Cannabis is ‘in’ and the stigma of weed three-quarters ‘out.’ The cannabis business is booming, following cannabis’ medical and recreational legalization in 29 states in America and the District of Columbia.
A study released in June 2017, shows there are about 165,000 to 235,000 people working in jobs related to the weed industry. This means there are more marijuana workers than dental assistants, according to the Bureau of Labor Statistics. And the trend continues, with around 250,000 predicted jobs by 2020.
Cannabis-fingering entrepreneurs are doing well. So well, in fact, that stocks of major companies—like GW Pharmaceuticals PLC (GWPH), Tilray Inc. (TLRY), and India Globalization Capital Inc. (IGC)—shot through the roof late last week.
The Drug Enforcement Administration (DEA) had a finger in this profit by boosting cannabidiol (CBD) from schedule I to schedule V, which allows the Food and Drug Administration to approve certain drug products.
What’s the big thing with Cannabidiol?
Nothing really. Cannabis oil comes from two different extracts derived from the cannabis plant, more specifically from THC and CBD.
While THC is illegal due to its psychoactive components (that’s the drug that gets you “high” and impairs your motor skills), CBD is risk-free. It can be taken orally and applied on the body
Scientists report that CBD may be able to defeat neurodegenerative diseases like Alzheimer’s, multiple sclerosis and Parkinson’s, manage anxiety, treat epilepsy, and reverse obesity.
CBD may also stem pain, reduce acne and heal asthma.
Anything else? Well, it’s said to shrink cancer. Maybe. Maybe not.
According to Worldwide Cancer Research, “There is nowhere near enough scientific evidence to back up” the fact that it cures cancer, but there have been some “early laboratory studies which have given promising results.”
So what’s this to do with you?
The good news is that certain products and treatments that were verbotten are now permitted. Forget about inventions like cannabis-based asthma machines. There are cannabis-laced cookies and beer and candies (among other goodies), too.
The DEA’s approval, along with cannabis business growth, is also great news for military veterans, who overwhelmingly support legal medical cannabis.
In fact, the American Legion has spent years fighting for veterans to taste medical cannabis. Last year, the group petitioned the DEA to “recognize cannabis as a drug with potential medical value” and to “license privately funded medical marijuana production operations.” Earlier this year, it urged the Department of Veterans Affairs to allow its doctors to recommend medical cannabis.
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