What Is cannabis? And What Are Its Medicinal Applications?

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The key factors such as legalization of medical cannabis, increasing awareness of medical cannabis through conferences, symposia, and workshops, and growing medicinal application of cannabis boosting the market over the years. 

The medicinal and recreational cannabis industries are growing at rapid pace, and is expected to witness tremendous growth by 2025. Growing acceptance of cannabis is driving the industry and is accelerating growth in drug development and medicine as well as regulatory guidance. The cannabis industry is witnessing rapid growth owing to higher sales. The cannabis consumer demographic is growing ever more diverse. The average cannabis consumer is now middle-aged, with more women and seniors consuming weed in its various forms. This means that the market is growing and demand within the market is shifting to alternative products. Also different cannabis products are gaining importance and are achieving a substantial market share. Vapes are one of the hottest cannabis products in 2019.

The United States is anticipated to be the main driving force of growth of use of medical cannabis. Thirty states of the United States of America have legalized the use of cannabis. These 30 states comprise of 60% of total population and have approved use of medical marijuana. This has become the driving force for the growth of cannabis testing marked in the entire North America region. Currently more than 8000 active licenses for cannabis businesses in USA.

Some of the prominent players operating in the cannabis market are Aphria, Inc., Aurora Cannabis, Cannabis Science, Inc., Canopy Growth Corporation, Medical Marijuana, Inc., VIVO Cannabis Inc., Tikun Olam Ltd, Terra Tech Corp., Tilray, and Cronos Group, among others.