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by Uday Sampath
Walmart Canadian unit said on Tuesday (Wednesday AEST) it is exploring the possibility of selling cannabis-based products, but has no immediate plans to get into the business.
The company's shares rose nearly 3 per cent to $US97.48 in afternoon trading. Walmart is the first major retailer to show an interest in being a part of Canada's burgeoning marijuana industry, as other big US companies, mainly in the alcohol and beverage industries, begin to consider entering the market for cannabis-infused products.
Last month Coca-Cola said it was closely watching the marijuana drinks market for a possible entry, while Corona beer maker Constellation Brands has invested more than $US4 billion ($5.6 billion) in cannabis producer Canopy Growth.
"Walmart Canada has done some preliminary fact-finding on this issue, but we do not have plans to carry CBD products at this time," Walmart spokeswoman Diane Medeiros told Reuters.
Cannabidiol or CBD is the non-psychoactive chemical found in marijuana and does not cause intoxication.
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The news comes as Canada is on the verge of becoming the first major economy to legalise recreational marijuana on Oct. 17, and shares in cannabis producers have rallied in anticipation.
New Cannabis Ventures' global cannabis stock index has risen about 87 per cent over the past year.
The legal cannabis market in Canada will target an estimated 32 million adults by 2025 and drive about $C10.4 billion ($11.3 billion) in retail market sales, Roth Capital Partners analyst Scott Fortune wrote in a client note.
The move by Canada could spur other countries to legalise recreational marijuana use.
"An investment blueprint has been established in Canada that we believe will play out internationally very similarly," Fortune said. Several US states have also legalized use of recreational or medical marijuana, but it remains illegal under federal law.
Reuters
The paradox at the heart of the medical cannabis industry
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by Jill Margo
There's a paradox at the heart of the medical cannabis industry. While optimism about its future is tremendous, evidence for its effectiveness is patchy to poor.
Highly trained experts in the field know this very well but have a powerful conviction that cannabis will deliver, soon.
One such expert, Michael Dor, is in Australia to give a keynote speech to 2000 GPs at a conference on the Gold Coast this week.
He will tell them that not only is cannabis moving from an illegal substance to a promising medicine, but in the near future it will also become a first-line treatment. It will not just be used after other drugs have failed, it will be used first.
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Dr Dor is senior medical adviser for the Israeli government's Medical Cannabis Unit. Israel is a global leader in the field and the cannabis unit is responsible for the regulation, licensing and approval of medical cannabis and all Israeli doctors who prescribe it.
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More than 37,000 people out of a population of 9 million have now used medical cannabis, giving Israel one of the highest proportions of treated patients in the world. First academic course
Dr Dor pioneered the first academic courses in cannabis treatment and is routinely invited by governments, professional bodies and international congresses to advise, train and present current knowledge on medical cannabis.
He is also the first to admit that evidence for its efficacy "is only partial".
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"We have tens of thousands of reports of short studies but we are still waiting for high-level evidence. In Israel alone, we have 300 pieces of ongoing research, 60 of which are clinical trials, and all over the world, more research is in progress," he says.
Although there are claims cannabis works across a spectrum of disease, Dr Dor says so far there is only good evidence for its use in children with epilepsy, promising evidence for its use in children with autism, and some good work in reducing pain in patients with cancer or neurological conditions.
He will also tell delegates at The Royal Australian College of General Practitioners' annual conference that, contrary to popular belief, the medical use of cannabis is not remotely new. 'Miracle' plant
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For centuries it was regarded as a miracle plant and was cultivated for use in a thousand ways, from making paper, rope, sails, cloth, packaging and furniture, to being burnt for fuel and eaten as food.
It was also a well-accepted, widely used medicine. Queen Victoria's physicians are said to have imported it from India to treat her menstrual cramps and severe migraines.
By the early 20th century, however, this ancient enterprise was tapering. Medical cannabis was banned in the UK on allegations that it was as dangerous as opium and a threat to society.
In the US in the late 1930s, the new petrochemical industry viewed cannabis as a competitor, particularly to companies producing plastic.
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Cannabis was renamed marijuana in the US and demonised. Branded the stepping stone to heavy drug addiction and degenerate behaviour, it was banned.
Soon it was also banned in many other countries and by 1969 the World Health Organisation determined the medical need for it no longer existed. Now it's back and the global medical cannabis industry alone is projected to surpass $US55 billion ($77.4 billion) by 2024, according to a report by Global Market Insights.
Its use is also growing in the food supplements, cosmetics and veterinary markets.
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Dr Dor predicts that the non-psychoactive component of cannabis, cannabidiol or CBD, will soon be exempted by the WHO convention on narcotic drugs. This will have a major impact on the industry.
During his career, he served as chief medical officer for the Israeli Ministry of Health and as personal physician to two Popes during papal visits to Israel. He has deep roots in family medicine and says that as a physician, he hates that some patients are still smoking their cannabis.
It can be taken in other ways such as in capsules, placing oil under the tongue, atomising it as in asthma medication, or rubbing it on skin. A suppository is also in development.
Cannabis is being used today for many of the same medical conditions it was used for historically and there are many cases where the evidence is trailing the practice. Last resort
As a last resort, it is controversially used in Israel to treat fibromyalgia, a chronic condition that causes pain in the muscles and bones. It has been used in almost 1000 such patients who have no more options.
Of approved patients who have received cannabis in Israel, 40 per cent have had cancer. Another 30 per cent suffered intractable pain and received it a year or more after conventional treatment failed.
Dr Dor says 2000 have received it for post-traumatic syndrome and another 1000 for Crohn's disease.
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To keep a close check, a committee meets three or four times a year to evaluate new indications or stop existing ones that haven't worked, as in the case of the eye condition, glaucoma.
The next step is to begin developing guidelines for dose size and for matching active components to specific ailments.
Cannabis has many active components and sometimes a combination maximises the benefit though "the entourage effect".
Australia has its own Centre for Cannabinoid Clinical and Research Excellence, where a national research and policy framework is being developed. Funded by the National Health and Medical Research Council, it has partnerships with the universities of Sydney, Melbourne, Wollongong, Newcastle and The Hunter Medical Research Institute. Five companies in Australia are currently licensed to grow and manufacture cannabisfor medical use. Medifarm was the first to be licensed and remains the only private company.
"In order to help Australian patients we need to help Australian doctors to learn about this new tool in their medical bag," says its director, Adam Benjamin.
"They have grown up and practised in an era of prohibition. Now we are asking them to shift their perception from seeing cannabis as an illegal substance to perceiving it as a legitimate medicine.
"It's almost a paradigm shift and for this reason Medifarm invited Dr Dor to Australia to share his insights and experiences with GPs.
Australia a leading country
"Australia is one of the leading credible countries in this field because of its federal licensing system, its ability to export product and its established reputation for clean agriculture and sound healthcare.
"I believe that by keeping the medical use of cannabis entirely separate from its recreational use, we have built a strong foundation for the industry in Australia.
"The federal government estimates there are 100,000 patients waiting for regulated medical cannabis to be prescribed. Medifarm aims to be the first Australian company to provide locally produced product early next year."
In a patient information brochure to guide Australians in the use of medical cannabis, the Department of Health says there is limited evidence about its effectiveness and little is known about most suitable doses for individual products
This is why, with the exception of one product (nabiximols), medicinal cannabis products are not available as registered prescription medicines.
The brochure provides an overview of what is known about the main areas of use, and raises cautions.
One is that as traces of cannabis can be detected in urine many days after the last dose, patients should avoid drug-driving, which is a criminal offence.
Jill Margo is an adjunct associate professor at the University of NSW.
Some food for thought -GLTAH.
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