Cannabis sativa: A therapeutic medicinal plant-global marketing updates

Abstract

Cannabis has been used for thousands of years for recreational, medicinal, or religious purposes and the therapeutic potential of medicinal Cannabis was demonstrated in various medical conditions. The legalization of Cannabis is an important source of economic growth as it contributes to the growing revenue tax, and the creation of new workplaces. The maturity of the Cannabis market varies across the globe mainly due to differing legal environments and public attitudes towards Cannabis. Some countries such as Canada and the United States have adopted fully regulated frameworks that allow the cultivation, consumption, and retail distribution of various Cannabis products. Uruguay became the first country in the world to legalize the production, distribution and consumption of cannabis in 2013. The Cannabis market in Canada and the USA is experiencing rapid growth due to the country's legalization of recreational use. Regulations can also differ regarding how cannabis is used. However, the use, cultivation, and marketing of Medical Cannabis sativa (drug or Marijuana type ) is banned and prohibited in India due to the presence of high levels of psychoactive principle THC (Narcotic drug). On the other hand, Industrial Cannabis sativa (seed or fiber type) Hemp was legalized in 2021 by The Food Safety and Standards Authority of India (FSSAI), Government of India, New Delhi. In Azerbaijan, Cannabis is not available for medical or recreational use. Recreational Cannabis and medical marijuana are illegal in Azerbaijan. Marijuana is illegal for medical and recreational purposes in China. There is still a huge prejudice in society about medical Cannabis due to its recreational use. However, this scenario is changing, and the social resistance is decreasing for the medicinal use of Cannabis. The Cannabis (Hemp) market in India is predicted to experience a substantial revenue growth, with projections indicating that it will reach ₹US$100.80m by 2024. The Cannabis market worldwide is projected to reach a revenue of US$60.79bn in 2024. The global legal marijuana market size is expected to reach USD 73.6 billion by 2027 and is anticipated to expand at a CAGR of 18.1% during the forecast period.