The medical cannabis market is constantly evolving. In fact, the industry has never been more important than it is today, due to its legalization in many U.S. states and countries worldwide.
Interestingly, such growth is not only limited to the number of jurisdictions in which medicinal cannabis has become legalized. Growth has also become evident in the number of new studies that have been able to verify the medical benefits of cannabis.
With these new findings, more effective products are being developed and this is making the market more colorful with a wide array of products and services to enhance the lives of patients.
Cannabis-infused Food and Beverages
One of the most influential improvements in the development of medical marijuana is the arrival of cannabis-infused foods and beverages (like cookies, chocolates, and sodas). This innovation has already made a strong impact on the United States market, as roughly $180 million worth of cannabis-infused products were sold last year in California alone.
This is significant because it makes up more than 10% of the state’s total sales of cannabis. The chemical terpene is one of the main reasons for efficacy of this new cannabis trend. Terpenes present in the cannabis flowers are what give them a unique fragrance and flavor, and also trigger the endocannabinoid system function in humans. This makes their chemical compounds useful in treating a number of different illnesses.
Cannabis in Beauty and Skincare
Cannabis is also known to contain numerous antioxidants that can help prevent skin damage, and slow down the aging process. Various scientific studies have already proven that CBD has an important role in the prevention of unwanted skin growth, and the reduction of inflammation and infection. This essentially suggests that the marijuana plant has far more applications that the medical community had previously thought.
Recently, the Europe-based company MGC Pharmaceuticals (a brand that offers skincare, anti-aging, and cosmetics products with CBD), made a landmark deal with the Korean company Varm Cosmo. Over the last few years, the South Korean beauty scene(known as K-Beauty) has become a leader in terms of beauty and skincare innovation, and the recent marketing done in these areas suggests rising global demand for CBD products. This South Korean market aone has been valued at $13 billion, and with the corporate collaborations from other cannabis-utilizing companies suggest that these numbers are only going to be much bigger in the future.
GrowLife: Cannabis Cultivation Technology
Or course, in order to maximize the benefits of CBD medicines, producers must first be able to grow the marijuana plants themselves. This is where an industry innovator like GrowLife, Inc. (OTCMKTS: PHOT) comes into play.
GrowLife, Inc. is a publicly-traded holding company that specializes in soil technology, cultivation equipment, and other related products. As a cannabis cultivation technology organization, GrowLife stands to benefit from the dramatic increases we are seeing in the underlying demand for medicinal cannabis products.
These are all factors that should benefit shareholders that are able to get in on the ground-floor for this emerging industry. At the same time, the company’s innovative development of various sustainable practices in cannabis cultivation and water management have driven the increased production needed to bring a broader diversity of medical marijuana products consumers.
Sales in Global Markets
Interestingly, the Canadian legal cannabis market is one of the GrowLife’s foundational elements of its growth strategy — and for good reason. Medical marijuana sales from licensed producers have grown at a heightened pace over the last four years, and it is clear that more companies are now trying to capitalize on the emerging trends toward acceptance and legalization.
These trends in global sales will only add to what is still the largest single market in the United States. This is why also the company has established operations in other U.S. states and cities (i.e. Oregon, Colorado, and Las Vegas) under the Greenway Medical brand.
In 2018 and beyond, the market for medical cannabis is expected to become more widespread and mainstream within the public consciousness. A large part of this new sales activity will be fueled by the recent advancements that have been made in agricultural technology. As advancements continue to be made, companies will continue to make progress as the ‘picks and shovels’ play in the Green Rush as they further push the innovation forward in developing the best products and medicines for patients.