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Background
01. History of Cannabis-as-a-Medicine
Cannabis is a plant with a long and colorful history. It has origins tracing back to the ancient world with evidence suggesting its use more than 5,000 years ago in what is now Romania. As far back as 2800 BC, cannabis was used to treat a vast array of health problems. From there, it was used as a patent medicine during the 19th and early 20th centuries, as described in the United States Pharmacopoeia for the first time in 1850.
In 1942, subsequent to the Act of 1937, cannabis was officially dropped from the United States Pharmacopoeia. Beyond criminalization, these legislative actions contributed to creating limitations on scientific research by restricting procurement of cannabis for academic and research institutions.
In 1996 California became the first state to legally allow doctors to prescribe cannabis for medical purposes. In 2012, CBD—the non-psychoactive compound in cannabis that is believed to have a number of health benefits—was shown to alleviate symptoms of schizophrenia in patients comparable to a conventional antipsychotic drug. In 2016, Australia legalised medical cannabis and its cultivation for medicinal purposes, and in 2017, CBD was demonstrated to reduce seizures in childhood epilepsy in a placebo-controlled trial.
However, in December 2022, the United States Congress passed the Medical Marijuana and Cannabidiol Research Act which opens the door to scientific research and restores the patient-physician relationship.
In 1942, subsequent to the Act of 1937, cannabis was officially dropped from the United States Pharmacopoeia. Beyond criminalization, these legislative actions contributed to creating limitations on scientific research by restricting procurement of cannabis for academic and research institutions.
In 1996 California became the first state to legally allow doctors to prescribe cannabis for medical purposes. In 2012, CBD—the non-psychoactive compound in cannabis that is believed to have a number of health benefits—was shown to alleviate symptoms of schizophrenia in patients comparable to a conventional antipsychotic drug. In 2016, Australia legalised medical cannabis and its cultivation for medicinal purposes, and in 2017, CBD was demonstrated to reduce seizures in childhood epilepsy in a placebo-controlled trial.
However, in December 2022, the United States Congress passed the Medical Marijuana and Cannabidiol Research Act which opens the door to scientific research and restores the patient-physician relationship.
02. Current State of the Market
The global cannabis pharmaceutical market size was valued at USD 943.5 million in 2021. Over the next few years, cannabis therapeutics is projected to expand at a Compound Annual Growth Rate (CAGR) of 101.7%.
The global market for cannabis therapeutics is also experiencing rapid expansion. For instance, medical cannabis is legal in countries such as Australia, Barbados, Canada, Chile, Colombia, Costa Rica, Cyprus, Czech Republic, Denmark, Finland, Poland, Portugal, and the United Kingdom among others.
The global market for cannabis therapeutics is also experiencing rapid expansion. For instance, medical cannabis is legal in countries such as Australia, Barbados, Canada, Chile, Colombia, Costa Rica, Cyprus, Czech Republic, Denmark, Finland, Poland, Portugal, and the United Kingdom among others.
03. The Benefits of Medicinal Cannabis
In 1999, the National Academies of Sciences, Engineering, and Medicine supported the use of cannabis-as-a-medicine. With a science-based, data-driven approach, ExstoBio is focused on the global development and commercialization of cannabinoid-based pharmaceutical drug product candidates.
Through R&D and planned clinical trials, ExstoBio is committed to furthering the understanding of cannabinoids with the development of its pharmaceutical drug product candidates and intellectual property activities to protect its novel formulations.
Additionally, ExstoBio is dedicated to delivering high quality, cGMP-compliant cannabinoid products that you can trust. ExstoBio is elevating cannabinoid-based therapeutics as the standard of care in pursuit of a transformational impact on patients’ lives around the world.
Through R&D and planned clinical trials, ExstoBio is committed to furthering the understanding of cannabinoids with the development of its pharmaceutical drug product candidates and intellectual property activities to protect its novel formulations.
Additionally, ExstoBio is dedicated to delivering high quality, cGMP-compliant cannabinoid products that you can trust. ExstoBio is elevating cannabinoid-based therapeutics as the standard of care in pursuit of a transformational impact on patients’ lives around the world.
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