Synthetic Cannabinoids Market Exhibits Higher Growth Prospects during 2019 2029

Posted on 2019-10-01 by Mark Hub in Food & Beverage // 0 Comments

Owing to the misuse in the past, synthetic cannabinoids have received a bad reputation. However, with the legalization of cannabis usage in multiple countries over recent years, companies have started research and development of new Synthetic Cannabinoids Market. Some of the new entrants in the cannabis industry have been focusing on increasing production capacities by setting up plantations, but researchers in prominent pharmaceutical industries have opted to develop synthetic cannabinoids. There are many stakeholders involved in the development of synthetic cannabinoids. Researchers, universities, and big pharma companies are some of the budding players in the cannabis market.

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Budding Synthetic Cannabinoids Market

The first synthetic cannabinoid was developed by Pfizer in 1979, but the production and usage of synthetic cannabinoids was restricted due to legality. In the following years, illegal synthetic cannabinoids were released in the underground market. “Spice” or “K2” was branded as fake pot, which was the main reason for the negative reputation for synthetic cannabinoids. Views for synthetic cannabinoids have changed with the legalization of the cannabis. The stigma involved with the usage of cannabinoids has reduced.

The major consumption of synthetic cannabinoids in the past was seen in the United States and Europe. The criminalization of synthetic cannabinoids was seen globally around 2009-2010. Spain remained the sole country that didn’t specifically criminalize synthetic cannabinoids like “Spice”. As reported by European Monitoring Centre for Drugs and Drug Addiction, 2.3 tons of synthetic cannabinoids were seized in 2015. With the heavy black market for synthetic cannabinoids, the popularity of the product is evident. The future of synthetic cannabinoids will be dependent on the clinical safety trials. With the acceptance of cannabinoids in the healthcare system, the market for synthetic cannabinoids is projected to rise.

Development of Synthetic Cannabinoids

The primary challenge for the cannabinoids market is the lack of supply in large quantities. Cannabinoids are an energy intensive crop and need heavy investments in terms of efforts and finances. To address the increasing demand for cannabinoids, the development of synthetic cannabinoids has taken priority. Currently synthesized alternatives for synthetic cannabinoids are H2CBD compounds. The main reason for these alternatives was the hypothesis that CBD derived from the marijuana plant can be converted to THC. Synthetic cannabinoids will help to curb this problem. Synthesized cannabinoids will make products cheaper for the common public to use.

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Faster FDA Approvals with Synthetic Cannabinoids

Main hurdles for companies to roll out CBD for regular usage are FDA approvals. As previously seen with synthetic alternatives for penicillin, approvals for synthetic compounds have high acceptance rate. A similar easement is likely to be observed for synthetic cannabinoids. Synthetic cannabinoids will make FDA approvals and clinical trials faster due to the absence of ambiguity involved in the production.

Currently many companies are working towards the development of synthetic cannabinoids. Companies like Hyasynth and CB Therapeutics have been working towards synthesizing synthetic cannabinoids from yeast. CannaBioRex and Katexco Pharmaceuticals have been involved in making medical grade synthetic cannabinoids. Gingko Bioworks signed deals with Canadian company Cronos with an investment of US$ 122 million. The main motivation for the deal is collaborative efforts towards developing synthetic cannabinoids. GW Pharmaceuticals is the only company to have FDA approved CBD infused drug in the market. As shown by previous strategies, the company is likely to be involved in development of synthetic cannabinoids. The key factors in determining the dominance of the synthetic cannabinoids market will be the patent or trademark of the synthesis process and the final product.

The research report presents a comprehensive assessment of the Synthetic Cannabinoids Market and contains thoughtful insights, facts, historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Synthetic Cannabinoids Market segments such as tea infusion type, sales channel & region.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Synthetic Cannabinoids Market segments and geographies.

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