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Medical hemp market propelled by Union govt’s notification lifting ban on scientific use of cannabis
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Nandita Vijay, Bengaluru
February 15 , 2023
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The Central government’s notification last year lifting the ban on medical and scientific use of cannabis derivatives has brought gradual recognition of hemp’s benefits and this has propelled the industry’s growth.
According to Abhishek Mohan, founder and CEO, HempStreet, factors driving the hemp market and its cultivation is that it has multiple medical benefits. Hemp also provides India with another avenue through which it can strengthen its claim as the world’s pharmacy. Traditional medicinal systems such as Homoeopathy and Ayurveda have incorporated hemp for centuries. Cannabis can offer an alternative treatment route that is natural and non-addictive, and can complement modern allopathic methods in the treatment of the ever-increasing numbers of people with chronic lifestyle ailments and disorders, he added.
The government’s gradual recognition of hemp and its benefits has played a direct role in the Indian hemp industry’s growth. As stigmas around hemp gradually fade away and society grows more informed about the plant, many entrepreneurs have been encouraged to have businesses built around hemp, whether for its medical properties and other products, or as a healthy food source, Mohan told Pharmabiz.
If India is to capitalise on the growing recognition of and demand for hemp-based products, it needs to showcase its continued support for the sector. A centrally-defined policy for the cultivation of hemp needs to be implemented, and states need to be encouraged to implement their own solutions for the sector. With the hemp industry still in a nascent stage, government funding needs to be made available for both the public and private sectors. Hemp is well on its way to becoming a multibillion-dollar industry for India; a cohesive policy can see that vision achieved in the next five years, he noted.
The global hemp market has been on a steady upward trajectory over the last several years. A plant whose cultivation was once controlled, or even outright banned, by governments the world over has finally been recognised for its versatility, with its fibres, seeds, and oils all being used in the production of a range of products. This newfound importance of industrial hemp has seen its valuation jump from close to US$ 5 billion in 2019 to an estimated US$ 26.6 billion by 2025 shown an impressive annual growth rate of 34 per cent, said Mohan.
This global hemp boom has been mirrored in India, as long-standing cultural and legal objections to the cultivation and use of hemp-based products have gradually eroded. Hemp’s ties to the subcontinent stretch back over a millennium.
Because of their closely linked natures, the trade and consumption of cannabis were banned under the Narcotic Drugs and Psychotropic Substances (NDPS) Act of 1985. This law has gradually been challenged and repealed over time. In 2018, Uttarakhand became the first state to permit the commercial cultivation of industrial hemp. Uttar Pradesh subsequently followed suit and legalised hemp cultivation, while similar policies are under consideration in Himachal Pradesh, Madhya Pradesh, and Arunachal Pradesh. In 2022, the central government notified that the medical and scientific use of cannabis derivatives is not banned, the biggest breakthrough yet, said Mohan.
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