The global medical and recreational cannabis market, estimated at $19.89 billion in 2021, according to Quince Market Insights and projected to grow at a compound annual growth rate of 27 percent from 2021 to 2030, was helped greatly by the pandemic, with a Veriheal survey showing a positive correlation between the uptick in demand for medical marijuana and the number of COVID-19 cases.
QMI predicts that tetrahydrocannabinol (THC)-dominant cannabis products—capsules, edibles and beverage, used for relieving nausea, insomnia and appetite loss—will comprise the fastest-growing segment of the cannabis market during the forecast period.
Much of that growth will take place in North America with major players such as Aurora Cannabis, Inc.; Medical Marijuana, Inc.; and Canopy Growth Corporation, and cannabis-growing courses and degrees cropping up around the country.
Meanwhile, several studies show cannabidiol (CBD)-dominant cannabis products can improve symptoms associated with chronic conditions such as Parkinson’s, Alzheimer’s, Crohn’s and Multiple Sclerosis.
There’s also much to be said for the psychological relief experienced by medical cannabis users, according to the Veriheal research, which shows that 84 percent of medical cannabis users want to feel “happy” and “relief” from the world around them.
“We found that people are seeking psychological relief in response to exogenous shocks including COVID-19 and beyond,” reported researcher Maha Haq. “Periods of social unrest, such as the Black Lives Matter protests and the 2020 elections, can be seen as spikes in medical cannabis interest within our datasets.”
Covid-19 and Medical Marijuana Looking Ahead
The QMI study states, “Continuous research and standardization of product for medicinal purposes are anticipated to raise the popularity and demand for cannabis in the future.”
Yet, while Veriheal and QMI studies point to growing acceptance of medical marijuana, now legal in 39 states, it remains a Schedule 1 drug under the Drug Enforcement Administration’s Controlled Substances Act. And while the FDA has approved cannabinoid, a non-psychoactive cannabinoid found in marijuana for the treatment of epilepsy as well as a synthetic form of THC for the prescribed treatment of nausea and vomiting, the FDA has not yet approved a marketing application for marijuana.
So long as marijuana remains an illegal substance under federal law and lacks FDA approval, medical insurance carriers are unlikely to roll out plans with cannabis coverage.
However, with public acceptance growing and a new bill before Congress to end the federal prohibition of marijuana, that could soon change.
534 Comments