When the cost of drugs goes down: Colombia, China, and India go viral
A Chinese startup is making a major push into medical cannabis as well as another Chinese company.
The company, MediCiCann, plans to roll out the first cannabis strains from the company in China.
And India is one of the first countries to legalize recreational marijuana in 2018.
“The whole point is to develop and scale up the supply chain,” says Daniel Wong, the founder of MediCsiCanna.
“We are hoping that by 2020, India will have the capacity to have up to 50,000 patients, and by 2020 we expect to have 500,000 to 500,500 patients.”
In the United States, the marijuana industry is still in its infancy, but the trend has been on the rise.
“In 2016, medical marijuana was around $10 billion, and this year it’s around $30 billion,” says Dr. Scott Dorsett, the former head of the National Institute on Drug Abuse.
Dorset says the industry needs to be focused on growth, not innovation.
“One of the things we have to realize is that the marijuana market is not going to be a $1 billion market,” he says.
“This is not the new marijuana market.
This is a $20 billion market.”
The big players in the marijuana space, like MediCorps, are in the early stages of a push to expand their markets.
MediCorp’s first foray into the marijuana business was in 2015, when the company invested in the cultivation of hemp and developed hemp-based cannabis products.
It later became a licensed producer of CBD-rich oil, which is used to treat epilepsy, among other ailments.
MedCorps has also made significant investments in other industries, like the medical marijuana industry.
“It’s a lot like the tech world,” says Dorsert.
“When you start investing in startups, you have to have some kind of a vision, a plan.
And what we’re doing is building a vision.”
The MediCompany also has plans to open a dispensary in the United Kingdom.
“They’ve got a great facility in Manchester, which we’re looking at as a potential site,” Dorsitt says.
In 2018, the company plans to launch the first medical marijuana dispensary in Colorado, which will offer a full range of strains.
“If you look at the medical market, it’s still fairly fragmented,” says Wong.
“And I think there are really going to need a lot of new players to really get in.”
The company is hoping to have a product on the market by 2019.
The first dispensary in California will open by 2019, with other locations planned across the country.
The U.S. is also expected to have marijuana legalization in 2018, with the passage of the Marijuana Tax and Taxation Act in 2018 and the beginning of the new medical cannabis market in 2020.
“I think the industry is really moving at an accelerated pace,” says Burt, who has been working in the medical cannabis space for the past six years.
“There is a huge opportunity for growth.”
But it’s a much slower growth rate than the rest of the industry.
As far as how much of the marijuana product can be grown in a particular state, there is a lot less information about that, says Wong, noting that it’s not something that can be fully known until after the fact.
“So it’s just going to take a while to really understand what’s going on in that state,” he said.
And as for how much marijuana will be sold in a given state, that will depend on the number of dispensaries in the state, according to Dorsetts.
“You’re going to have to wait and see how much is sold in California,” he warns.
“But the big picture is we’re seeing a huge increase in the supply of cannabis,” he adds.
“Every state in the U.K. has had more than 1,000 dispensaries.
And in the states of the U., Australia, and Canada, there are more than 3,000.”