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Medical Marijuana Continues to Grow

Written by Monica Savaglia
Posted February 6, 2018

Medical marijuana continues to make waves throughout the United States.

Last Thursday, a six-year-old girl in Texas was given medical marijuana to treat her epilepsy.

This was the very first person in the state of Texas to legally obtain a cannabis product.

And it was a six-year-old child. She received a low-THC, high-CBD oil from a dispensary called Knox Medical.

A nurse gave the little girl her first treatment and then made sure the child and her parents knew how to administer it.

Founder and CEO of Knox Medical Jose Hidalgo said:

Patients deserve medical relief and Knox Medical is proud to work with physicians and caregivers, and in close coordination with the Texas Department of Public Safety, to provide this medicine that exceeds the most rigorous standards of quality and consistency.

Dispensaries want to do everything by very high standards and in compliance with the government. After all, dispensaries are businesses, too.

They’re willing to work alongside the state to make sure patients can be treated. Dispensaries need patients, so they want to make everyone involved happy.

Hidalgo went on to say:

This is a historic day for Texas and we will work tirelessly to uphold the trust and responsibility the state has placed in [our company]... For Texans suffering from intractable epilepsy, the wait for medical cannabis is finally over.

The approval of medical marijuana continues to grow throughout the nation.

Earlier this month, the Virginia House of Delegates approved legislation that would increase the use of medical marijuana throughout the state.

Current laws in Virginia allowed state residents to possess cannabis oil for treatment of severe epilepsy.

However, the new legislation introduced by Delegate Ben Cline would allow doctors to prescribe marijuana extract for any diagnosed condition or disease.

If it isn’t already apparent, the public opinion on marijuana is shifting.

It's Time to Accept Medical Marijuana

According to Pew Research Center, in 1969, 84% of Americans thought the drug should be illegal. However, by 2017, only 37% believe the drug should be illegal.

That percentage could very well continue to drop in the next few years as more research and awareness of the drug surfaces.

Gradually, medical marijuana is getting less and less stigmatized as being a harmful substance.

Research and studies in favor of cannabis continue to be released, showing marijuana in a different light...

A light that could actually give patients optimism about their lives and, even more important, their health.

Delegate Eileen Filler-Corn is chief co-patron of the Virginia bill on the Democratic side. She’s been working on the proposal for four years.

Recently, she said:

It [medical marijuana] is a huge, huge deal, especially for people with epilepsy, multiple sclerosis, Crohn’s disease, or cancer. Things happen very slowly in legislature, and this was an educational process.

It’s no surprise that it has taken this long for lawmakers, doctors, and others to understand the benefits of medical marijuana.

We needed education on the drug. A lot of people were afraid to make that leap into research because of potential consequences.

Marijuana is classified as Schedule I substance under the Controlled Substances Act. Schedule I substances are considered to have a high potential for dependency and no accepted medical use, making the distribution of marijuana a federal offense.

While at the federal level marijuana still remains a Schedule I substance, it’s getting attention from lawmakers, and they’re beginning to understand the benefits of cannabis.

We’re taking cautious baby steps towards legalization. And that’s okay. I think the growing education on the drug will take us from cautious baby steps to giant leaps.

Lawmakers believe Virginia's medical marijuana bill was able to earn enough support for a few reasons:

  • More individuals lobbied for the bill.
  • A growing number of scientific studies are showing support for medical marijuana.
  • An increasing number of states have made medical marijuana legal.

Twenty-nine states, the District of Columbia, Guam, and Puerto Rico now allow for comprehensive public medical marijuana and cannabis programs.

That’s more than half of the country!

Senior Citizens Are Intrigued

On another note, medical marijuana has older generations very interested.

According to a survey from the National Institutes of Health, more than 11% of American adults have had pain every day for three months, and more than 17% had severe pain.

Getting older shouldn’t mean you have to deal with your pain.

This is why cannabis practitioners are reaching out to senior citizens to explain the effects of cannabis and how they can manage their pain with the drug.

One practitioner, Dr. Joseph Cohen, has been holding presentations to educate senior citizens on what medical marijuana can do for them, what they need to do to legally access it, and how to use products.

A recurring question that gets asked during these presentations is if cannabis can interact negatively with other medications.

Senior citizens are typically on multiple medicines, so this is an excellent question to bring up. 

Cohen explains that it rarely does, but patients should still remain cautious. Cannabis affects liver absorption, so it could affect anti-seizure or blood-thinning medications.

With any type of medical treatment, it’s always a good idea to consult a doctor before incorporating a new treatment.

Cohen started educating the masses on medical marijuana when he began using cannabis to treat his own migraines. Cannabis saved him from becoming dependent on Sumatriptan, a common migraine medication.

Since he started using cannabis for his migraines, it’s the first time he can remember ever being migraine-free.

This is why Cohen is a huge advocate for educating others about cannabis.

As more research comes out for marijuana, it will lead to wider acceptance, which means more states will fight for its legalization.

We're still at the very beginning. It'll be a lucrative opportunity for everyone involved. And I think people are just starting to realize that.

Until next time,

Monica Savaglia Signature Park Avenue Digest

Monica Savaglia

Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.

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