The global cannabis pharmaceuticals market size was valued at USD 1.1 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 62.5% from 2023 to 2030. Wide scale applications of cannabis in various medical applications are driving the market. For instance, cannabis is widely used in the for treating patients suffering from chronic conditions, such as Parkinson’s disease, cancer, arthritis, Alzheimer’s disease, as well as neurologic problems such as depression, anxiety, and epilepsy. Moreover, there is growing disease burden of chronic pain and pain management therapies. This in turn is increasing cannabis product consumption as it is effective in pain management.
‘In the United States, GW Pharma’s cannabidiol drug Epidiolex ™ was approved by the Food and Drug Administration (FDA) in 2018 for the treatment of two epilepsy disorders, Dravet syndrome and Lennox-Gastaut syndrome. In the European Union, cannabidiol (Epidiolex™ ) is indicated for use as adjunctive therapy of seizures associated with Lennox Gastaut syndrome (LGS) or Dravet syndrome (DS), in conjunction with clobazam, for patients two years of age and older. In 2020, the label for Epidiolex™ in the US was expanded to include seizures associated with tuberous sclerosis complex. Epidiolex™/Epidiolex™ is the first prescription formulation of plant-derived cannabidiol approved by regulatory bodies in the US and Europe.
22nd Century’s commitment to becoming the global market leader for the supply of pharmaceutical grade cannabinoids is represented in their latest initiative, including the building of a manufacturing Center of Excellence in Prineville, Oregon. Annual manufacturing capacity of CBD and CBG (Cannabigerol) is initially anticipated to be more than 250 Metric Tons; the modular design of the facility is being engineered to seamlessly achieve further high-volume stepwise scalability gradients, driven by increasing market demand, with no significant regulatory adjustments to the established processes.
