The long-enduring struggle towards medical Marijuana legalization is just beginning to see light after more than 20 years. However, the growing concern is that Big Pharma is swooping in to monopolize the CBD oil industry. Big Pharma wants to capitalize mainly on the extracts from Marijuana that have pain-reducing properties. The worry of many Marijuana users is that, if Big Pharma finally succeeds in monopolizing the CBD oil market, they could turn the natural core of medicinal marijuana into some conveyor belt product such as opioid that has caused addiction to several people already. In America, the common reasons why Marijuana is taken is lack of sleep and pain.CBD oil and THC have been found to be safer for pain relief than sleeping pills and opioid painkillers which have deadly consequences at the end. Big Pharma’s monopoly of CBD industry could further prevent people from getting better on their own using natural methods.
Big Pharma trying to monopolize CBD industry
- The medicinal properties of CBD, a compound found in Marijuana is rashly attracting the focus of; scientists, venture capitalists, popular athletes, interested parties in plants medicines, dietary supplement organizations and Big Pharma. People living with the acute medical condition also have their attention drawn to CBD oil. According to Insiders Monopolization of CBD oil market by Big Pharma will yield a profit that is at the same level as the one of the National Football League.
- Before the end of last summer, GW Pharmaceuticals called for reforms that would have Food and Drug Administration (FDA) make CBD drugs legal and easy to obtain. GW Pharmaceuticals is a biopharmaceutical organization whose objective is to discover, grow and market the medicinal compounds of Marijuana. The company has for a long time received praises for being ahead in the probation of cannabinoid medicine. The only way CBD could become easy to sell and to market is when it is, transferred to a Schedule IV substance. The transfer was proposed by a Senate bill 95 in South Dakota.
- Even though there are other pharmaceutical companies developing cannabidiol-related medications, GW Pharmaceuticals is leading in the formulation of specified drugs derived from CBD and THC. The drugs are used for the treatment of epilepsy in children, cancer, and multiple sclerosis. A cannabinoid product known as Epidolex is set to be the first Marijuana based treatment to be approved by Food and Drug Administration (FDA) for treatment of acute epilepsy. Financial analyst predicts that Epidolex could generate about $1.1 billion in sales annually by the year 2021.
- GW Pharmaceuticals is also reformulating another drug known as Sativex for treatment of pain related to cancer. The same drug has so far been distributed in 14 countries. Sativex generates $15000 every year and on the other hand, dietary supplements with the same components go for half the price.
Food and Drug Administration (FDA) Cautions dietary Supplement Companies
- FDA has enhanced its observation on dietary supplement companies and has already issued letters warning them against positioning CBD as a dietary supplement. According to an article on FDA website, CBD products are not included in the definition of dietary supplement. The section of the law that FDA based its warning also states that, in the event that a substance such as CBD has been allowed for research as new drug and such research is made public, the product that contains the substance will not be included in the definition of a dietary supplement, unless the substance had to been marketed as a dietary supplement prior to the research authorization for the new drug. FDA, however, concludes that this does not apply to CBD.
- This broadly implies that, if a pharmaceutical organization becomes first in coming up with the CBD-related pharmaceutical drug, dietary supplement companies will not be allowed to position CBD as a dietary supplement, unless the product existed at the time when the conditions stated by the law were met. Big Pharma is not blocked from presenting their version of the product in the marketplace even if a dietary supplement company has already brought their own.
- American Herbal Products Association is a trading company that is focused on supporting a well-organized business of herbs and herbal products. The association’s president is concerned that Pharma is being offered an exclusive market when on the other hand they are being given a shared marketplace.
Big Pharma’s capitalization on CBD
Even as Big Pharma tries to capitalize on CBD compound only, experts and Marijuana advocates have argued that a combination of THC and CBD works more effectively than a single molecule. Scientists have now found that THC also has some medicinal properties. According to a recently conducted animal research, THC can help an aging brain through, reduction and reversal of the aging process and, improvement of the overall mental process. However, to achieve the health benefits of THC, it first has to be balanced with CBD oil so as to minimize psychoactive influence. People suffering from dementia can greatly benefit from the medicinal properties of THC. The law only allows the dietary supplement companies to get CBD from industrial hemp plants which do not contain sufficient levels of resin as compared to Marijuana. Marijuana is a potential medical plant because it has large quantities of the same cannabinoid found in your body.