The US hemp market will likely see many CBD-based products in the coming year. Big companies, including Aurora Cannabis, are pouring in resources to develop products for US consumers. The research focuses on medical and non-medical products. The US market will likely be one of the most lucrative markets. Brightfield Group estimates that the CBD market could hit about $23.7 billion by 2023.
Aurora Cannabis launches new trials
On Wednesday, Aurora Cannabis announced that it will conduct new clinical research in partnership with UFC. The clinical research focuses on the effects of hemp-derived CBD on certain treatments for MMA athletes. Specifically, Aurora Cannabis will conduct clinical trials for inflammation, wound-healing, pain, and athletic recovery.
While Aurora Cannabis (ACB) focuses on medical cannabis, it’s also involved in the recreational cannabis market. Aurora Cannabis, Canopy Growth (WEED) (CGC), and Tilray (TLRY) are racing to acquire a piece of the CBD market. However, the process isn’t going to be easy. First, the CBD-derived products need to pass the FDA’s approval process before commercialization. Science will need to back the product. For medical products, the norm is to conduct clinical research to back the products by science. There has been a lot of emphasis on creating products backed by science.
Aurora Cannabis stated that after the clinical research, the “Research data will then be used to drive the development of science-backed, hemp-derived CBD topicals that will be safe and reliable.”
Currently, the participants in the cannabis industry are conducting clinical trials on several medical conditions. To learn more, read Medical Cannabis for Heart and Blood Pressure Patients.
Scope in the cannabis industry
For cannabis, the application has an impressive scope. For example, the THC component found in cannabis has recreational uses. The CBD component has medical uses, while hemp has several commercial and industrial uses. As a result, investing in the cannabis industry is exciting. Each company can make its own place in the market by focusing on a specific product or use.
In other news, CannTrust (CTST) fell almost 22% on Wednesday. The Globe and Mail reported that the company’s executives knew that it didn’t comply with Health Canada’s regulations. To learn more, read CannTrust Stock Fell 22% Due to New Information and CannTrust Stock Might Fall Below $1.