The widespread use of cannabidiol (CBD) oil products in medicine is one of the primary factors behind the growth of the legal cannabis market, according to a report by Technavio.
The market is set to grow at a CAGR of 24% until 2021, largely due to the medical applications of CBD in medicine and the growing awareness of its positive effects. Additionally, Technavio noted that the growing presence of online retailers will also significantly impact sales rates of the legal cannabis market.
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CBD oil is highly recommended for use in medicine because it can suppress the growth of cancer cells and therefore helps in the fight against cancer. According to the WHO, nearly one in six deaths is due to cancer globally, so growing awareness of CBD as a treatment option is expected to be largely responsible for the growth.
For instance, a study published by Queen Mary University in July 2018 found that adding CBD treatment to chemotherapy could have the potential to increase pancreatic survival rates by three times. The survival rate is currently below 7%.
"This is a remarkable result," commented lead researcher Marco Falasco. "We found that mice with pancreatic cancer survived nearly three times longer if a constituent of medicinal cannabis was added to their chemotherapy treatment."