Cannabis has emerged as the most widely used amongst all psychoactive drugs in the market, thanks to its medicinal and industrial uses. Multi-faceted applications, expansion of licensing strategies and automated irrigation systems among others have been largely responsible for boosting the North American cannabis market. Owing to its medicinal properties, more than 23 states and District of Columbia have started legalizing medical marijuana. With the increasing application base of industrial hemp, the cannabis market in North America is poised to grow over $20.67 billion by 2020 at double digit CAGR through 2015 to 2020.
While recreational usage of marijuana is controversial, still some people believe that the drug should be legalized for medicinal uses. The main psychoactive ingredient in cannabis is tetrahydrocannabinol, which could be used in future to reduce the growth of tumor in cancer patients. It also has having pain relieving properties. The other active chemical in marijuana having medicinal applications is cannabidiol, which is supposed to impact the brain without a high.
According to CNN’s medical correspondent Dr. Sanjay Gupta, “There is now promising research into the use of marijuana that could impact tens of thousands of children and adults, including treatment for cancer, epilepsy, and Alzheimer's, to name just a few.” Even with the prevalence of recreational usage of marijuana, the tides seem to finally be turning down towards common sense. People along with politicians are casting votes in favor of legalization. Owing to its medicinal and derivative properties, the future of cannabis market in North America looks promising.