AbbVie was formed in 2013 from a division within Abbott Laboratories, a company created in 1888. Abbott specialises in diversified medical products and American healthcare, while AbbVie became a biopharmaceutical company.
AbbVie, which represents the research arm of Abbott, recently entered the pharmaceutical marijuana space with Marinol, a chemical component, very close to the main component of marijuana, the THC.
According to AbbVie, Marinol is used to “help manage loss of appetite associated with weight loss in patients with acquired immune deficiency syndrome (AIDS)," and it is also used to fight “nausea and vomiting associated with cancer chemotherapy in patients who have failed to respond adequately to conventional treatment to relieve nausea and vomiting."
The synthetic cannabis-based drug on the market (Marinol) was approved by the FDA, which is a promising factor supporting its sales. But let’s not forget that this product is not the company’s flagship drug.
In the marijuana industry, investing in AbbVie is then an interesting choice without being 100% exposed to the plant. AbbVie is working on developing treatments through cannabinoids, but it is not cultivating, producing or exporting cannabis.
According to the business-consulting firm, Grand View Research, the global market for medical cannabis could rise to $55.8 billion by 2025. This growth should be supported by more countries that are opening up to medical use of cannabis, as well as a growing number of marijuana therapeutic uses.
There’s no question about it – the marijuana industry is becoming an increasingly popular field to invest in. The market is expected to significantly grow following the legalisation of recreational marijuana in several countries and a high demand for both medical and recreational weed.
- As recently as January 2012, AbbVie went public on the New York Stock Exchange under the ticker symbol, ABBV.
- AbbVie is selling Marinol, its pharmaceutical product based on cannabinoids approved by the FDA.
- The company has about 30,000 employees in more than 70 countries.
- AbbVie’s products are sold in about 200 countries.
- By the end of 2017, $4.8 billion was invested in research & development.
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