Report: CBD Oil Market Valued at $2.42 Billion, to Grow to Over $15 Billion by 2028

According to a new report by Insight partners, the market for cannabidiol (CBD) oil has grown to $2.42 billion, and is expected to surpass $15 billion within the next six years.

The CBD Oil Market report found that the CBD oil market size is expected to grow from USD 2.42 billion in 2021 to USD 15.66 billion by 2028; it is expected to grow at a compound annual growth rate (CAGR) of 31.2% from 2022 to 2028.

“Aurora Cannabis Inc.; Endoca; Medical Marijuana, Inc.; Nuleaf Naturals, LLC; Elixinol Global Limited; CV Sciences, Inc.; Canopy Growth, and Folium Biosciences are the leading market players profiled during the study”, states the report. “Several other major companies were also analyzed during the course study to get a holistic view of the global CBD oil market.”
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Colorado Votes Next Month on Initiative to Legalize Psychedelics

Colorado voters in just 24 days will be deciding whether or not to legalize psychedelics, including licensed healing centers, making them just the second state to do so following Oregon.

Proposition 122 is on the November 8th ballot in Colorado. The measure would decriminalize the possession, cultivation, consumption and sharing (for those aged 21 and older) of the following hallucinogenic/entheogenic plants and fungi, which are currently classified as Schedule I controlled substances under state law:

  • dimethyltryptamine (DMT);
  • ibogaine;
  • mescaline (excluding peyote);
  • psilocybin*; and
  • psilocyn*.
*Hallucinogenic chemicals found in magic mushrooms

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Study: Anxiolytic Effects of CBD on Frontline Health Care Workers Maintains for Up to a Month

The anxiolytic (anti-anxiety) effects of CBD in frontline health care professionals during the COVID-19 pandemic were maintained up to 1 month after the treatment discontinuation, “suggesting a persistent decrease in anxiety in this group in the real world”.

This is according to a new study published by the journal Frontiers in Pharmacology, and epublished by the National Institute of Health. The study is titled Maintained anxiolytic effects of cannabidiol after treatment discontinuation in healthcare workers during the COVID-19 pandemic.

The objective of the study was to “assess whether the effects of oral administration of 300 mg of Cannabidiol (CBD) for 28 days on mental health are maintained for a period after the medication discontinuation.”
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Study: Cancer Patients with Refractory Pain May Find Relief With Oral Marijuana Spray

A new study published in the journal PLOS One has found that terminal cancer patients with refractory pain respond favorably to a marijuana spray containing equal parts THC and CBD.

“This pilot study aimed to assess the safety, tolerability, pharmacokinetics and exploratory analgesic effect of a novel water-soluble oro-buccal nanoparticle spray of a cannabis-based medicine in patients with advanced incurable malignancy with unrelieved pain from opioid analgesic”, states the study, which was conducted by researchers at the University of New South Wales and the University of Sydney.

For this multi-stage study, participants received a marijuana spray containing 2.5 mgs of THC and 2.5 mgs of CBD.
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Australian Capital Territory Decriminalizes Drug Possession

The Legislative Assembly for the Australian Capital Territory passed legislation today to decriminalize the possession of eight different drugs including MDMA, cocaine, psilocybin and LSD.

The Australian Capital Territory.

The Legislative Assembly for the Australian Capital Territory passed the legislation by a vote of 13 to 6. The measure was introduced by Labor Party MP Michael Pettersson. The Australian Capital Territory houses Canberra, Australia’s capital.

The new law will take effect in October of next year, and will decriminalize the possession of cocaine (1.5 grams), heroin (2 grams), MDMA (3 grams), methamphetamine (1.5 grams), amphetamine (2 grams), psilocybin (2 grams), lysergic acid (2 milligrams) and LSD (2 milligrams). Under the law those caught with these drugs would receive a $100 AUD fine rather than jail time. The fine could be waived if the person voluntarily completes a drug diversion program.
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Mission Green Launches Clemency Initiative to Release Parker Coleman, Serving 60 Years for Marijuana

Mission Green announced today the filing of a clemency petition for Parker Coleman, Jr., who is currently serving a 60-year federal sentence for marijuana-related offenses.

This filing along with several other petitions comes on the heels of President Biden’s historic mass pardon of anyone previously convicted on a federal charge of simple possession of marijuana.

Supported by Glass House Brands, Mission Green is working with the Academy for Justice to submit clemency petitions with the hope that the President will follow through on his promise to release those convicted of non-violent marijuana offenses. The submission for Mr. Coleman is part of a new campaign, the Cannabis Clemency Initiative, that seeks to help people still incarcerated on marijuana charges, beginning with those locked up in federal prison. The Initiative brings together criminal justice scholars and reform advocates to achieve its ambitious goals.
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Low-Dose THC Has Positive Effect on Morbidity, Quality of Life and Mortality in Geriatric and Palliative Patients

Low-dose THC “has a positive effect on morbidity, side effects, quality of life and mortality in geriatric and palliative patients”, according to a new study.

The study was published by the peer-reviewed journal peer-reviewed journal MMW – Fortschritte der Medizin, as well as on the website for the U.S. National Library of Medicine.

“Cannabis-containing medicines have been successfully used in our practice for more than 20 years in pain and especially in geriatric and palliative patients”, notes the abstract of the study. “While it was initially a very indication-specific use (pain, loss of appetite, etc.) and also with higher THC doses, this changed over time to low THC doses and a therapy focus on suffering-perpetuating symptoms and especially on stress (Matrix of Symptoms).”
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Study: THC/CBD Medications Provide Clinical Improvements to Poly Medicated Dementia Patients

A long-term THC/CBD medication “can be administered safely and with overall positive clinical improvement to poly medicated older adults with severe dementia and associated problems.”

This is according to a new study published in the peer-reviewed journal  Frontiers in Aging Neuroscience, and conducted by researchers in Switzerland.

“The management of behavioral symptoms and rigidity in patients with dementia constitutes a significant challenge”, according to researchers. “Short-term studies suggest an interest in the use of medical cannabis, but long-term data are lacking.”

With this in mind, the objective of this study “was to investigate the feasibility and long-term safety of administering tetrahydrocannabinol/cannabidiol (THC/CBD) treatment as an additional drug to a poly medicated population with severe dementia, evaluate clinical improvements, and collect information on the pharmacokinetics of cannabinoids and possible drug-drug interactions.”
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Study: “CBD Might be Beneficial in Alleviating UVB-Induced Skin Damage in Humans”

The findings of a new study “indicate that CBD might be beneficial in alleviating UVB-induced skin damage in humans.”

The study was published in the peer-reviewed journal Molecules, and was epublished by the U.S. National Institute of Health. It was conducted by researchers at Sichuan University in China.

“Cannabidiol (CBD) has emerged as a phytocannabinoid with various beneficial effects for the skin, including anti-photoaging effects, but its mechanisms of action are not fully elucidated”, states the study’s abstract. “The study assessed CBD’s photoprotective effects against acute ultraviolet B (UVB)-induced damage in HaCaT human keratinocyte cells and murine skin tissue.”
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D.C. Mayor Signs Law Doubling Medical Marijuana Possession Limit Among Other Changes

Washington D.C. Mayor Muriel Bowser has signed into law an emergency ordinance that will alter the district’s medical marijuana law.

Council Bill 240981 was signed by Mayor Bowser this week, allowing it to become law within 90 days.

In addition to increasing the possession limit for qualified medical marijuana patients from four ounces to eight, the proposal establishes “a sunset date for qualifying patients and caregivers whose registration card expired on or after March 1, 2020, to continue to purchase medicinal marijuana”.
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