There is no denying that one industry that has experienced exponential growth in recent times is the medicinal cannabis market. IMARC Group has predicted that the market will grow 15.3 per cent during 2021 – 2026. With that being said, let’s take a look at the medicinal cannabis market and what we can expect in the future.
The history of cannabis being used for medical purposes is a long one. In fact, the first reference can be traced back to 2900 BC. This is when Fu Hsi, the Chinese Emperor, referenced ‘Ma’ (the Chinese word for cannabis), stating that it was an extremely popular medicine that featured both yin and yang.
In more recent times, California became the first location to legalise medical marijuana in 1996. It took the UK quite a bit longer to follow suit, with the medical use of cannabis being legalised on the 1st of November in 2018.
Current UK regulations on medical cannabis use
At present, marijuana is permitted for medical use within the UK, but it must be prescribed by a doctor. To be permitted for such use, the product must fulfil the three requirements in order to be deemed a CBPM, i.e. a cannabis-based product for medicinal use. These are as follows:
- The product is cannabis or contains cannabis, or a cannabinol derivative, cannabinol, or cannabis resin
- It is created for medical use in humans
- It is regulated as a medical product or an ingredient of a medicinal product
Significant clinical trials into cannabis oil use in the UK
This is an area that is likely to see some significant improvements in the near future, and it is possible that we will see cannabis prescribed more regularly. For example, the NHS is carrying out a two-year study that will involve 20,000 patients in the UK being given cannabis oil. Depending on the results of the study, doctors will prescribe cannabis a lot more regularly. Plus, we will likely see legislation adapt to be more lenient if the study is successful. Therefore, when the study concludes in 2023, we can expect to see some significant steps forward in the cannabis sector within the UK.
CBD packaging manufacturing
The regulations in place in the UK do not only concern how cannabis products are created, but they also refer to their packaging and distribution as well. Firstly, the correct packaging needs to be used to ensure that the product maintains its freshness and that it is child-resistant. Packaging has a critical role to play in ensuring that only the right people can get access to the cannabis product inside.
Aside from this, there are some important pieces of information that need to be included:
- Product identity
- Best before date
- Nutritional information
- Instructions for use
- Amount of CBD present
- Storage conditions
- Health and safety winnings
The importance of medical cannabis development
The lingering worldwide pandemic has resulted in increasing levels of physical health issues and mental distress to the broader population. As a consequence, there has been an increased focus on improved health, wellbeing, and self-care. This has had a positive impact on the cannabis industry, as the nation demands new avenues to improved health.
This is why medical cannabis development is critical. Mindsets and stigmas have already started to change, and this will only continue as more players enter the market and further developments are made. With stronger collaboration, more research, and diverse and innovative products, we can expect the door to be opened to more reforms in the UK that will create a flourishing cannabis sector.
Plus, a strong cannabis market can aid the country from an economic standpoint, providing research and development innovations, tax revenues, and employment opportunities.
What does the future look like for the medical cannabis market in the UK?
Research has indicated that Brexit could result in a massive boom in the cannabis market in the UK. According to Professor Mike Barnes, the United Kingdom has found itself in the unlikely position of becoming a global leader in the medical cannabis sector. At present, the UK is one of the largest medical cannabis exporters in the world. However, when it comes to progressive cannabis policy, the United States is leading the way.
Professor Mike Barnes believes that we can expect to see some movement in legislation in the next two years once the market has been properly established in the UK. He predicts that we will see a much more vibrant cannabis sector, with a wider range of innovative products.
If regulation is relaxed, as expected, research indicates that the market within the UK could be worth around £2 billion, creating 97,000 new jobs throughout the country. As the British government no longer needs to comply with EU law in a number of areas, we can expect to see some significant changes. One of the first changes was CBD is classified as a novel food, which is something the EU is yet to do. Hopefully, this is a sign of what is to come.
Leverage Origin’s packaging manufacturing capabilities for compliance, branding, and security
Teaming up with an experienced and credible manufacturing firm is one of the most important things that you can do for the future success of your cannabis business. At Origin, we are able to create industry-leading cannabis packaging from our cleanroom manufacturing facilities, which are GMP accredited. We use a range of production techniques, ensuring that we are able to adapt to changing requirements and legislation so that you are always ahead of the market. For more information, please do not hesitate to get in touch with us today.
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