The CBD market is estimated to hit the $23.7 billion mark by 2023, with the US likely to be one of the more lucrative markets for hemp-derived CBD products, with almost all states having legalized hemp-derived CBD. Research institutions are also looking into the effects of hemp-derived CBD on different illnesses and conditions. Such research may open up more revenue opportunities if companies are able to make science-backed claims about the benefits of CBD derived from hemp. Clinical research and studies are also key to informing the FDA’s regulatory framework by providing reliable expert data regarding the functioning and effects of hemp-derived CBD products. Companies such as HempFusion Wellness Inc. (TSX:CBD.U) (OTC:CBDHF), Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB), Aphria (NASDAQ:APHA) (TSX:APHA), Tilray Inc. (NASDAQ:TLRY), and Neptune Wellness Solutions (TSX:NEPT) (NASDAQ:NEPT) are set to benefit from the growing body of research in CBD products and the increasing acceptance in the population.
HempFusion Chosen as the Exclusive Supplier of Hemp-Derived CBD for Clinical Trial
HempFusion Wellness Inc. (TSX:CBD.U) (OTC:CBDHF), a health and wellness CBD company, announced that Mount Sinai Medical Hospital New York chose the company to be the exclusive distributor in a six-month clinical trial. The clinical trial consists of two studies conducted by Dr. David Harnick, a board-certified cardiologist and electrophysiologist who serves as an assistant professor in medicine and cardiology at Mount Sinai.
According to Dr. Harnick, “Studying the potential effects that CBD may have on cardiology markets may potentially unlock some of the scientific mysteries that exist today. We know that there is evidence that CBD may have beneficial effects on the body, but the exact scope of those effects remains to be determined. There have been no published randomized prospective controlled trials evaluating the effects of CBD on these cardiac markets, so this research may prove to be groundbreaking.” The study is expected to commence in March 2021 and it will be one-of-a-kind in the area of the effects of CBD on targeted cardiology markers.
Dr. Harnick chose HempFusion for its rigorous regulatory standards, toxicology studies for safety, and adherence to quality control. Dr. Harnick constructed this long-term clinical trial to gather data that will help in the deeper understanding of the effects CBD has on the body.
HempFusion, alongside other companies in the CBD space, collaborated in an industry-wide ValidCare Human Observational liver and male reproductive toxicology studies, which explore the effects that full-spectrum hemp-derived CBD has on the liver.
“This is the second clinical trial HempFusion is proudly participating in,” HempFusion Wellness CEO Jason Mitchel said. “We are committed to furthering research in the area of hemp-derived CBD and this study at Mount Sinai Hospital in New York is a significant expansion of our efforts that reinforces our continued focus on the safe and effective use of hemp-derived CBD products,” he added. The CBD used in these trials is the same product the company offers to the public.
CBD Companies in Support of CBD Clinical Trials
Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB) announced a joint clinical trial with mixed martial arts organization UFC to identify the effects of hemp-derived CBD on certain treatments for MMA athletics, with a special focus on inflammation, pain, wound healing, and athletic recovery. The trial results will form a basis for the creation of a line of hemp-derived CBD topical treatments for elite athletes under the sports brand ROAR Sports. Aurora CEO Terry Booth said, “We are going to work together to change the way people think, to change the industry, and to launch the first hemp-derived CBD products that are backed by scientific research.”
Aphria (NASDAQ:APHA) (TSX:APHA) has also participated in clinical trials with research partners in the medical field, including MedLab and Tetra Bio-Pharma. Both MedLab and Tetra Bio-Pharma have conducted clinical trials using CBD products from Aphria based on agreements it has with these companies. Aphria’s participation in clinical research is part of the vision to advance the use of medical CBD for patients in need by providing high-quality, safe, and pure products.
Tilray Inc. (NASDAQ:TLRY), a global leader in cannabis research, cultivation, production, and distribution, announced that it received approvals from the Ministry of Health in New Zealand to launch its medical products across the country. These approvals allow Tilray to legally export medical marijuana from its GMP-certified Canada-based facility. “As medical cannabis regulations continue to progress around the world, we are incredibly honored to be recognized as a trusted partner in offering the highest-quality medical cannabis products,” said Brendan Kennedy, Tilray’s CEO. In addition to supplying medical cannabis to hospitals and pharmacies in Australia and New Zealand, Tilray partners with research institutions such as The Government of New South Wales and University of Sidney Chris O’Brien Lifehouse.
Neptune Wellness Solutions (TSX:NEPT) (NASDAQ:NEPT) is also keen to capitalize on the growing CBD extracts markets. The company, which recently transitioned into the CBD extraction field, has partnered with other companies in the industry, including with Tilray Inc. Neptune Wellness Inc. has a strong position in the cannabis sectors, with its focus on research, development, and commercialization of cannabinoids to make them more effective, safer, and healthier.
The cannabis industry is expected to continue expanding as companies focus on education, physician use, and customer uptake through clinical trials and research. Companies such as HempFusion Wellness Inc. are taking strides in developing high-quality hemp-derived CBD extracts and are standing out to scientists as ideal products for clinical trials.
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