Many countries and authorities have therefore chosen to pave the way for various forms of legalisation of cannabis for medical purposes, which has resulted in a very positive market development, where we have most likely only seen “the first wave”. The American medical cannabis market – currently the most legitimate market in the world – generated a revenue of USD 6.7 billion in 2016, with expected sales of USD 21.8 billion by 2020.
The Australian medical cannabis market – which is more similar to Europe with respect to legalisation – is currently estimated at USD 75-115 million per year, according to the University of Sydney. The Australian industry would have to produce 8,000 kg/litre of medical cannabis per year to meet the current medical needs. If that number is transformed to the population of Europe and Denmark, we are talking about a medical cannabis market in Europe of 246,000 kg/litre and in Denmark of 1,900 kg/litre.
Due to the demands of the Danish Medicines Agency, the production of medical cannabis will in the first phase be
based upon import of raw materials (THC and CBD)
The CiBiD Group has entered into a cooperation agreement with HB Medical about production of medical cannabis – produced under GMP. This agreement permits us to offer a high quality intermediate product to pharmacies which both patients and authorities can have confidence in.
The CiBiD Group will continuously evaluate the opportunities and the value of cooperating with international pharma companies regarding development of new medical products based on cannabis.
As some conservatism is anticipated among Danish doctors who are to prescribe the product and take responsibility for the treatment with medical cannabis, a slow start is expected in this market segment.
The CiBiD Group will – together with patient associations – regularly arrange conferences for doctors and other stakeholders, including politicians, about the use and evidence of medical cannabis.