MJBizMag May-June 2021 - 42
WELLNESS OUTLOOK
A greenhouse team grows medical marijuana at Vireo Health. Courtesy Photo
Marijuana's medical and wellness
benefits propelled state legalization
and formed the foundation of the
modern cannabis industry. While
recreational cannabis is grabbing
today's headlines, the industry's
future will be heavily shaped by
health and wellness goals that
executives would be wise to consider.
These include:
* Good Manufacturing Practice
(GMP) improves quality and safety,
facilitates scalability and will be
the norm if cannabis is legalized
federally. It behooves cannabis
manufacturers to familiarize
themselves with GMP now rather
than scramble later.
THE BUSINESS
OF HEALTH
Recreational and medical marijuana customers
use cannabis to address concerns
R
ecreational marijuana makes
the most headlines, but a large
number of cannabis consumers
buy and use the plant for medical and
wellness reasons. These include acute
medical conditions such as cancer,
chronic pain and epilepsy, as well as
wellness reasons including anxiety,
muscle strains and sleep problems.
To understand their consumers'
needs, marijuana product
manufacturers and retailers must know
which cannabis products can help and
how to make them in a way that wins
consumer confidence.
There's a lot to consider:
* Federal legalization could
usher in new regulations
and standards governing how
cannabis facilities operate.
* Researchers are learning about
minor cannabinoids, which could
play a role in future cannabis-based
product development.
* Scientists brought over from the
pharmaceutical industry are helping
revolutionize cannabis products in
a way that will make them more
palatable-literally and figuratively.
" It's important to understand
where this industry is going to go
long term, " said Albert Gutierrez,
CEO of MedPharm Holdings, a
Denver company that cultivates and
manufactures cannabis products at a
Good Manufacturing Practice-certified
facility. " We want to make sure we're
following standards that will meet
federal guidelines to serve customers
or even serve researchers. "
42 Marijuana Business Magazine | May-June 2021
* The benefits of minor cannabinoids
are becoming better understood,
and product manufacturers and
formulators looking to gain an edge
over their competition would do
well to examine how they fit into
existing business strategies.
* Chronic pain remains the leading
condition cited by patients
applying for medical marijuana
cards, but the COVID-19 pandemic
has prompted many consumers
to use cannabis to better handle
sleep and anxiety issues.
* Connecting with patients and
understanding their needs remains
a fundamental component of
medical marijuana programs. As the
industry matures, there are more
ways to collect helpful data about
patient needs and product effects.
* A dearth of doctors who support
medical marijuana and are willing
to recommend it to patients
remains acute, but some physicians
say attitudes among their peers
are evolving.
While state-of-the-art facilities and
science will play a large role in shaping
the industry, so will established tactics
such as building patient relationships
and keeping records about the effects
cannabis products are having.
In the following pages, readers will get
firsthand insights from executives who
are paving the way for marijuana's future.
MJBizMag May-June 2021
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