A study done by New Frontier Data in 2017 on medical cannabis researched the economic influence on the pharmaceutical industries if cannabis were to become legal on a national level.
The data shows that big pharma could fall an estimated $18.5 billion between 2016 and 2019. So, many think that the potent pharmaceutical lobby is behind the current administration’s efforts to cease legal cannabis in some states.
Continue reading the article to learn more…
Profit: More Important than Health?
According to Giadha Aguirre de Carcer, CEO and founder of New Frontier Data, the US constitutes 35 percent of the global pharmaceutical market and it is considered to be a main contributor to US economy.
So, this industry will be affected by the spread of legal cannabis because the sales of their drugs will drop. And, we are already seeing the usage of prescription meds in states with legal cannabis reducing by 11 percent.
So, if cannabis is nationally legalized, patients would turn more towards it as a replacement for pharmaceutical drugs. Though the $18.5 billion in losses may seem huge, medical cannabis is only a drop in the bucket in the pharmaceutical industry, some experts believe.
Other Nations with Regulations for Medical Cannabis
Mexico, Canada, Israel have established national medical cannabis programs. Moreover, Portugal and Uruguay have decriminalized all drugs in 2003 and 2001. And, Amsterdam is known for a relaxed enforcement of their cannabis laws.
Cannabis oil is beneficial for both youngsters and adults, even among people without serious illnesses. Many use it to relieve epilepsy in children and the results are much better than pharmaceutical meds.