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Does medicinal cannabis have strong growth potential?

Team Veye | 01 Dec 2020

Does medicinal cannabis have strong growth potential?

As the cannabis sector evolves, the importance of building an industry and innovation is unfolding. 

While the past year has seen some volatility in supply and demand on a global basis, there continues to be strong evidence of growing awareness, support and demand for safe, high quality medicinal cannabis treatments both in Australia and in the expanding number of legal overseas markets.

The number of prescribing medical professionals and patients continues to rise, and the body of medical evidence supporting the use of medicinal cannabis across a variety of indications continues to strengthen.

As with most developing industries, it is expected to see some rationalisation and consolidation in the medicinal cannabis sector as markets continue to develop.

In November 2019, Drug Research Body Drug Science had caused widespread anticipation as it announced the intent to create the largest medical cannabis registry in Europe. By June 2020, medical cannabis suppliers had been identified and testing of patient pathways ad begun.

Project Twenty21 is a patient registry providing access to medical cannabis while simultaneously gathering data on treatment efficacy. It has currently enrolled more than 8,000 patients through clinics and independent prescribers

Drug Science hopes that the findings of Project Twenty21 will provide evidence for NHS funding where the benefits of treatment with medicinal cannabis are proven to outweigh the potential risks in a number of key areas including Anxiety Disorder, Chronic Pain, Multiple Sclerosis (MS) and Tourette’s Syndrome besides many other diseases.

Australia’s cannabis economy is growing exponentially following the country’s 2016 move to permit the medical use of cannabis. Industry analysts are projecting further legislative shifts in favour of cannabis and hemp once the worst impacts of the pandemic have subsided.

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