Is cannabis the next dot-com bubble? And, why isn’t America able to benefit more from the ‘green rush’ that is overtaking the current public markets? In fact, California has more people than Canada, which has a population of 36.3 million. However, Canada is one step ahead in legislation and adoption of legal cannabis, with companies even offering products which contain hemp seed oil delivered to their customers’ doors. Said so, the US – with California at the forefront – can still catch up their northern neighbours with California’s cannabis market expected to exceed $5.1 billion market value in the next year, according to ArcView Market Research and BDS Analytics.
Tilray, a global leader in medical cannabis research, cultivation, processing and distribution, has already experienced this weed boom. The company’s shares have gone up more than 650 percent since their July IPO and they recently posted that one of their best days ever mid-September was when the company announced approval from the Drug Enforcement Administration to import weed to the U.S. for medical research.
According to CNBC, that comes in a move likely foreshadowing broader pharmaceutical applications, while the company will also work with the University of California San Diego Center for Medicinal Cannabis Research to study the safety, tolerability, and efficacy of marijuana for neurological disorders – since most authorities have now removed industrial hemp from the list of controlled substances, it will therefore be interesting to see what other applications come to light as a result of this research.
“If this study can identify cannabinoids as a potential treatment for patients suffering from essential tremor, we can conduct further research and potentially provide alternative effective methods of relief for the high numbers of patients with Essential Tremor,” said Catherine Jacobson, director of clinical research at Tilray.
The U.S., because of cannabis’ Schedule 1 designation, is importing cannabis from Canada to do research here. So – not only are investors making money on the Canadian stock exchanges and sending money north, but the U.S. is also importing their cannabis when the country has more than enough to utilize. In Oregon, for example, there is so much weed that farmers are turning to growing the hemp crop.
With less than a month left until midterms in the U.S., politicians leaning both left and right are pushing hard on their agendas for all things marijuana, cannabis and cannabidiol (CBD). A new survey from the Pew Research Center finds 62% of Americans now support legalization, as compared to only 31% in 2000. Colorado, Michigan, North Dakota, Missouri, Utah, Ohio and Wisconsin have ballot measures for hemp/marijuana slated for a vote in the 2018 midterm elections.
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