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2024’s Hottest Global Medical Cannabis Market Trends

Aug. 01, 2024 by SOMAÍ Pharmaceuticals

A massive dose of energy has jolted the global cannabis markets. 

The United States Department of Health and Human Services (HHS) report stating that cannabis is safe and effective for at least 15 indications was a shot in the arm for all regulators looking to change cannabis policy in their countries. Germany, the largest European Union country and one of the most influential, decriminalized cannabis and removed it from the narcotics listing. Germany’s policy movements have sent many other EU countries scrambling to create policies for safe cannabis consumption. Additionally, the high probability of the U.S. rescheduling cannabis to a Schedule III medicine will undoubtedly continue shifting the global medical cannabis landscape. 

These changes are leading investors and companies to invest heavily in the global medical cannabis markets. Some of the hottest trends in those international medical cannabis markets are the upward trajectories of clinics, dispensaries and edibles.

Cannabis Clinics Increase Patient Access

Cannabis clinics are emerging as one of the easiest ways for patients to obtain a cannabis prescription. New patients who want cannabis are reaching out to specialized doctors who understand cannabis and work with clinics that quickly and easily fill prescriptions. 

Although most general practitioners (GPs) covered by the health system can also prescribe cannabis, they simply aren’t very knowledgeable about cannabis or the latest products. Because of this lack of knowledge, new patients are searching online to find clinics that specialize in cannabis and can guide them to the best product. 

Additionally, as cannabis prescription costs have fallen to practically free, European patients who are used to free healthcare consultations and medicines feel less burdened by low fees. 

Experts predict that clinics will only continue to grow as more doctors join these ventures and drive prescription generation for patients who are searching for convenient cannabis access and knowledgeable providers. As new countries legalize medical cannabis in 2024 and 2025, expect clinic expansion to continue. I predict that more and more clinics will open globally and will see an increased volume in cannabis sales because of their efforts to make it easy to obtain.

Dispensary Models Gain International Traction

Patients from around the globe continue to demand a better experience than in the early days of medical cannabis, when it would take weeks to get a prescription and receive your medical cannabis, only to be disappointed in the product an uninformed doctor or pharmacist told you to buy. Dispensary pharmacies that specialize in cannabis are popping up in Australia and Switzerland and will soon open in Germany as patients demand more knowledgeable recommendations and faster service. 

Although medical dispensaries resemble U.S. and Canadian-style stores, they are pharmacies (except Switzerland, which has both medical and recreational markets). 

Pharmacists own EU cannabis pharmacies, but the staff more closely resembles U.S. and Canadian budtenders, as they are familiar with the products and the latest advancements in cannabis. Pharmacy staff can legally guide patients through choices doctors are unaware of. Most importantly, you can walk in and get your medicine immediately. 

As 2024 progresses, expect more cannabis dispensaries to appear in almost every cannabis market. Customers want knowledgeable people to guide their purchases since most of what consumers learn comes through the Internet. The experience of receiving your prescription and filling it that day is becoming a global standard for medical cannabis companies to work toward.

Consumers Clamor for Cannabis Edibles and Vapes

Like mature markets in the U.S. dominated by edibles and vapes as an alternative to flower, the global medical markets want the same products. The only drawbacks are regulatory issues. 

Cannabis vaporizer cartridges are not an approved medical device, and edibles, like gummies, must conform to stability requirements and have at least a one-year shelf life. Both points are challenging, yet vaporizers and edibles have nevertheless started appearing in the United Kingdom, Germany and Australia. 

Vaporizer cartridges may never be a true medical delivery device, but many companies are trying to market them that way. In general, vaping, rather than rolling a joint, is seen as less harmful, and regulators are disregarding the products. As for edibles, once you solve the problem of shelf stability, many regulators and consumers worry that the candy-like formulas may interest children. However, there are plenty of examples of pharmaceutical products that taste great, and patient compliance to regimens wins those arguments. 

Expect edibles and vaporizers to increasingly appear on the market as 2024 progresses and 2025 rolls in.

Patient-Driven Shifts in the Medical Cannabis Product Market

Trends concerning clinics, dispensaries, and novel formulations like vapes and edibles prove that patient-driven demands drive the complexities of medical markets. These advancements will create more education, increase access, and ultimately take a bite out of the illicit market. 

If these changes in the medical cannabis market seem very similar to adult-use cannabis markets, it is because medical markets have often used recreational markets as a framework. While policy establishes medical and pharmaceutical models, the feel of the industry emphasizes better patient experience and education.

Article by Michael Sassano originally published in Krautinvest.