cannabis-product-trends
Team Compassionate Care Advisors
October 19, 2023 Uncategorized 0 Comment

Trends in the Medical Marijuana Industry

Trends in our country’s social, economic, and political climates have created an atmosphere for medical marijuana and hemp-based products to flourish.

There has been a shift in the American public’s conception of medicine. This has included a greater focus on preventive health for chronic illnesses, which are widespread in the United States. For example, seven out of 10 deaths among Americans each year are from chronic
diseases, such as cancer and heart disease, and almost one out of every two adults has at least one chronic illness, many of which are preventable. The shift in thinking has included more open-mindedness to organic medical alternatives such as hemp seeds. The benefits of these seeds are numerous. According to EatHealthyLiveFit.com, they assist anxiety and depression, improve organ function, reduce inflammation, lower blood pressure, relieve constipation, improve skin health and immune system function, and offer a high source of fiber, protein and Omega-3 fatty acid.

The sale of hemp-based products has grown exponentially in the U.S. since the legalization of recreational marijuana use began in conjunction with further medical marijuana legislation in 2012, when consumers bought over $200 million during the year. In 2016, hemp-based products saw sales of $688 million in a variety of applications, including food, oils, supplements, personal care products, consumer textiles, and industrial applications. The Hemp Business Journal and the Vote Hemp non-profit organization estimate more than $1.2 billion will be sold in 2018, while
forecasting $1.8 billion for 2020.

A growing trend in the growing hemp bubble has been cannabidiol oil. Hemp and legal marijuana industries compound an annual growth rate of 59% for the oil, which is becoming one of the fastest-growing market categories in the U.S. According to the Hemp Business Journal, it is estimated to grow to $2.1 billion in consumer sales by 2020.

Part of this growth can also be attributed to the introduction of a new drug code in our legislation. Unlike the Controlled Substances Act (CSA), drug code 7350 includes only those extracts of the cannabis plant that fall within the CSA definition of marijuana. If a product consisted solely of parts of the plant excluded from the CSA definition, such product would not be included in the new drug code (7350) or in the drug code for marijuana (7360). This is important, as it is the first time that the federal government has explicitly stated that cannabinoids are not in and of themselves illegal substances—aside from THC, which is separately scheduled. Most importantly, the DEA tacitly acknowledged that cannabinoids are legal when sourced from industrial hemp cultivated lawfully pursuant to a state’s industrial hemp laws, enacted under the 2014 US Farm Bill. This is because “industrial hemp” is itself specifically excluded from the CSA’s definition of marijuana in Section 7606 of the Farm Bill. Since industrial hemp is excluded from the definition, and a “product consisting solely of parts of the cannabis plant excluded from the CSA definition of marijuana” is not included in the new drug code, then a product such as cannabinoid is also excluded from the CSA and is thus legal, at least at the federal level.

In our current social climate, however, with the public’s understanding of policymaking thwarted by the marginalization of civics classes and life’s infinite distractions, the average American is not aware of such political-legal developments. This downward trend in civic awareness has translated into consumer confusion in the realm of health care. According to Alegeus’s 2017 report on “Healthcare State of Denial,” the most common words used by consumers to describe their feelings about healthcare in America are “powerless,” “confused,” “frustrated,” “overwhelmed,” “anxious,” and “skeptical.”

A demoralizing reality, yes, but in the spirit of forward-thinking, this presents us with an opportunity to educate and develop into experts. In Washington State alone there are over 800 CBD products in the marketplace, confusing consumerism. The confusion is compounded by the do-it-yourself ethos encouraged by the Internet’s bottomless agora of products, marketing, and information both factual and misleading. Many people who experience a health crisis at some point in their lives entertain the option of alternative medicine. Acupuncture, iron chelation therapy, exotic Chinese herbs—interest in these therapies and others like them originate from word of mouth, marketing claims, and the curiosity of the patients themselves, especially when Western medicine has proven ineffective in treating the patient. We at Compassionate Care Advisors collaborate with doctors to research burgeoning health options so that we may act as a reliable party of oversight for consumers. The creation of message boards, blogs, and leveraging of other social media platforms can be used beyond marketing purposes, to encourage discussion of consumer experience with newly available, scarcely researched health products.

In our work for MarijuanaDoctors.com, we investigated exotic therapeutic agents such as kratom. The availability of such substances on the Internet has made their use even more likely and risky, particularly with the support of misleading marketing tactics and without the management and oversight of physicians. In the United States, federal agencies have identified kratom as an emerging drug of abuse amidst the opioid epidemic, but it has been increasingly purchased from online sources for self-medication by individuals suffering from chronic pain and withdrawal symptoms from opioids, heroin, methadone, or suboxone use. Its anxiolytic and antidepressant effects have also drawn Western kratom users.

Like other therapeutic agents, kratom is also at the center of a much larger narrative: the use of natural substances to enhance human function, an enduring and cross-cultural phenomenon in the evolution of humanity. And it is this ability here at CCA—to understand the larger, implicit narratives in our clients’ dealings—that gives us an edge over other marketing firms. The competing, conflicting perspectives and data accompanying medical products are commonplace in the Information Age, and there is never uniformity or certainty in evidence. We at CCA have the ability to delve into even the most challenging subjects for the benefit of our clients and the consumers within their scope.