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Medical Cannabis Market Anticipated to Reach $33.2 Billion By 2027

While cannabis has a long history of medical use as an analgesic (pain reliever) and antispasmodic agent, for much of the modern era there existed a general lack of awareness among scientists and physicians of its medical benefits. The discovery of the potential of the active ingredient, THC, in the 1960s, in the late 1980s and early 1990s, promoted inquiry into the therapeutic potential of cannabis and its extracts and derivatives. This work revealed that cannabis can provide relief from certain types of conditions, such as severe chronic pain, and led to the development of various herbal medical cannabis products. Today, it is being used/researched for Cancer, chronic pain, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, multiple sclerosis, AIDS, PTSD, amyotrophic lateral sclerosis (ALS), Alzheimer’s, and Tourette’s are some of the diseases and symptoms for which cannabis is used. Cannabis has been legalized for medical usage in a large number of nations, due to its therapeutic effects. According to a report from Market Research Future, the Medical Cannabis Market is anticipated to register a CAGR of 18.4% crossing the value of USD 33,210 Million by 2027. The report said that: “In comparison to other therapy choices, cannabis is safer and has less severe negative effects. It’s also used in conjunction with other medicines, either to improve their efficacy or to mitigate negative side effects. Apart from business leaders, many corporate and government institutions are funding the research and development of cannabinoids for medical applications. Clinical studies, research and development (R&D) operations, and the commercialization of cannabis-based indications are also likely to fuel the medical cannabis market’s advancement.

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