Medical marijuana thrives despite stiff competition from the recreational sector. According to an August 2018 report from Global Market Insights, the medical pot industry can potentially exceed US$ 55 billion in 2024. Many Canadian and American companies have taken advantage of this boom with a variety of products. So far, the top five cannabis pharmaceutical firms with merchandise ready for the global market marketplace are:
GW Pharmaceuticals PLC grows premium-quality strains to manufacture drugs. The United States Food and Drug Administration already approve the pharma firm’s “Epidiolex” Cannabidiol oral emulsion. The solution has the capacity to treat seizures related to uncommon and acute epilepsy among patients above two years old. It is the first FDA-approved purified substance coming from marijuana. Sales will start by 2019. This company listed in a US stock exchange is the third-largest in earnings. Market analysts predict Epidiolex can bring in more than $1 billion of sales within the coming years.
Biotech company Zynerba Pharmaceuticals concentrates on transdermal medications. It is developing a CBD balm for the treatment of a genetic disorder called Fragile X Syndrome. Zynerba will also produce the THC patch for the skin to deal with Tourette’s Disease. This neurological syndrome has symptoms of recurring and reflex movements described as tics. The biotechnology company will seek FDA approval to market the CBD gel in the USA. The agency granted the cream Orphan Drug Status. It means the gel can treat an ailment that affects less than 200,000 individuals in the country. Zynerba Pharmaceuticals remains confident of obtaining FDA approval in accordance with its timelines.
French provider Sanofi belongs to one of the flourishing cannabis pharmaceutical firms. The company has a market ceiling of nearly $124 billion. The company’s current research involves different diseases such as multiple sclerosis that can benefit from CBD-based medications. Sanofi manufactured a drug, Dupixent for eczema may not have cannabis content. However, the projection is this product will earn $4.3 billion in earnings by the year 2022. It acquired Bioverativ, an American biotech corporation early this year.
Canadian MedReLeaf produces oils and gels like the Avidekel CBD Oil that provides therapeutic remedies with slight psychoactive effects. The company caters to the medical market in North America particularly Canada. MedReLeaf Corporation pioneered a Product Identification Number for more than 50 of its medical cannabis goods like the conventional drug ID numbers.
AbbVie may not be a cannabis company by itself. Yet, the industry lists it as a weed pharma company. The company’s synthetic marijuana medicine happens to be very popular. Marinol has artificial tetrahydrocannabinol (THC) that provides remedial properties. It helps alleviate symptoms of vomiting and nausea among many cancer patients. Health Canada has approved several of the company’s products for the possible treatment of grownups with recurring chronic lymphocytic leukemia.
There are many other cannabis pharmaceutical firms making a name in the medical as well as recreational weed market.
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