Medical cannabis round-up

OTCINACTION

Medical cannabis is a dynamic and fast-moving market, and of increasing interest to many Pharma and Big Tobacco marketers. In North America and Europe, several countries now allow, or are considering allowing, the medical use of cannabis or cannabinoids in some form, while CBD supplements are widely available.

Already in 2019 we’ve also seen new developments in this field in the Middle East and Asia-Pacific, with Israel’s Parliament, the Knesset, agreeing to the export of medical cannabis. Once the decision is formally approved by the Cabinet, this will allow Israel to participate in the rapidly expanding global cannabis market, and exports may begin in mid-2019. As for Thailand, its National Legislative Assembly has just passed the second and third readings of an amendment to the Narcotics Bill to allow the production, import, export, possession and use of cannabis and kratom products for medical and research purposes.

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One notable recent launch in the USA was Foria Basics Suppositories, a cannabidiol-based product formulated primarily to relieve menstrual cramps and discomfort. It also claims to relieve menopausal symptoms, inflammation and pain. The all-natural formula, which also includes 100% organic fair trade cocoa butter, delivers broad-spectrum CBD 100mg directly to the muscle and vascular tissues of the upper vagina and uterus. What’s unique about Foria Basics Suppositories is not just the delivery format, but also the menstrual pain positioning.

Medical cannabis was one of the hot OTC innovation trends of 2018, and Nicholas Hall’s OTC New Products Tracker now lists over 100 medical cannabis launches in its ever-growing archive. In 2018, we tracked 66 medical cannabis innovations, the majority emanating from the US market, followed by Germany and UK. 

Stay informed about the latest cannabis-related scientific and regulatory developments by subscribing to our sister publication OTC.NewDirections — the reliable source from NHC to keep up with all relevant developments in this fast-developing market worldwide. For more details, or to arrange a trial subscription, please contact melissa.lee@NicholasHall.com

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Medical cannabis products legal in UK

OTCINACTION

Three hot topics we focus on at OTC DASHBOARD, in our blogs and infographics, are OTC adjacencies, e-commerce and new technology. Medical cannabis falls within the sphere of OTC adjacencies, and here at Nicholas Hall & Company we believe that this category will progressively become part of the consumer healthcare market.

Recent legislative moves show that government attitudes to cannabis use are becoming more and more liberal. Just last week, the UK Home Secretary made the decision to allow the legal prescription of cannabis-derived medicinal products by specialist doctors. The UK’s regulatory agency, MHRA, is now working on a clear definition of what constitutes a cannabis-derived medicinal product.

The UK has also been one of several markets that have seen the launch of innovative cannabidiol (CBD) products, such as CannaQIX (Precision Healthcare / Creso). Launched in April 2018, CannaQIX is formulated with CBD organic hemp extract, as well as vitamins and minerals. Available as lozenges, the product is positioned as a cognitive booster that maintains mental and nervous function, reduces fatigue and releases energy. The product is also available in Switzerland and being rolled out across Europe.

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Other key countries for CBD products include Germany, Israel, Australia and the USA, with 45 products in the latter market already listed in our OTC New Products Tracker archive, in a variety of innovative formats including pens, vaporisers and gummy bears.

Canada is another country becoming more liberal in its approach to cannabis. In June 2018, legislation permitting Canadians to consume cannabis for recreational purposes was finalised, the final step that will pave the way for official legalisation in October 2018. The regulatory package is 390 pages long and provides details about how cannabis may be grown, harvested, processed and sold.

Looking ahead, Europe and North America are likely to be at the forefront of market development. According to a report from Prohibition Partners, the European cannabis market will be worth €115.7bn (US$135bn) by 2028, with the majority of European states expected to pass legislation to legalise medical cannabis programmes and recreational cannabis in that time.

Nicholas Hall’s upcoming OTC.NewDirections Executive Conference will reflect rising interest in the fast-developing cannabis market worldwide with two presentations on this key topic, from Canada and Israel. Being held on 12 September in London, this one-day meeting will explore Where Innovation Meets Regulation. For details of the full agenda or to reserve your place contact lianne.hill@NicholasHall.com