Widespread Clinical Studies Can Reinvigorate the Legalization Movement for Cannabis
Researchers and scientists are constantly developing new, innovative medicines to effectively treat patients. However, the cost to conduct clinical trials and then receive approval to commercialize a drug is absurdly expensive. The Tufts Center for the Study of Drug Development estimated that in 2017, it cost pharmaceutical companies approximately USD 2.7 Billion to bring medicine from invention stages to shelves. And even after pharmaceutical companies are granted approval to commercialize, studies have concluded that many of these drugs negatively harm consumers. Now, the growing concern over the mental and physical health damage caused by traditional medicines have prompted medical institutes to reevaluate, which has, in turn, brought forth medical cannabis into the spotlight. Small-scale research and clinical trials have concluded that medical cannabis can effectively treat medical conditions that common medications such as opioids also treat. Moreover, cannabis is significantly cheaper to cultivate and commercialize, when compared to other drugs that are undergoing trials. Data from the Marijuana Business Factbook suggested that the average cost for a startup wholesale cannabis cultivation businesses is as low as USD 10 per sq. ft. for outdoor grow houses but can go for as much as USD 75 per sq. ft.for indoor facilities. Despite the inexpensive costs to grow medical cannabis, the plant is still not a registered treatment under international regulations. However, as clinical trials continue to progress, more countries could be expected to adopt medical cannabis legalizations. According to data compiled by Verified Market Intelligence, the global marijuana market was valued at USD 42.20 Billion in 2017 and is projected to reach USD 466.81 Billion by 2025. Additionally, the market is expected to register a CAGR of 35.3% from 2018 to 2025. Pressure BioSciences, Inc. (OTC: PBIO), Sorrento Therapeutics, Inc. (NASDAQ: SRNE), Intec Pharma Ltd. (NASDAQ: NTEC), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), Neptune Wellness Solutions Inc.