Western medicine relies heavily on pharmaceutical companies to deliver medicines that treat and cure myriad disorders, diseases, and health conditions. As a result, the worldwide pharmaceutical market is worth about $1.3 trillion, and the top 10 pharma companies cumulatively earn over $392.5 billion per year. Unfortunately, changing cannabis laws could put a dent in those profits. In states that have legalized medical marijuana, patients tend to be willing to forego traditional pharmaceuticals in favor of cannabis treatments, which are perceived as more natural, safer, gentler, more affordable, and more fun. Even better, many states that have legalized cannabis to some degree allow qualified users to grow weed at home, which further reduces the financial burden of such medical treatment. Already, Big Pharma is losing more than $166 million annually to the cannabis industry; if all 50 states were to legalize medical marijuana, experts believe Big Pharma’s losses would total more than $4 billion.
Sean Hocking, Cannabis Law Report, 05/19/2021 19:17:00