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Medical cannabis is today widely prescribed by both allopathic and ayurvedic practitioners to treat a wide range of ailments ranging from muscle spasms to cancer and mental disorders, informed Abhishek Mohan, founder & CEO, HempStreet.
HempStreet is a government-approved medical cannabis startup in India.
At a time of global economic uncertainty, the medical cannabis industry is experiencing an unprecedented boom. In 2022, the global market for cannabis was estimated at USD 32 billion. By 2028, this figure is projected to be USD 57 billion – a compounded annual growth rate of 10 per cent, given the gloomy prognosis facing many other bellwether industries.
Medical cannabis is most frequently prescribed to address pain, muscle spasms, nausea and loss of appetite. Studies have also shown a positive effect on more severe illnesses, including cancer, Alzheimer’s, and diseases that affect the immune system, like Parkinson’s disease, HIV, AIDS, and multiple sclerosis (MS).
Medical cannabis has also proven extremely beneficial in treating issues tied to anxiety and stress, such as PTSD, depression, and sleep disorders. It is currently available in various forms, such as ingestibles, oils, creams, and sprays.
Shifting attitudes and an increased interest in traditional and herbal remedies have also seen medical cannabis enter the spotlight once more. The US, once one of the biggest critics of medical cannabis, has pulled an about-turn and medical cannabis is now legal in 37 states. In 2022, the US Congress approved medical research on cannabis through the Medical Marijuana and Cannabidiol Research Expansion Act.
“A similar pattern is slowly playing out in India. In 2022, the Central government clarified that the medical and scientific use of cannabis is not banned. With restrictions gradually being lifted, the medical usage of cannabis and additional research into its effectiveness is now in full swing,” Mohan explained.
He further added that the usage of medical cannabis is only set to grow in the coming years as countries worldwide loosen long-standing restrictions. With fewer government regulations in place, private businesses and entrepreneurs will be more willing to enter the market and explore further uses for cannabis.
“Changing societal attitudes will also see more people view medical cannabis as a viable alternative to traditional medicines, especially in matters of pain relief and management,” Mohan concluded.
Mankind’s relationship with cannabis goes back to millennia. Originating in what is today central Asia, the first recorded use of cannabis took place almost 3,000 years ago in China, where its medicinal value in treating ailments such as gout and malaria was recorded. Its medicinal properties were recorded by many of the world’s ancient civilisations, with texts from Greece, India, and Assyria all highlighting its role in treating an enormous array of health problems.
Having arrived in the country in 1,000 BC, the plant rapidly established itself as integral to both the cultural and religious spheres of life. Surviving texts highlight its multitude of medical uses – as a painkiller, anti-inflammatory, and anticonvulsant. The ability of cannabis to dull pain was so highly regarded that it was even frequently given to mothers during childbirth. Its psychoactive properties were also recognised and celebrated for their role in treating cognitive, emotional and mental ailments.
Over the subsequent millennium, the use of medicinal cannabis spread throughout Asia and Africa. Texts from Persia and the Arab Gulf speak of it being used to treat infectious diseases and gout, while in Africa, it was highly regarded for its anti-malarial properties.
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