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Over the next few years, the cannabis industry, and more specifically the cannabidiol (CBD) market, is expected to become a billion-dollar business. Everyone is looking to get a piece of this gigantic pie, and for good reason. Thanks to modern day science and the support of crucial cannabis advocates, somewhat of an “enlightenment” has begun, as more and more people are becoming educated and increasingly aware of the benefits that cannabis can provide. Minds that were once closed are now starting to open, and at the center of this enlightenment is none other than CBD.
The huge impact of CBD on the medical industry is widely apparent, as consumers are showing an increasing preference for alternative methods of medicine. The Bridgefield Research group has estimated that the CBD market is growing faster than anticipated, with CBD sales growing at a rapid pace of 55% compound annual growth. The sudden rise in CBD sales has a lot to do with the growing acceptance of cannabis.
Cannabinoids come to healthcare
There are over 100 different cannabinoids that we currently know of, the most popular being THC and CBD. Research results thus far have found some promising evidence relating to CBD and the treatment of numerous health conditions. With the advancements in medical science, medical professionals have found that CBD is effective in naturally treating chronic pain and inflammation, seizures in epileptic children, anxiety, depression, ADHD, and several other conditions. The best thing about CBD is that it’s not known to have any adverse effects.
Medical cannabis in general is experiencing a new level of acceptance in the medical industry. More medical practitioners and doctors are taking notice of recent research, and a lot more are at least willing to consider medical cannabis as a treatment option for their patients.
The demand for CBD, especially that from hemp, is getting more competitive when compared to medical marijuana. This is because hemp only contains 0.3% tetrahydrocannabinol (THC), which is the psychoactive component found in the cannabis plant. This means that CBD offers all the medicinal benefits without the risk of getting the user high.
How CBD impacts the medical industry
For starters, in a world where opioid addiction is a real problem and big threat, CBD may help with the negative side effects of opioids and has the potential to even replace certain types of pain management and anxiety medications. Ultimately, top brands in the opioid industry could potentially lose millions of dollars to the CBD industry.
As the CBD market continues to grow, mainstream retailers are being sure to get a piece of this lucrative pie. One of the most popular being GW Pharmaceuticals. The company recently announced that the US Food and Drug Administration (FDA) approved Epidiolex (CBD) oral solution for the treatment of seizures linked to Lennox-Gastaut syndrome (LGS) or Dravet syndrome. Epidiolex is the first prescription pharmaceutical formulation which contains highly-purified, plant-derived CBD.
Prior to the approval of Epidiolex, there was virtually no effective traditional medical treatment for Dravet Syndrome. Have you heard of Charlotte’s web CBD? This is one of the world’s best known CBD brands thanks to the life-changing impact that it had on Charlotte Figi. Charlotte suffered from Dravet Syndrome which resulted in her having hundreds of seizures a week. She was given CBD oil, and it almost immediately reduced her seizures. Within a short period of using it, she was only experiencing a couple of seizures a month.
Ultimately, CBD has taken the medical industry by storm, especially when it comes to Dravet Syndrome. Without CBD, many families would struggle to get these seizures under control. CBD has proven to be a lot more effective than any other medication for this particular condition.
CBD may be a better option than traditional medication
These days many people are looking for alternatives to pharmaceutical medications. In a survey that was conducted by the Bridgefield Group, 42% of respondents reported that they had stopped using pharmaceutical drugs and over-the-counter medication since turning to CBD products. When asked about the effectiveness of CBD products, 66% of users claimed that CBD was much more effective at relieving their medical conditions than over-the-counter drugs. 56 percent of hemp-derived CBD product users and 52 percent of marijuana-derived CBD product users claimed that CBD was much more effective than pharmaceutical drugs.
With many patients opting to give up pharmaceutical drugs in favor or CBD, the medical industry stands to undergo an evolution in terms of traditional medication. With the continual growth of the CBD industry, an increasing number of people will start to see CBD in a new light and turn to it as a preferred treatment option.
Sources:
https://www.sciencedirect.com/science/article/pii/S1525505016305856
Very nice post