More traction is being made daily in the United States and abroad to legalize marijuana use for medicinal purposes. Currently, there are a total of 36 states that have now legalized the use of cannabis for medical purposes, with that number hopefully expected to increase in the coming years. It’s essential to understand, however, that even in these states that have legalized it, there are still various regulations in place that you should be aware of. For example, in the state of Texas, patients with qualifying conditions are able to obtain a low-THC medical prescription from a doctor. But it is a crime to sell or cultivate any amount of marijuana in Texas.
Regardless, the cannabis industry is working to break away from the stigma of “the devil’s lettuce” in order to encourage users to recognize the benefits of medical marijuana with states trying to capitalize on legalization. If you have your doubts about the use of pot for medicinal purposes, here are a few things to keep in mind.
Legal Strides
Agencies like the Medical Marijuana Association have been at the forefront in promoting responsible and safe cannabis use for medicinal purposes from the legalization of CBD products to emerging medical marijuana programs across the United States. California was at the forefront of the medical cannabis movement with its legalization in 1996. Since that time, all but eight states have passed laws legalizing some form of medicinal weed. These regulations vary state by state, with some only allowing CBD for medical treatment, and others forbidding the smoking of marijuana but allowing it to be consumed in other ways.
While clearance for a medical marijuana program has yet to happen at the federal level, the Food and Drug Administration has approved drugs that are based on THC, the psychoactive agent in hemp. Dronabinol and nabilone are both prescribed to increase appetite, decrease nausea, and manage pain in patients suffering from a litany of chronic health conditions, including cancer and HIV/AIDS.
Medical Benefits
Medical marijuana groups and promoters have stressed that the interests of the industry are solely to encourage the health and welfare of patients suffering from a variety of long-term ailments. Researchers are continuing to study what medicinal weed can be used to for with studies in:
- Cancer
- Epilepsy
- Mental health conditions like schizophrenia
- Glaucoma
- Eating disorders
Medical cannabis helps patients by means of cannabinoids. These are the active chemicals in medical marijuana that are similar to chemicals that the body makes in relation to memory, appetite, movement, and pain. These cannabinoids have been discovered in some research to help manage feelings of anxiousness, control nausea caused by chemotherapy, and even relax tight muscles in people with multiple sclerosis.
Medical marijuana users have found that they can alleviate these symptoms, whether it’s by means of smoking hemp or ingesting cannabis through edibles like cookies and gummies. Cannabis use still comes with a stigma for some, which has led the industry to explore these other forms that allow users to enjoy the benefits of marijuana, without feeling like they have to spark up and create that noticeable odor.
An Expanding Industry
As the cannabis industry grows and combs its way through regulatory activity at various government levels, more brands and companies are looking to get in on the chance to grow. Special purpose acquisition companies, or SPAC, are being taken public by boutique investment bankers, raising millions of dollars in IPO proceeds to forge a business plan ahead. SPACs provide greater certainty of outcome and a lower capital cost than the traditional initial public offering. That’s because these acquisition companies are allowed to compete with more traditional private equity hedge funds.
Sponsors for these SPACs are the management of a blank check company charged with completing an acquisition. They receive a 20 percent stake on the grounds of helping something like a medical marijuana brand to ramp up ahead of an IPO. The sponsor works with investors to assure their share is actually worth something in the long run. With a public company, it’s important to be transparent with each individual investor to assure that SPAC shares are clearly outlined. The cannabis industry may soon find itself with the heavy hitters on the New York Stock Exchange, all in the name of helping cure what ails the average patient.