Biotech Innovations Drive Cannabinoid-Based Pharmaceutical Market Growth

As the medical marijuana market continues to grow, so does the number of biotech companies expanding their research into the development of innovative cannabinoid-based pharmaceuticals and delivery systems. It is estimated that the U.S. consumer market for cannabinoid pharmaceuticals will increase exponentially in upcoming years, exceeding $50 billion by 2029, according to Statista. This doesn’t appear to be a lofty forecast, given the prominence this market segment has gained by the sustained efforts and innovations of leading biotech companies such as InMed Pharmaceuticals, Inc. (IMLFF) (InMed Profile), GW Pharmaceuticals plc (GWPH), Zynerba Pharmaceuticals, Inc. (ZYNE), AXIM® Biotechnologies, Inc. (AXIM) and OWC Pharmaceutical Research Corp. (OWCP). From multiple sclerosis symptoms to gastrointestinal problems and rare skin conditions, cannabinoids are increasingly demonstrating potential for a variety of medical conditions. The biotech companies developing and commercializing these new therapies are on a path to market stardom.

Topical delivery, targeting to treat diseases on a local (rather than systemic) basis, is a preferred approach for various cannabinoid therapies, especially those targeting skin conditions. Canada-based InMed Pharmaceuticals, Inc. (IMLFF) (InMed Profile), flagship product, INM-750, is a cannabinoid-based topical therapy for a rare skin condition called Epidermolysis Bullosa (EB). INM-750 is the first treatment ever developed specifically for this disease. Although, as of now, there is no cure for EB, INM-750 has the potential to accelerate wound healing and skin regeneration; alleviate several symptoms such as inflammation, itching and pain; and modulate keratin levels in the skin, with potentially regenerative and restorative effects. With a potential global market of $1 billion per year, the treatment is being developed for…

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