The demand for cannabis-derived products is increasing by the day, thanks to medical and recreational cannabis legalization. Different companies have been making significant progress in the industry, which has remained so competitive to date. Medical Marijuana Inc. (OTCMKTS:MJNA) has made history over its performance in July.
Through its Subsidiary Kannaway®, the company says its Japanese Division is a force to reckon. According to Medical Marijuana, Inc. CEO Dr. Stuart Titus the division was able to serve consumers from Japan and across the world and Asia. The subsidiary has a unique line of CBD products. All these are high-quality products designed to enhance the body’s crucial endocannabinoid system.
China and Japan Present a Large Opportunity for Kannaway®’s Products
Marijuana may not be legal in the United States, but the FDA has approved some cannabis-based medications for distribution. Nonetheless, several states where marijuana is legalized for medical use, but the patient must be registered to obtain the prescription.
However, even with this, Kannaway®’s products are primarily in China and Japan. Collectively, the two account for 90% of Asia’s CBD market. Projections indicate that this could represent $5.8 billion by 2024.
The Japanese market is still very young, according to Kannaway® CEO Blake Schroeder. However, with the record-breaking in July, he said, ”…even amid a global pandemic, consumers in the region are already responding to our hemp-based CBD products with great excitement. I believe we are set up for continued growth and a vibrant future in the market.”
Cannabis Has Been Used Since At Least the Time of Ancient China
Over the years, as the benefits of using cannabis unfold, there has been massive questioning of how cannabis has been used. Research has it that it was first described in ancient Chinese texts when the Chinese Emperor Shennong wrote about it in a book published in 2737 BC.
The U.S. passed its first federal law regarding the ban of cannabis in 1937 and made it legally available just to a selected number of patients. However, they accessed it through a federally organized program. It is not until the 1990s when the demand for medical marijuana legalization increased significantly, and in 1996 California established legal, medical marijuana.