The cannabis extracts include a wide range of products from marijuana and hemp. These extracts have high levels of cannabinoids such as THC (tetrahydrocannabinol) and CBD (cannabidiol), extremely higher by weight compared to dry cannabis leaves, flowers, or stems. The hemp extracts contain high levels of CBD and marijuana extracts contain high levels of THC. The cannabis extracts are a budding sector of the cannabis market as customers start to discover their adaptability and health benefits than traditional types of cannabis consumption. The cannabis extracts are produced by passing a solvent from delicately ground cured or fresh cannabis material, counting the leaves, flowers, and stems. When prepared with fresh flowers, the extracts are called live resin. The common solvents comprise of safe choices such as CO2 or solvents such as hexane, butane, and more that can be lethal if not correctly purged from the extract.
The increasing adoption of medical marijuana for the therapeutic use in chronic diseases like arthritis, cancer, and Alzheimer’s disease—also neurological disorders like depression, anxiety, and epilepsy—is a chief aspect driving the market. The augmenting legalization of medical cannabis in different countries so as to curtail the black market and give easy access to patients is also estimated to stimulate market growth. The marijuana market, in general, has been booming owing to its augmented adoption for recreational & medical purposes. The legalization or decriminalization of medical marijuana in a few countries has resulted in a significant decline in the black market since people are resorting to lawfully purchasing the same. Furthermore, the administrative revenue from taxation is considered as a prospect for countries to acquire higher revenues.
The tinctures and oils are generally used in the treatment of conditions like cancer, symptoms such as nausea, and psychological disorders. The extracts are also utilized for recreational purposes like vaping. With regard to legality, laws related to extracts—such as CBD oil—are more compliant than that of dried buds, which have all marijuana components. Furthermore, the demand for cannabis extracts is surging and these products are expected to gain impetus in the future owing to their ease of consumption in edible and vapor form and as a result of the gradually diminishing social stigma concerning smoking of cannabis buds.
The high occurrence of cancer is predicted to be one of the key factors boosting the market. As per WHO (World Health Organization), cancer is the second major cause of fatality globally and caused over 8.8 Million deaths during 2015. Additionally, the surging disease burden of chronic pain and a mounting need for pain management therapies around the world are likely to boost the demand for medical marijuana. The children undergoing cannabis therapy are recommended with cannabis oils owing to age constraints and due to the fact that its dosage can be accurately calculated, which is tough to calculate in buds. The medical professionals or physicians suggesting medical cannabis need to monitor the correct consumption of THC, CBD, and other components that are part of the dose. To calculate this information from smoked cannabis is very tough and so, many physicians choose to prescribe cannabis oil and extracts.
The key players in the market are also expanding with partnerships, mergers & acquisitions and are adding in changing the dynamics of the global market. In recent times, PharmaCielo Ltd.—the Canadian parent of Colombia’s leading producer and cultivator of medicinal-grade cannabis extracts—declared that it has signed a three-year deal with XPhyto Therapeutics Corp. Under this agreement, PharmaCielo will provide medicinal-quality cannabis extract isolates and oils to XPhyto for study, further processing, product improvement and production at its EU GMP (European Union Good Manufacturing Practice) certified unit at Biberach and subsequently for sale across the German market.
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