The Future of Cannabis in Healthcare | Dr. Noah Minskoff
Although many believe that the federal ban on marijuana will eventually be lifted in the US , it is still unclear when this will happen. For thousands of years, marijuana has been used for therapeutic purposes. Physicians first used it in Europe during the mid-19th century. It was then brought to the US Pharmacopeia in 1851.
In 1937, the Marijuana Tax Act was signed by President Franklin Roosevelt. This law made it illegal to possess and use marijuana in the US. It also required people to have a tax stamp to purchase marijuana. This requirement made it difficult for individuals to avoid illicit activity.
The legal status of marijuana will eventually allow the industry to evolve into three lanes: adult use, medical marijuana, and wellness. In the next few years, the pharmaceutical industry will be able to capitalize on the growing demand for medical marijuana by developing new drug delivery systems and plant-based formulations. Developing new drug formulations is expected to be significantly faster through the combined knowledge and resources of the pharmaceutical and cannabis industries.
In the global end of prohibition, the pharmaceutical industry is expected to be a significant contributor to the development of the medical marijuana industry. According to estimates, the annual sales of medical marijuana in the US are expected to reach $13.1 billion by 2025.
Currently, multiple pharmaceutical companies are developing new drug formulations based on a psychoactive substance known as cannabinoids. Epidiolex is a plant-based medication that is used to treat severe epilepsy. Unlike other drugs that contain THC, which has psychoactive effects, this product does not include the chemical. It is a cannabidiol oral solution.
The knowledge gained from the traditional cannabis industry can be used to improve the efficiency of the operations of the medical marijuana industry. Although the regulations will change when more pharmaceutical companies enter the field, the experience gained from the industry is valuable and adaptable.
Due to the increasing number of studies on the efficacy and safety of medical marijuana, many pharmaceutical companies are now working on developing new drug formulations designed to improve their products’ efficiency.
New technologies are allowing pharmaceutical companies to improve the accuracy of the medical marijuana dose. These new methods are designed to enhance the balance between the psychoactive and therapeutic effects.
Although blockchain technology is currently being used in the pharmaceutical industry, it is not yet widely used in medical marijuana. Its ability to analyze the data on the various strains used in the production of medical marijuana can ensure that the product is of the highest quality.
The industry’s future is bright due to the increasing number of industry knowledge assets integrated into the blockchain.