With the cannabis industry investing so heavily in cultivation recently, it’s been revealed within the last month that the average price of medical cannabis fell from $10.65 to $10.23 in Canada in the second quarter of this year, meaning companies like Aurora and Canopy saw considerable revenue declines for the quarter ending on September 30th. Indeed, according to the Financial Post, Canopy’s shares fell by 15% while Aurora saw a decline in revenue of 24% in the last quarter. These losses in Canada have been attributed to a variety of factors within the industry, including cheaper black market prices that continue to lure custom (with illegal prices estimated to be 30 to 35% cheaper than legal prices) and a lack of activity around physical cannabis stores being set up in the country.
While this decline in revenue may understandably be bad news for these companies, these drops come as good news for consumers looking to buy medical cannabis products at a lower price. But is price all that really matters for consumers? We argue that as patients will always be the central pillar of our work and of the industry in general, we should be serving them in more ways throughout the industry rather than just through the low cost of products. Through the provision of a number of services across different areas of the industry we can truly facilitate the successful treatment of patients and measurably improve their quality of life.
One crucial area we should be focussing upon as much as we are on prices is the education of medical professionals and doctors so prescriptions of the medical cannabis can actually be fulfilled. After all, what is the use of an abundance of low cost product without the means to prescribe it to patients? Similarly, the creation of advocacy organisations like CPASS (the Cannabis Patient Advocacy & Support Services), which aims to galvanise and encourage clinical nurse specialists to help provide patient access to medical cannabis products, is essential if patients are to receive the care they deserve. Alongside this kind of technology, the industry needs to focus on finding ways to ensure supply chain logistics work optimally through the correct kinds of infrastructure with full transparency throughout the whole supply chain.
Additionally, the need to provide technology services that make it easier for these doctors to fully understand medical cannabis, the conditions it can treat and how to dose and prescribe should not be under-stressed. With greater understanding of the medicine by medical professionals, the more likely the benefits will be recognised and therefore the more patients will be treated as preconceived stigma preventing prescription is gradually eradicated.
To conclude, while we certainly need to recognise and celebrate the high quality producers of cannabis-based medications and recognise the flux of the industry in terms of pricing, we also need to realise that the medications and their price only form part of a larger, mutually dependent whole. The real advancements that can be made in the industry will be made through research and development, logistical and ancillary services. Here is where LYPHE GROUP stands out as a leader in the industry. With our closed loop ecosystem, The Academy of Medical Cannabis provides education for doctors, The Medical Cannabis Clinics crucially allows patients to access the cannabis-based medicines they need, Astral Health creates a solution for import and distribution and Dispensary Green will soon provide pharmaceutical assistance. With all bases covered, LYPHE group can continue to assist patients with the care they need even when fluctuations in the market occur.