Beware of the costs of legalizing cannabis for health

Few investment sectors can rival the huge profits that cannabis activity has made in recent months, driven by the prospect of legalizing the drug for recreational purposes around the world, as new medical applications are reported. developed. According to enthusiastic forecasts, legal marijuana sales would grow at a compound annual rate of 15 to 20 percent, with a global market of $ 150 billion a year or more in the late 2020s.

The sector received a real health warning this week with the publication of a study showing that smoking potent cannabis greatly increases the risk of psychosis. An international science team led by King's College London badyzed cannabis use and psychiatric records from 2,100 people in 11 cities. Daily users of cannabis containing more than 10% of THC, the main psychoactive ingredient, were five times more likely to suffer from psychosis than non-users matched for their demographic characteristics.

This "case-control" study adds weight to the growing evidence that cannabis, particularly in very powerful forms such as Skunk, can trigger mental illness among vulnerable consumers. The biggest concern of psychiatrists is that psychotic episodes can turn into deadly schizophrenia.

The King's researchers rightly point out the need for public health policy makers to consider the potential harmful effects of cannabis when determining how far and how quickly the relaxation of legal restrictions on drugs. Until now, Canada and Uruguay are the only countries to have legalized the purchase and sale of cannabis. In the United States, a dozen states have legalized the drug for recreational purposes, and others are expected to follow this year, and many in Congress advocating the end of the federal prohibition.

Unfortunately, legalization in North America has not reduced the potency of cannabis, as some have hoped. On the contrary, open advertising and competition between suppliers have stimulated efforts to develop increasingly strong strains. While 10% of THC was considered extremely potent at the time, many Canadian and American consumers are now looking for at least 20% THC. Some psychiatrists in Canada fear that the end of the prohibition last year will lead to an increase in the number of cases of schizophrenia.

advisable

Health risks do not mean that we should refrain at all costs from legalizing cannabis. A well-regulated market also has potential benefits, including diversion of income from criminal traffickers to legitimate companies and (through taxation) from public authorities. Nor should we ignore the sheer pleasure of smoking drugs. But the risks suggest great caution on the part of governments considering legalization.

If European countries want to let people buy and sell cannabis legally, they might think about regulating markets in a different way than their North American counterparts. They could penalize products rich in THC and favor those containing more CBD, a less psychoactive component of cannabis.

At the same time, regulators should encourage the responsible development of medicinal products – as opposed to recreational products. The disorders known to benefit cannabinoid compounds range from epilepsy to multiple sclerosis. However, pharmacologists are only overcoming the restrictions that prevented scientific research from developing cannabis-based treatments.

The global cannabis market can still grow seriously in the long run, but investors should not let the wildest predictions make them lose their heads.