The Indian market is taking cue from its western counterparts and striving hard to legalize the cultivation of cannabis in India. Cannabis cultivation and trade is restricted in India. The cultivation of cannabis is allowed only for industrial and experimental purpose in specific areas, however, consumption of cannabis in any form is illegal.
Because of its inherent psychiatric qualities, use of cannabis-derived drugs has primarily found importance in medical areas where reducing pain and inducing sleep is required. The key factors, which are driving the growth of the cannabis-medicinal market in India, include the following:
- Growing political support from different political parties for legalizing cannabis for recreational and medical purposes
- Researches to study the medicinal properties of cannabis is being promoted by various big corporates and leading FMCG companies such as Patanjali.
- State regulations on cultivation of seeds and leaves for medical, horticulture and industrial purposes in India being promoted in a positive way, following the trend of recognised use of medicinal cannabis in more than 23 countries including Canada, Australia, and US
- Extensive research work is being done across India and is closely monitored by either state governments or regulated agencies for accurate results.
Though selling cannabis-derived drugs is still illegal in India, prominent public health institutions such as All Indian Institute of Medical Sciences (AIIMS), Tata Memorial Center and National Institute of Mental Health and Neurosciences (NIMHANS) are pursuing researches to find the potential utility of cannabis derived medicines in treating various ailments after conducting thorough and legal trials.
In April 2017, the Council of Scientific and Industrial Research – Indian Institute of Integrative Medicine (CSIR – IIIM) in collaboration with Bombay Hemp company (BOHECO) was issued a licence to grow cannabis by the ministry of health and welfare. The licence was given to improve research, reduce drug abuse and aid in treating cancer patients. The research work caters to developing a stable form of low-THC (tetrahydrocannabinol), that can be used for medical and industrial purposes. Cannabidiol (CBD), another ingredient in cannabis, is touted to be an effective component for pain management of chronic illness like stage 3 cancer and epilepsy in children. Further, the research would try to use medicinal cannabis in the treatment of various genetic diseases such as sickle-cell anaemia, among others.
If the Indian cannabis industry gets proper funding and easy access to permits, then the presence of quality research institutes involved in cultivation of controlled cannabis, with the same composition of THC and CBD component, can ensure that India can come up with cannabis-derived medicinal products by 2020.
ConsumerIntel360 has conducted country specific analysis across 20 key global markets, highlighting growth prospects of cannabis in various segments - medical, recreational, industrial, and consumer packaged goods. To know more, drop us an email on info@consumerintel360.com.
