It has been known that the marijuana plant contains substances that can be used in the medical field. Although there are different opinions regarding the emergence of medical marijuana, the cannabis industry is blossoming until today. With that being said, here’s what you need to know about medical cannabis.
Bear in mind that cannabis will not be considered as an official medicinal product unless particular marijuana products were granted with DINs or drug identification numbers. The produces will also be required to possess NOCs or notices of compliance. But take note that Health Canada warns that this information must not be understood and viewed as a recommendation to use such products, CBD, and cannabis in general.
Canada’s Medical Marijuana
Canada is one of the countries that legalized the use of cannabis for medical and recreational reasons. In fact, there is a set of rules that was established in 2013 called MMPR or Marihuana for Medical Purposes Regulations that authorized the medicinal usage of marijuana. There was another law imposed by Health Canada that overthrown the MMPR, which is the Access to Cannabis for Medical Purposes. In 2018, the Cannabis Act was imposed — which is a federal law regarding the utilization of marijuana.
The common cannabis products that are intended for medicinal use include the following:
- Dried cannabis
- Cannabis extracts
- Cannabis seeds
- Edible cannabis
- Cannabis plants
Moreover, according to the article Pot ETFs Should Bloom After Report Says Canada’s Weed Sales To Double by Lawrence Carrel in Forbes, there is a brand-new report that looks forward to the growth of Canada’s recreational cannabis industry. Although the world is currently battling a pandemic, the improvement of the profit for this year is to be doubled and will spring up to 500% after 5 years.
There are articles that show how the industry is going downhill due to the competition created by the selling of marijuana in the black market; but, it was recently reported that the cannabis industry in New Brunswick in the Atlantic Canadian region is still living its glory days. The monopoly that is owned by the local government has handed out its 3rd successful quarter report, which emphasized a total of 3.3 million Canadian dollar revenue.
Without a doubt, the medical marijuana industry is blossoming amidst the competitive market and the pandemic. It doesn’t only help those who are in need of recreation but also improves the overall economy of Canada.