Cannabinoids are biologically active compounds obtained from the Cannabis sativa plant. Mostly used in treatment and management of weight loss after HIV and Chemotherapy. According to the Food and Drug Administration (FDA), it is used as an anti-emetics and anti-epileptic. Mainly there are two types of cannabinoids which are divided into major cannabinoids and minor cannabinoids. Major Cannabinoids include tetrahydrocannabinol and Cannabidiol and minor cannabinoids include cannabinoids, Cannabidivarin, and Cannabigerol. Near to 100 chemical compounds called cannabinoids have been discovered in marijuana plant which is treatment for many diseases. Tetrahydrocannabinol is mostly used cannabinoids used for treating aches and decreasing inflammation. Aggregate of Tetrahydrocannabinol and Cannabidiol Sativex a oil spray used to treat aches in multiple sclerosis. Cannabinoids function by stimulating two receptors, cannabinoid receptor type 1 (CB1) and type 2 (CB2), within the endocannabinoid system. This system is a complex network of organs throughout the body, expressing the cannabinoid receptors and playing a homeostatic role. Functions of the endocannabinoid system include pain, memory, movement, appetite, metabolism, lacrimation/salivation, immunity, and even cardiopulmonary function. It bears mentioning that the vast majority of end-effects from cannabinoids, including psychotropics, are from activation of CB1, with CB2 serving more important roles in immune and inflammatory functions.
Non-medical applications of cannabis also have a large market share which includes the usage of cannabis in food, the usage of cannabis in textiles, edible gummies, and chocolate bars. They also have antioxidant properties and help to relieve stress and depression. There is an increase in demand for Cannabis medication and nonmedical applications also in the forecast Period. Taking cannabis in inappropriate amounts can cause Adverse effects like dependence syndrome, cardiovascular disease, and adverse effects on the psychological development of the adolescent generation.
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Global Cannabinoids Market – Competitive Insight
- On February 6, 2024, Curaleaf International part of Curaleaf Holdings, and largest vertically integrated cannabis company, is pleased to announce its acquisition of Can4Med, a prominent pharmaceutical wholesaler specializing in cannabinoid medications.
- On May 16, 2023, Toast a multi-state operating brand partnered with Nirvana Group a premier Cannabis company. The partnership aims to bring innovation to patients and consumers.
- On February 22, 2023, TPCO Holding Corp announced an all-stock merger with Gold Flora, notable for the California market and because it is a merger that deals entirely in marijuana stocks.
- On June 23, 2021, Canopy Growth Corporation and The Supreme Cannabis Company are pleased to announce the completion of the previously announced arrangement whereby Canopy has acquired all of the issued and outstanding common shares of Supreme.
Some of the Key Players in the Global Cannabinoids Market Include –
- Canopy Growth Corp.
- Cresco Labs LLC
- Jazz Pharmaceuticals Plc
- Medical Marijuana Inc.
- MediPharm Labs Inc.
- Medix CBD
- Medterra CBD
- MM Enterprises USA LLC
- Organigram Holdings Inc.
- Cronos Group Inc.
- CV Sciences Inc.
- Delta 9 Cannabis
- Ecofibre Ltd.
- com LLC.
Global Cannabinoids Market – Growth Drivers
The potential part of cannabis is the ability to alleviate symptoms associated with specific medical conditions, relieve pain, and mitigate the side effects resulting from some treatments, this makes the Cannabinoids market go through a steady state in Market. As the primary application is to relieve pain many countries as already given legalization to use and acceptance of medical use of cannabis. FDA has also approved the use of cannabis for three rare and serious diseases Dravet syndrome and Lennox Gastuat syndrome. This increased legalization will drive market growth in the coming years. In December 2022 US Government announced Medical cannabinoids and Cannabidiol Research expansion Act for the establishment of new registration process for the research of cannabis. Malta become first European Commission to cultivate and legalize recreational use of cannabis. These all government efforts and legalization accelerate the growth of Cannabinoids Market. In COVID 19 as people were not getting the cannabis, people started depending on the new innovations like newly substituted edible chocolate, candies beverages etc.
Global Cannabinoids Market – Restraints
The major challenge of this Market is the side effects associated with the inappropriate use of cannabis. Other than active ingredients it contains other chemicals whose amount may vary so intake of cannabis should be only in the required dose which is consultant by physician. Medical Cannabinoids can cause side effects like change of mood, lack of coordination, red eyes, cough, and throat infection. Severe side effects caused are memory loss, an increase in heart rate, and depression. These are all going to hurt the Market of Cannabinoids. Manufacturing and Purchasing of cannabis devices are highly expensive due to specialist equipment and training requirements. This makes it a barrier for healthcare facilities to purchase these Medical cannabinoid devices. Rural areas cannot afford these medications as healthcare will only give such medicines at a high cost. Only premium quality of cannabis can be sold in the market others can give side effects and premium quality will be of high cost and not affordable by all. So high cost of medication and medical devices for cannabinoids makes the hindrance of the cannabinoids Market.
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Global Cannabinoids Market – Opportunities
As more and more regulatory support is getting demand for this market will increase in coming years. Medical Hemp also got attention in these years and allowed it to be used for medical indications. Clinical trials are ongoing on the marijuana medical advantages and in coming years it going to fuel the Market. Many Educational institutions launched programs like University of New Heaven have launched new cannabis certificate programs. Tulsa community announced the launch of job specific medical cannabis course. Therefore, more people become aware of the Cannabinoids and support to growth of the Market.
Global Cannabinoids Market – Geographical Insight
The market for Cannabinoids is segmented into regions such as North America, Latin America, Europe, Asia-Pacific, the Middle East & Africa. North America is the largest market for Cannabinoids around 90% of the Global Market in the forecast Period. Recreational legalization, Government initiatives, and Technology development are the reasons that North America is leading this market. The Supreme Court of Mexico already legalized the use of cannabinoids for epilepsy. Canada recently became the flag bearer country for global marijuana legalization. Europe has the second-largest market for cannabinoids. In European countries medical marijuana is effective in clinical trials Product demand is going to rise rapidly as government initiates new policies. Asia Pacific region is also in substantial growth, Thailand has legalization for cultivation of marijuana which makes further regional market growth.
Global Cannabinoids Market- Key Development
- On May 20, 2022, Canopy Growth Corporation introduced new flavors for its cannabis-infused carbonated drinks. The new flavors were orange and grape.
- On May 11, 2021, TCV Science Introduced a new product PLUSCBD clam and sleep gummies. These gummies assist individuals in managing stress and improving sleep patterns.