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Research question: What would it take to improve the medical marijuana industry in the United States?

Thesis: Medical marijuana business across the United States has been a controversial issue due to the concerns surrounding its legality. The growth of the industry is limited by its legal status with financial institutions and health facilities shying from conducting business with cannabis companies. One solution to this controversy is to legalize the business medical marijuana that will allow its entry into the traditional pharmaceutical settings

Introduction 

The United States has been experiencing growth in the medical marijuana sector that has seen more people integrating the drug in their daily lives. The demand for medical marijuana has increased as more people use it as a natural alternative to synthetic medicines when treating chronic health conditions. As a result, more people are open to using the drug, which has opened an opportunity for manufacturers to increase its production. The boom in medical marijuana industry creates a controversy since the drug is still illegal I most parts of the country ( Machado et al., 2011) . This illegality has affected conducting of business as the drugs cannot get to the traditional pharmaceutical settings and companies have to struggle with storing cash since banks do not transact with cannabis money.

Problem 

The boom in medical marijuana business is a problem in the legal sector which considers the drug illegal. As such, the sale of medical marijuana is restricted and limited in some states due to the controversies surrounding its legality and safety. Businesses cannot conduct the business freely without fearing to break the law and suffer from numerous regulations ( Berke, 2016) . This means the boom in the industry is faced with the risk of crashing whenever a crackdown on the business is conducted. The sector may easily crash due to the constraints that still exist in the production and sale of Marijuana across many states and countries.

As a result of this restriction, the cannabis industry continues to face problems with the financial sector. Currently, the cannabis industry does not have access to banks which limits its growth. Most banks do not take cash from cannabis business due to the illegal status, and companies may be forced to explore alternative payment solutions ( Berke, 2016). Conducting business with only money can be risky and may limit its growth, as companies have to deal with the risk of theft and fraud that comes with handling and storing large amounts of cash. The illegal status of marijuana means most banks shy from conducting business with cannabis companies. No business likes to get in the wrong arm of the law, which makes them avoid conducting business with cannabis companies. For example, they do not provide an opportunity for dispensary businesses to invest, which makes it difficult to grow.

Cannabis companies also have numerous state and federal standards to meet which makes it difficult to conduct business in states where marijuana is illegal. The cannabis dispensaries also have to meet street reporting standards to ensure the product does not divert to black markets to avoid taxes. These numerous regulations make it difficult for the industry to boom. Reports also showed that cannabis dispensaries have to pay extremely high fees to conduct business as a penalty for submitting taxes in cash ( Berke, 2016) . Other companies may be barred from opening credit lines or prevent other companies from deducting legitimate business expenses. For example, many banks do not accept deposits or conduct enterprises with cannabis companies. This is a big problem in the medical marijuana industry as it may affect conducting of business

At the same time, medical marijuana is yet to find its way into pharmaceutical settings due to its illegal status and safety concerns. Only states that have legalized its sell have seen the drug in traditional pharmaceutical settings with other countries conducting the business illegally. One reason why countries have refused to authorize the selling of medical marijuana is due to safety concerns ( Anderson & Rees, 2014) . Marijuana has been blamed for creating bad and undesirable habits among the users with the risk of driving them into engaging in criminal activities. States that have banned marijuana use believe its chemical compounds can cause psychoactive states in the users. This drug sold on the streets is considered to have a high concentration of THC compounds that is capable of generating an addiction effect as well as cause psychotropic effect ( Borgelt, 2013) .

Cause 

The leading cause for this problem is the concerns regarding its legality with marijuana considered an illegal drug in most parts of the world. There have been concerns where individuals who have been using marijuana for medical purposes have also used it for recreational purposes. States that are yet to legalize marijuana use believe it is unsafe for human consumption and may have undesirable impacts ( Capriotti, 2016) . Marijuana has remained a huge problem in the country and has created one of the most controversial debates. The argument on its legalization has existed for decades amidst some states such as Colorado legalizing the use of recreational marijuana, a move that has been emulated by other countries

A significant concern with medical marijuana is the fear that it may have health impacts associated with street marijuana sold for recreational purposes. This cannabis has a large concentration of tetrahydrocannabinol (THC) that is responsible for the euphoric feeling in recreational marijuana ( Borgelt, 2013) . However, the compound has an addiction effect and is intoxicating, making it illegal for human consumption. In this regard, the main problem surrounding the medical marijuana industry is its association with THC, a compound that is considered unsafe for children and other vulnerable groups. When injected in the body, TCS compound interacts with specific cells in the brain, causing undesirable psychotropic effects in the body ( Bonn-Miller et al., 2014) . A psychoactive substance is any chemical that can affect the central nervous system once it enters the body, and marijuana is considered to have this impact on the body. This is the reason behind illegal status attached to cannabis all over the world.

Therefore, the main reason why medical marijuana is restricted in most states is unfound fear associated with the THC compound that is compound that is considered unsafe for human health. Some federal authorities have raised concerns over the unknown risks medical marijuana on the vulnerable such as children and the elderly. Another matter is based on fears that smoked marijuana has similar abilities to cause respiratory conditions with scientific studies unable to dispute this fact ( Capriotti, 2016) . While states that have legalized medical marijuana have seen numerous CBD drugs finding their way to cannabis-specific dispensaries and over the counters, parts, where marijuana is illegal, cannot benefit from its benefits and have to travel many miles to get access to the medical marijuana. This is a big problem for the cannabis industry that has been blossoming

The legal status of medical marijuana is often complicated despite many states legalizing its usage. The federal government is yet to accept the usage of medical marijuana or agree with its safety measure ( Machado et al., 2011) . In this regard, the growth in the business increases the controversy as sellers have to conduct the company against the recommendations of the government. The federal government has classified medical marijuana as a schedule 1 narcotic which has also made it difficult to legalize or sell ( Metts et al., 2016) . Traditional pharmaceutical settings as well as financial institutions shy from engaging in business with the drug due to this designation by fearing its safety. This classification by the drug enforcement administration has also created challenges for scientists to study the safety of the drug.

In most cases, medicines are considered unsafe until proven otherwise and the lack of proof from scientists makes it difficult to trade. At the same time, the federal court also declined to protect medical marijuana in May 2018 from federal law enforcement by mentioning its illegality. This meant pharmacies and other businesses are not protected from producing or selling medical marijuana in the country.

Solution 

The solution to this problem is to legalize marijuana, which will allow banks and other financial institutions to start conducting business with cannabis companies, thus benefitting the industry. Legalizing medical marijuana should look towards making it an alternative medication in the health sector for treating chronic diseases such as pain ( Anderson & Rees, 2014) . This would be a step in stopping the controversies surrounding the issue and may have many benefits to the industry. Some states have been making strides towards legalizing marijuana that can support the medical marijuana industry. Twenty-nine states in America now allow marijuana for medical use with only eight states legalizing its recreational use.

There are several benefits associated with legalizing the business of medical marijuana that will benefit the industry as well as the economy at large. The drug is shown to have legitimate therapeutic value in the medical field for conditions that prove difficult to treat with contemporary medication ( Bostwick, 2012) . For instance, the medicine has been established to treat seizures and epilepsy conditions that were difficult to manage among children, and have also emerged as a natural pain reliever to provide relaxation. At the same time, medical marijuana has developed as a solution to patients suffering from neurogenerative diseases and other life-threatening conditions such as cancer ( Martin, 2011) .

Several studies have shown that allowing the sale of medical marijuana can help the nation deal with many issues. Its non-euphoric attribute and lack of addictive effect make it safe for any person to use. Capriotti (2016) showed that medical marijuana can be administered in high dosage without the risk of intoxication. In this regard, researchers have pointed out that the benefits of medical marijuana outweigh its risks when consumed. For example, it has minimal side effects when used for treating pain when compared to other therapies and heals more quickly ( Metts et al., 2016) .

Another benefit of legalizing medical marijuana is that it will provide an opportunity for self-medication among patients who are not in a position to visit a primary health provider. The medication is shown to be non-toxic, non-addictive and non-intoxicating which means patients can use without risk of intoxication. Studies have also demonstrated that sedative drug such as CBD oil can be taken in overdose without the risk of causing health problems ( Borgelt, 2013) .

At the same time, the safety concerns about medical marijuana often arise from misguided fear and misinformation in the medical field. Medical marijuana is often confused with recreational cannabis that has a high concentration of THC capable of causing an individual to get high. In the past, researchers associated the CBD component in cannabis as related to the THC compound that makes a person get high ( Borgelt, 2013) . This led to all marijuana products to be considered illegal and unsafe for human consumption. However, studies have shown that medical marijuana is safe since it contains low levels of THC and it comes from cannabidiol, which is the primary non-psychotropic ingredient in cannabis that has multiple pharmacological actions. Emerging evidence has proved that CBD varies greatly from THC since the two compounds experience different paths of formation in the plant, and therefore have different effects on the body ( Borgelt, 2013) . The industries involved in making medical marijuana utilize the CBD in cannabis that is capable of relieving pain in a patient and treating common chronic conditions such as seizure, inflammation, and cancer. The chemical compounds found in medical marijuana have fewer amounts of THC and high quantities of CBD, making it safe for use. When combined with the proven medicinal value of medical marijuana, legalizing its usage appears to be the best solution to help the society ( Martin, 2011) .

At the same time, most of the medical marijuana comes in the form of oil rather than smoked leaves. As opposed to recreational drugs that are smoked, medical marijuana is presented in the most favorable way for individuals of all ages ( Anderson & Rees, 2014) . Additionally, no scientific report has emerged confirming the undesirable effects of medical marijuana, and no patient has reported suffering from its use. Instead, most reports from medical marijuana use have shown its ability to protect an individual from adverse effects of depression and anxiety due to its lack of psychoactive effect ( Martin, 2011) . It is represented as a natural calming substance with vast possibilities for the future.

The federal government and some other states are yet to legalize its usage which makes it difficult to carry out the business. Marijuana has remained illegal at the national level which has affected the growth of the industry. The problem is seen in the form of investing in the bubbling medical marijuana industry when the legality is yet approved. Investors stand to gamble when investing in the sector due to uncertainties on whether it will sell in areas where it is restricted ( Bonn-Miller et al., 2014) . Citizens in such states may find it difficult to purchase or use medical marijuana and may not benefit from it. As the acceptance of marijuana as an alternative medicine occurs through legalization, there will be more opportunities to invest in the industry. The safest investment opportunity is in the legal business, and legalizing the drug can be an opportunity to grow the business. For example, allowing its usage will support activities such as pharmaceutical companies using cannabis in their treatment.

The main advantage of legalizing medical marijuana is that it will find its way into the mainstream market and benefit numerous people who are in need by allowing individuals to engage in production and selling. Legalizing medical marijuana will see states and other countries adopting programs that encourage the explosive research into industrial hemp while allowing for manufacture and sale of medical marijuana ( Capriotti, 2016) . Industrial hemp is a variety of cannabis plant that is high in CBD and low in THC compounds, thus allowing for extraction of CBD oil that can be used as treatment. Most of the medical marijuana products are obtained from industrial hemp that whose ingredients enable the drug to offer body relief from pain while treating a host of other chronic complications ( Metts et al., 2016) . As such, medical marijuana from industrial hemp is safe to use and does not qualify to be classified as schedule 1 narcotic. The legalization can open ground for the growth of grass in many parts of the country that can be harvested for medical purposes. This can contribute to the growth of the medical marijuana industry

Conclusion 

In conclusion, the boom in medical marijuana industry faces a significant problem in getting marijuana to the mainstream market amidst legality and safety fears. The growth is seen as a problem when viewed from the right lens with concerns that it contradicts with the restrictions placed on marijuana in the country. The leading cause of this problem is the existing drug regulation laws in several states that restrict the application of medical marijuana in the health sector ( Capriotti, 2016) . This may derail its growth and may lead to the crashing of the industry. Medical marijuana is yet to make its way into the traditional pharmaceutical setting due to these controversies, and the sector also faces problems in the financial investments ( Machado et al., 2011) .

The solution to this problem is to legalize marijuana in all states within the American boundaries and allow all citizens access to the benefits of medical marijuana. While legalizing marijuana may appear to be a controversial solution, it will have numerous benefits aside from helping the medical marijuana industry. Legalizing the selling of medical marijuana seems to have multiple advantages in the health sector and the overall economy of the United States ( Metts et al., 2016) . Currently, the medical marijuana industry is yet to be fully discovered, mainly restricted by the illegal status attached to it. By allowing the medication to be sold to all parts of the country, there will be more open opportunities to conduct research in the area and explore the undiscovered opportunities.

There have been limited studies conducted in the area, but with greater prospects of discovering the potential of medical marijuana in the medical field. At the same people, more people have been open on trying medical marijuana as seen with an increase in demand of the drug. A reason why medical marijuana needs to be legalized in all states is that of a large number of the population consuming cannabis products in a given year. The legal cannabis market in the United States has grown tremendously according to the new study which has shown that many people are using marijuana for medical purposes ( Bonn-Miller et al., 2014) . Despite its restriction, many people see the product as crucial and have integrated into their daily lives. The drug is a legitimate medicinal value capable of dealing with chronic conditions. People want an opportunity to self-medicate rather than deal with primary health providers, and medical marijuana provides such an option with its ability to consume without intoxication.

References

Anderson, D. M., & Rees, D. I. (2014). The legalization of recreational marijuana: how likely is the worst ‐ case scenario?.  Journal of Policy Analysis and Management ,  33 (1), 221-232. 

Berke, J. (2016, April 20). This could be the No. 1 problem facing legal weed businesses in America. Retrieved from https://www.businessinsider.com/no-1-problem-facing-legal-weed-businesses-2016-4?IR=T 

Bonn-Miller, M. O., Boden, M. T., Bucossi, M. M., & Babson, K. A. (2014). Self-reported cannabis use characteristics, patterns and helpfulness among medical cannabis users.  The American journal of drug and alcohol abuse ,  40 (1), 23-30. 

Borgelt, L. (2013). The pharmacologic and Clinic effects of medical Cannabis.  Pharmacotherapy ,  33 (2), 195-209. doi 10.1002/phar.1187 

Bostwick, J. M. (2012, February). Blurred boundaries: the therapeutics and politics of medical marijuana. In  Mayo Clinic Proceedings  (Vol. 87, No. 2, pp. 172-186). Elsevier. 

Capriotti, T. (2016). Medical Marijuana.  Home healthcare now ,  34 (1), 10-15. 

Machado Bergamaschi, M., Helena Costa Queiroz, R., Waldo Zuardi, A., & Crippa, A. S. (2011). Safety and side effects of cannabidiol, a Cannabis sativa constituent.  Current drug safety ,  6 (4), 237-249. 

Martin, M. (2011). The Medical Effects Of Marijuana and the Science Behind It.  Medical marijuana 101 . Quick Trading Company, ebook. 

Metts, J., Wright, S., Sundaram, J., & Hashemi, N. (2016). Medical marijuana: A treatment worth trying?.  Journal of Family Practice ,  65 (3), 178-186.