Cannabis is undeniably popular with young adults but it’s not just young people that are flocking to cannabis. Many senior citizens have sought out pot as well, for its medicinal benefits and pain relief. It’s a great example of how diverse cannabis is and just how big the market can really be. While recreational cannabis is popular with millennials and younger consumers, medicinal marijuana is also gaining popularity with a very different segment.
A recent report out of CBS Boston confirmed that pot has proven to be very popular among the elderly, and even bingo halls have been giving out vape pens as prizes. Like many others, seniors look to medicinal marijuana as a bit of a last resort for treating debilitating pain. And while they aren’t keen on smoking cannabis, that’s where edibles become very appealing. Being able to consume a small amount of cannabis-infused gummy bears is an easy way for someone suffering in pain to get some relief while also controlling their dosage. This is something that the founder of Jelly Belly also agreed was a big benefit of edibles and why the company has gotten involved in the industry as well.
The challenge, however, is balancing the good benefits with the possible side effects.
– Dr. Gary Small, University of California
It’s further proof that more research needs to be done on cannabis to ensure people are fully aware of the benefits and the risks as well. There are often many success stories of how cannabis has helped improve people’s quality of life, but it’s also important to understand that there are also side effects, especially when consuming high doses.
Why Medical Marijuana Could Be a Much Bigger Opportunity Than the Recreational Market
Currently, we’re seeing a lot of hype around the recreational market as the once illegal drug is now permitted in 10 States and all across Canada. However, sooner or later that excitement will die down and with taxes adding to the price of retail pot and supply issues being a big problem for the industry, we could see more consumers return to the black market.
But that’s not as likely a scenario when it comes to medicinal marijuana. In that segment of the market, patients are most concerned with quality and safety, something that’s in short supply in an underground marketplace. And that’s why even if prices might be a bit expensive, if cannabis proves to be effective in offering relief to patients, it could be well worth the cost.
That’s why companies like Aurora Cannabis Inc (TSX:ACB) (NYSE:ACB) that are focused on the medicinal market could stand to benefit from a stronger medical market. Aurora has been expanding into many parts of the world and with more places legalizing medical marijuana, that could lead to a lot more patients. Recreational pot might be where the sales are today, but over the long term, the medicinal market could offer the most growth potential.