Gone are the days when there’s a lot of taboo and misconceptions surrounding the use of cannabis for medicinal purposes. In the healthcare industry today, a growing number of clinical studies point out the health benefits of medical marijuana.
Medicinal use of cannabis has been widely accepted and legalized to a degree in the US, Canada, and the UK. And in Australia, recent amendments to the Narcotic Drugs Act 1967 decriminalizes the supply and use of medicinal cannabis. Recreational use of this substance remains illegal.
With the circulation of CBD oil in Australia, the public can now enjoy the health benefits associated with marijuana without the mind-altering “high” and purely for medicinal purposes.” Yes, you heard that right – without the “high.”
What’s the legal status of CBD in Australia?
But there are specific requirements for people to access medicinal cannabis. Before even attempting to purchase any of these products, it’s best to know the rules.
Marijuana and hemp both come from the Cannabis genus. Cannabis oil from marijuana is illegal. Hemp oil, which basically contains lower THC, is legal only for SOME people. In Australia, the use of medicinal cannabis was first decriminalized in Victoria. Queensland, NSW, ACT, Tasmania, and WA followed suit after the successful implementation of Victoria.
For patients to access this product, they must consult the doctor first. Then, the physician has to apply for the approval to prescribe from the State Health Department and Commonwealth Therapeutic Goods Administration.
Contrary to popular belief, medicinal cannabis isn’t taken via smoke. It’s administered as diluted cannabis oil via vaporized liquids, oil drops, tinctures, oral spray, and capsule.
How is CBD oil different from other cannabis-based products?
CBD oil is derived from the cannabis plant. Recent studies show that cannabis contains over 400 bioactive molecules. 100 of these molecules are called cannabinoids, a diverse group of chemicals that produces different effects. Two of the main cannabinoids discovered to have therapeutic benefits are cannabidiol (CBD) and delta-9-tetrahydrocannabinol (THC).
Until the recent discovery of CBD oil, the most popular cannabis compound is delta-9 tetrahydrocannabinol (THC). Although THC has been proven to help alleviate chemotherapy-induced vomiting and nausea, it is also found to have psychoactive effects.
What sets CBD oil different from THC is the fact that it’s not psychoactive. It does not give the user the same “high” they can get from THC products. In the future, experts predict that CBD oil will become a staple in many products, including cosmetics, perfumes, and food.
What are the serious health conditions that can be treated with CBD oil?
Since Australia’s federal level legalization of medicinal cannabis in February 2016, the number of users has been on the rise. And for good reasons. Studies show that CBD oil can help treat the following serious health conditions:
- Epilepsy – Especially for children, the use of cannabinoid helps treat treatment-resistant epilepsy conditions. Studies featuring epileptic children show that frequency of seizures drop by more than 20%.
- Insomnia – The sedative properties of this substance are also proven to help fix sleeping problems, such as fibromyalgia and sleep apnea.
- Nausea due to Chemotherapy – The Cochrane Collaboration in 2015 discovered that chemotherapy patients taking cannabis-based products are three times less likely to suffer from nausea.
- Multiple Sclerosis – In the UK, a study being run in 22 institutions in 2012 shows reports on patients showing significant improvement in handling their painful muscle spasms with the help of medicinal cannabis.
- Chronic Pain – Especially for patients with severe arthritis, there’s a growing evidence that medicinal cannabis can help dull the pain.
What’s the potential of CBD Oil as a billion-dollar business in Australia?
CBD oil in Australia is projected to become the next billion-dollar business mainly because of its positive impact on healthcare.
A 2018 report by Global View Research shows that the global market for medicinal marijuana is set to reach US$146.4 billion by 2025. Based on further studies, the firm currently valued the Australian cannabis market at A$6.3 billion. Currently, there are now more than 1,000 registered patients in Australia receiving cannabis-based prescription medication. In 2028, the number is expected to reach 400,000.
Matthijs Smith, a senior analyst at CanaccordGenuity Group investment bank, said that 2019 is a lucrative year for the Australian cannabis industry as it strategically positions itself as a local and global market player.
The healthcare industry has indeed been showing significant improvements in the past centuries. Who would have thought that cannabis, which used to be illegal, has now been clinically proven to alleviate some of the serious health conditions. It’s only just a matter of months or a couple of years for the approval of science-backed medicinal cannabis products.