medical marijuana market

DelveInsight’s, “Medical Marijuana - Competitive Intelligence Analysis, 2026,” report provides comprehensive insights about 50+ companies and 55+ drugs in Medical Marijuana  Competitive landscape. It covers the therapeutics assessment by product type, stage, and route of administration. It further highlights the inactive pipeline products in this space. 

Geography Covered

• Global coverage

Medical Marijuana: Understanding

Medical Marijuana: Overview

Medical marijuana (medical cannabis) refers to the therapeutic use of Cannabis sativa, Cannabis indica, or cannabinoid-based medicinal products for the management of specific medical conditions under clinical supervision. The primary bioactive constituents are 9-tetrahydrocannabinol (THC), the principal psychoactive cannabinoid, and cannabidiol (CBD), a non-intoxicating cannabinoid with anti-inflammatory, anticonvulsant, and anxiolytic properties.

Medical cannabis products are available in several formulations, including dried flower for vaporization, oral oils, capsules, oral solutions, sublingual sprays, edibles, and purified or synthetic cannabinoid preparations such as dronabinol, nabilone, and cannabidiol (CBD) oral solution. The composition and THC:CBD ratio vary depending on the formulation, allowing treatment to be tailored to specific indications and patient tolerability. Owing to variability in cannabinoid content and pharmacokinetics, standardized pharmaceutical-grade preparations are generally preferred over unregulated cannabis products.

 

The therapeutic effects of medical marijuana are mediated through the endocannabinoid system, primarily via activation of cannabinoid receptor type 1 (CB1) and cannabinoid receptor type 2 (CB2). CB1 receptors are highly expressed in the central nervous system, where THC modulates neurotransmitter release, influencing pain perception, appetite, memory, mood, and motor control.

 

CB2 receptors are predominantly located on immune cells and peripheral tissues, contributing to immunomodulatory and anti-inflammatory effects. CBD has relatively low affinity for CB1 and CB2 receptors but influences multiple molecular targets, including TRPV1 channels, serotonin (5-HT1A) receptors, adenosine signaling, and inhibition of endocannabinoid degradation, thereby producing analgesic, anticonvulsant, anti-inflammatory, and neuroprotective effects without significant psychoactivity. The pharmacological effects of medical cannabis depend on the cannabinoid profile, dose, route of administration, and individual patient characteristics.

 

Medical marijuana has demonstrated therapeutic benefit in selected conditions, with the strongest evidence supporting its use for chronic pain, chemotherapy-induced nausea and vomiting, multiple sclerosis-related spasticity, and treatment-resistant epilepsy, particularly with purified CBD in Dravet syndrome, Lennox–Gastaut syndrome, and tuberous sclerosis complex. Emerging evidence also suggests potential utility in palliative care, appetite stimulation in HIV/AIDS or cancer-associated cachexia, anxiety disorders, post-traumatic stress disorder, inflammatory bowel disease, and certain sleep disorders, although evidence for many of these indications remains limited or inconsistent. Common adverse effects include dizziness, somnolence, dry mouth, cognitive impairment, impaired coordination, tachycardia, and psychiatric symptoms, particularly with THC-rich formulations. Long-term use may be associated with dependence, cannabis use disorder, and cognitive or psychiatric complications in susceptible individuals, highlighting the importance of careful patient selection, individualized dosing, and ongoing clinical monitoring.

Report Highlights

• In June 2026, Vertanical announced that Exilby® (VER-01) has received marketing authorization in Germany for the treatment of chronic low back pain with a radicular (neuropathic) component. The authorization marks a major milestone for VERTANICAL and highlights the potential of Exilby® as a first-in-class non-opioid treatment in a therapeutic area where meaningful innovation has remained limited for decades.
• In June 2026, PleoPharma, Inc. announced that the first patient has been dosed in CAN-004, a Phase III clinical trial evaluating PP-01, an investigational medication intended for the mitigation of cannabis withdrawal symptoms in adults with cannabis use disorder (CUD).
• In April 2026, Cardiol Therapeutics Inc. announced the continued expansion of its pivotal Phase III MAVERIC trial in the United States, with the planned activation of up to seven additional clinical centers. Patient enrollment in MAVERIC surpassed the 50% threshold in early January and has now reached 75%. Target recruitment is anticipated by the end of Q2 2026, with the potential to extend into Q3 to accommodate patient enrollment from additional clinical sites.
• In April 2026, BRC Therapeutics announced that the company can proceed with a Phase I study to further establish safety of BRC-002 in healthy volunteers. BRC-002 is a first-in-class investigational product aiming to address pain and other symptoms of Complex Regional Pain Syndrome (CRPS). The US Food and Drug Administration (FDA) granted Orphan Drug Designation for the treatment of CRPS to BRC-002. BRC-002 is amultimodal botanical drug composed of prescription-grade cannabinoids at defined and proprietary ratios.
• In January 2026, IGC Pharma, Inc. announced that it has entered into a Subscription Agreement with a group of investors for the purchase and sale of an aggregate of 779,997 shares of common stock in a registered direct offering, at a purchase price of USD 0.30 per share. The Company intends to use the net proceeds for working capital and general corporate purposes, including continued funding of its Phase II clinical development program for IGC-AD1.
• In June 2025, Avata Biosciences Holdings Ltd announced that it has signed a co-development and licensing agreement with Oceanus Bio, Inc. for the exclusive rights to AVAT-021 and AVAT-022 in Japan and Asia, except in China and India. The agreement comprised of USD 95m in co-development contributions, regulatory and sales milestone payments to Avata.
• In May 2025, Incannex Healthcare Inc. announced that the Phase III component of the RePOSA clinical trial will proceed. The US Food and Drug Administration (FDA) previously reviewed and authorized the protocol to proceed under the Company’s Investigational New Drug (IND) application. The study will evaluate the efficacy and safety of IHL-42X, Incannex’s lead asset for the treatment of obstructive sleep apnea (OSA)—a condition affecting an estimated one billion people globally with no approved oral pharmaceutical therapy.
• In May 2025, Avicanna Inc. announced that it has entered into a Sponsored Research Agreement to sponsor an investigator initiated study on “The Effectiveness of Oral Cannabis Extracts for Osteoarthritic Pain: An Internal Pilot, Placebo Controlled, Blinded Randomized Multicentre Trial” (“RCT”). The RCT is funded by a Canadian Institutes of Health Research (“CHIR”) grant and is sponsored by Avicanna that is providing its proprietary CBD and THC capsules produced under Good Manufacturing Practices (“GMP”) for the trial.
• In March 2025, Argent BioPharma confirmed that pharmaceutical manufacturer ECCPharm will take on full production and release responsibilities for Argent’s emerging cannabinoid therapies under a strategic partnership between the two companies. The agreement will ensure the CannEpil and CogniCann treatments are available under early patient access programs in key European countries including Ireland, the UK and Germany. Argent will retain ownership of all current and future research and development, as well as intellectual property rights, under the partnership.

Medical Marijuana: Company and Product Profiles (Marketed Therapies)

Company Overview: Vertanical

Vertanical is a Munich, Germany–based biopharmaceutical company focused on developing and commercializing innovative non-opioid therapies for chronic pain. Founded in 2007, the company has built a broad clinical development program centered on its lead cannabinoid-based therapy VER-01 (Exilby®), supported by more than 20 preclinical and clinical studies. Vertanical operates an advanced GMP manufacturing facility and collaborates with an international network of clinical trial sites across Europe and the United States. Its mission is to provide safer, effective alternatives to opioids and establish new standards in chronic pain management through evidence-based cannabinoid medicines.

 

Product Description: Exilby

VER-01 (Exilby®) is a standardized full-spectrum Cannabis sativa extract developed by Vertanical and has become the first approved medical marijuana–based therapy in Europe for the treatment of chronic low back pain with a radicular (neuropathic) component. It received marketing authorization in Germany in June 2026 following positive Phase III studies demonstrating significant pain reduction, improved physical function and sleep, favorable tolerability, and no evidence of dependence or withdrawal. The therapy is designed as a first-in-class non-opioid analgesic, offering a pharmaceutical-grade, standardized cannabinoid formulation as an alternative to opioids for chronic pain management, while a pivotal U.S. Phase III trial is ongoing.

 

Company Overview: Benuvia Therapeutics

Benuvia Therapeutics Inc. is a US-based pharmaceutical company specializing in the development, manufacturing, and commercialization of cannabinoid- and controlled substance–based medicines under FDA and DEA regulatory standards. Headquartered in Round Rock, Texas, the company provides end-to-end capabilities spanning API production, formulation development, clinical manufacturing, commercial supply, and analytical testing. Benuvia markets SYNDROS® (dronabinol oral solution) and supports partners in advancing cannabinoid therapeutics for neurological, pain, and other specialty indications through its cGMP manufacturing infrastructure. With expertise in highly regulated pharmaceutical products, the company aims to expand access to safe, standardized cannabinoid medicines while serving both proprietary and contract development programs.

 

Product Description: Syndros

Syndros is an orally administered liquid formulation of the pharmaceutical cannabinoid dronabinol, a synthetic version of THC. Dronabinol has complex effects on the CNS, including central sympathomimetic activity. Cannabinoid receptors have been discovered in neural tissues. These receptors may play a role in mediating the effects of dronabinol. Syndros is specifically indicated for anorexia associated with weight loss in patients with AIDS; and nausea and vomiting associated with cancer chemotherapy in patients who have failed to respond adequately to conventional antiemetic treatments. Syndros is available as a solution for oral administration and is the first, and only FDA approved dronabinol solution for oral use.

Medical Marijuana: Company and Product Profiles (Pipeline Therapies)

 

Company Overview: Cardiol Therapeutics

Cardiol Therapeutics Inc. is a late-stage clinical biopharmaceutical company headquartered in Oakville, Ontario, Canada, focused on developing anti-inflammatory and anti-fibrotic therapies for cardiovascular diseases. Its pipeline is led by CardiolRx™, a pharmaceutically manufactured cannabidiol oral solution in Phase III development for recurrent pericarditis and Phase II development for acute myocarditis, alongside CRD-38, a novel subcutaneous cannabidiol formulation for heart failure. The company's therapeutic strategy targets inflammasome-mediated inflammation and fibrosis to address diseases with significant unmet medical need. Cardiol collaborates with leading cardiovascular research centers worldwide to advance innovative heart disease therapies.

 

Product Description: CardiolRx™

CardiolRx™ is an investigational, cannabidiol (CBD) oral solution containing virtually no THC, developed to pharmaceutical cGMP standards for purity, consistency, and stability. Unlike approved medical marijuana products, CardiolRx is a CBD-only cannabinoid therapy being evaluated for inflammatory cardiovascular diseases, including recurrent pericarditis and acute myocarditis. The drug exerts anti-inflammatory and anti-fibrotic effects by inhibiting activation of the NLRP3 inflammasome and related inflammatory signaling pathways implicated in cardiac injury and fibrosis. CardiolRx has demonstrated a favorable safety profile in Phase I studies, holds FDA and EMA orphan drug designations for select indications, and is currently in Phase III clinical development for recurrent pericarditis and Phase II for acute myocarditis.

 

Company Overview: Ananda Pharma

Ananda Pharma plc is a UK-based clinical-stage biopharmaceutical company focused on developing regulatory-approved cannabidiol (CBD)-based medicines for complex chronic inflammatory conditions and pain disorders. Its proprietary lead candidate is being evaluated across multiple indications, including chemotherapy-induced peripheral neuropathy (CIPN), endometriosis-associated pain, and heart failure with preserved ejection fraction (HFpEF). The company collaborates with leading academic institutions and clinical research organizations to advance evidence-based cannabinoid therapeutics through Phase III and preclinical development. Ananda Pharma aims to deliver standardized, pharmaceutical-grade cannabinoid medicines that address significant unmet medical needs while meeting global regulatory standards.

 

Product Description: MRX2

MRX2 is an investigational, CBD-only cannabinoid medicine being evaluated in large-scale, randomized, controlled trials for treatment-resistant epilepsies. It is being studied across a broad range of seizure types in children and adults to determine its safety and effectiveness in reducing seizures, as well as its potential impact on cognition, behavior, sleep, quality of life, and stress. Currently, the drug is in Phase III stage of its clinical development for the treatment of Refractory Epilepsies.

 

Company Overview: Incannex Healthcare Ltd.

Incannex Healthcare Ltd. is a clinical-stage biopharmaceutical company developing cannabinoid- and psychedelic-based combination therapies for diseases with significant unmet medical needs, including obstructive sleep apnea, rheumatoid arthritis, and generalized anxiety disorder. Its pipeline is led by IHL-42X, a fixed-dose combination of dronabinol and acetazolamide in Phase II/III development. The company's strategy focuses on combining established compounds with complementary mechanisms to create differentiated therapies with improved efficacy and streamlined regulatory pathways. Headquartered in Melbourne, Australia, with operations in the United States, Incannex is listed on the NASDAQ (IXHL) and is advancing a diversified portfolio of innovative CNS and inflammatory disease treatments.

 

Product Description: IHL-42X

IHL-42X is an investigational oral fixed-dose combination therapy comprising dronabinol (synthetic ?9-tetrahydrocannabinol, THC) and acetazolamide, designed to treat obstructive sleep apnea (OSA) through complementary mechanisms that improve upper airway stability and ventilatory control. As a cannabinoid-based therapy, the dronabinol component modulates cannabinoid receptors to reduce apnea events, while acetazolamide enhances respiratory drive, providing a synergistic therapeutic effect. In Phase II studies, IHL-42X achieved clinically meaningful reductions in the Apnea–Hypopnea Index (AHI), with the optimal low dose reducing AHI by an average of approximately 51% from baseline. The therapy is currently being evaluated in the global Phase II/III RePOSA clinical program for OSA patients who are intolerant, non-compliant, or naïve to positive airway pressure therapies such as CPAP.

 

Company Overview: Avicanna Inc

Avicanna Inc. is a Canadian commercial-stage biopharmaceutical company headquartered in Toronto, Ontario, focused on the research, development, manufacturing, and commercialization of evidence-based cannabinoid medicines for global medical and pharmaceutical markets. The company operates a vertically integrated platform spanning active pharmaceutical ingredients (APIs), proprietary drug development, medical cannabis products, and patient care services, with proprietary cannabinoid formulations commercialized across international markets. Its pharmaceutical pipeline includes indication-specific cannabinoid drug candidates targeting dermatology, chronic pain, sleep disorders, neurological diseases, and mental health, supported by extensive clinical research and intellectual property. Through collaborations with leading academic institutions and in-house GMP capabilities, Avicanna aims to advance standardized, pharmaceutical-grade cannabinoid therapeutics that address significant unmet medical needs.

 

Product Description: AVCN 319301b

AVCN 319301b is an oral cannabinoid capsule formulation developed by Avicanna Inc., currently being investigated for the management of osteoarthritis-related pain. The product utilizes plant-derived cannabinoids, including CBD and THC, aiming to provide a novel therapeutic option for chronic musculoskeletal pain. According to company’s pipeline, the drug is in Phase II/III stage of its development for the treatment of Osteoarthritis Pain.

 

Company Overview: BRC Therapeutics

BRC Therapeutics is a US-based clinical-stage pharmaceutical company developing prescription cannabinoid therapeutics for neurological, inflammatory, and chronic pain disorders. The company combines proprietary cannabinoid formulations with rigorous pharmaceutical development, GMP manufacturing, and FDA regulatory pathways to deliver safe, non-addictive medicines. Headquartered in Monterey, California, BRC is advancing clinically validated cannabinoid therapies to address conditions with significant unmet medical needs.

 

Product Description: BRC-001

BRC-001 is a first-in-class oral cannabinoid therapeutic developed by BRC Therapeutics, designed to address arthralgia- joint pain experienced by breast cancer patients undergoing aromatase inhibitor therapy. It features a standardized high-CBD botanical extract, tailored to relieve stiffness and pain while supporting patients through their cancer treatment. BRC-001 is being assessed for its safety, tolerability, and efficacy specifically in AIIA. Currently, the drug is in Phase II/III stage of its development for the treatment of Aromatase Inhibitor-Induced Arthralgia (AIIA).

Further product details are provided in the report……..

Medical Marijuana Analytical Perspective by DelveInsight

In-depth Commercial Assessment: Medical Marijuana Collaboration Analysis by Companies

The Report provides in-depth commercial assessment of drugs that have been included, which comprises collaboration, agreement, licensing and acquisition – deals values trends. The sub-segmentation is described in the report which provide company-company collaboration (licensing/partnering), company academic collaboration and acquisition analysis in tabulated form.

Medical Marijuana Competitive Landscape

The report comprises of comparative assessment of Companies (by therapy and development stage).

Medical Marijuana Report Assessment

• Company Profiling
• Pipeline Analysis
• CI Analysis (SWOT analysis and PESTEL analysis)
• Market Dynamics (Drivers, Opportunities, and Barriers)
• Therapeutic Assessment
• Inactive drugs assessment
• Unmet Needs

 

Therapeutic segmentation of products for medical marijuana

• By Phase
• By Product Type
• By Route of administration

 

Key Market Drivers

• Rising Prevalence of Chronic Conditions & Therapeutic Demand
• Innovation in Delivery, Products & Extraction Technologies
• Increase in Research and Development Activities

Key Questions

Current Treatment Scenario and Emerging Therapies:

• How many companies are developing Medical Marijuana drugs?
• How many Medical Marijuana drugs are developed by each company?
• How many emerging Medical Marijuana drugs are in mid-stage, and late-stage of development?
• What are the key collaborations (Industry–Industry, Industry–Academia), Mergers and acquisitions, licensing activities related to the Medical Marijuana therapeutics?
• What are the recent trends, drug types and novel technologies developed to overcome the limitation of existing therapies?
• What are the clinical studies going on for Medical Marijuana drugs and their status?
• What are the key designations that have been granted to the emerging and approved drugs?