The cannabis industry is one of the hottest topics in healthcare currently. With the legalisation of cannabis in Canada, interest has grown internationally, extending far beyond the North American borders into both Europe and Asia-Pacific. In Canada, the cannabis consumable market is taking similar shape to that of the tobacco and alcoholic beverage industries. With developing infrastructure, policies, and regulations in Canada, as well as in some US states, the excitement continues.
The large companies in the cannabis industry such as Canopy Growth, Aphria, Aurora, and Tilray have made, and continue to seek, alliances with leading beverage companies such as Molson and Constellation Brands. Furthermore, the pharmaceutical industry has begun to develop partnerships with these brands, which not only improves cannabis products globally but also creates brand equity.
Beyond these milestones, the medical device industry has experienced a bump in the market with the accessories and consumable devices. The vaporisation device market encapsulates the tobacco industry, valued in the billions. With this market being the core sector, and with the alignment with the cannabis market, a company such as PAX Labs is expected to grow continuously.
However, unlike with consumable products, the device industry fails to recognise the importance of technology development. This is due to the lack of expertise as well as necessity. This market’s growth is driven mostly by transferable tobacco technologies accessing parts of the market that are currently driven by non-device-related consumable methods. As a result, without new technologies that are more specialised for cannabis, the cannabis medical devices market’s growth will plateau quickly and will become monopolised.