Research & Development:
The medical cannabis industry’s expansion, fueled by the increasing use of cannabidiol (CBD), plays a crucial role in the market’s trajectory. FDA approvals for CBD products, particularly in epilepsy treatment, are promoting their integration into the pharmaceutical industry. Companies like SanSal Wellness and the Government of Australia’s substantial investment in medical cannabis research underscore the emphasis on research and development, further driving market growth.