The 6,000-Year History of Medical Cannabis
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Since the early 20th century, the use of cannabis for any purpose fell out of favor by both regulators and Western culture at large.
In the United States, a wave of regulations made access to cannabis more difficult starting from the late 1900s, ultimately culminating in the Marihuana Tax Act of 1937, which effectively made cannabis use a federal offense. Meanwhile, prohibition in Canada lasted for 85 years until being lifted by recent developments.
Interestingly, however, this recent period of 20th century opposition is actually just a small speck in the wider 6,000-year timeline of cannabis. After all, the plant has been widely regarded for its therapeutic potential for many millennia by different cultures around the world.
6,000 Years of Medical Cannabis
Today’s infographic comes to us from MedReleaf, and it focuses on the medical uses of cannabis discovered by many cultures over time. With uses dating back to Ancient empires such as Rome, Egypt, and China, it helps to put into perspective recent legal and cultural developments regarding cannabis on a broader historical scale.
4000 BC: Pan-p’o village
Cannabis was regarded among “five grains” in China, and was farmed as a major food crop.
2737 BC: Pen Ts’ao Ching
Earliest record of cannabis as a medicinal drug. At this time, Emperor Shen-Nung recognized its treatment properties for over 100 ailments such as gout, rheumatism, and malaria.
2000-1400 BC: Scythians
Nomadic Indo-European peoples used cannabis in steam baths, and also burned cannabis seeds in burial rituals.
2000-1000 BC: Atharva Vedas
Cannabis was described as a “source of happiness”, “joy-giver”, and “bringer of freedom” in these Hindu religious texts. At this time, cannabis was smoked at daily devotional services and religious rituals.
2000-1000 BC: Ayurvedic Medicine
Open religious use of cannabis allowed for exploration of medical benefits. During this period, it was used to treat a variety of ailments such as epilepsy, rabies, anxiety, and bronchitis.
1550 BC: Ebers Papyrus
Egyptian medical papyrus of medical knowledge notes that medical cannabis can treat inflammation.
1213 BC: Ramesses II
Cannabis pollen has been recovered from the mummy of Ramesses II, the Egyptian pharaoh who was mummified after his death in 1213 BC.
900 BC: Assyrians
Employed the psychotropic effects of cannabis for recreational and medical purposes.
450-200 BC: Greco-Roman use
Physician Dioscorides prescribed cannabis for toothaches and earaches. Greek doctor Claudius Galen noted it was widely consumed throughout the empire. Women of the Roman elite also used cannabis to alleviate labor pains.
207 AD: Hua T’o
First recorded physician to describe cannabis as an analgesic. He used a mixture of cannabis and wine to anesthetize patients before surgery.
1000 AD: Treats Epilepsy
Arabic scholars al-Mayusi and al-Badri regard cannabis as an effective treatment for epilepsy.
1025 AD: Avicenna
The medieval Persian medical writer publishes “Avicenna’s Canon of Medicine”, stating that cannabis is an effective treatment for gout, edema, infectious wounds, and severe headaches. His work was widely studied from the 13th to 19th centuries, having a lasting impact on Western medicine.
1300 AD: Arab traders
Arab traders bring cannabis from India to Eastern Africa, where it spreads inland. It is used to treat malaria, asthma, fever, and dysentery.
1500 AD: Spanish Conquest
The Spanish brought cannabis to the Americas, where it was used for more practical purposes like rope or clothes. However, years later, it would be used as a psychoactive and medicinal drug.
Napoleon brought cannabis back to France from Egypt, and it was investigated for its pain relieving and sedative qualities. At this time, cannabis would be used to treat tumors, cough, and jaundice.
1839: William O’Shaughnessy
Irish doctor William O’Shaughnessy introduced the therapeutic uses of cannabis to Western medicine. He concluded it had no negative medicinal effects, and the plant’s use in a pharmaceutical context would rapidly rise thereafter.
1900: Medical Cannabis
Medical cannabis was used to treat nausea, rheumatism, and labor pain. At this point in time, it is available over-the-counter in medications such as “Piso’s cure” and “One day cough cure”.
1914: Harrison Act
Drug use was declared a crime in the U.S., under the Harrison Narcotics Tax Act in 1914.
1937: Marihuana Tax Act
The Marihuana Tax Act banned the use and sales of cannabis in the United States.
1964: Discovery of THC
The molecular structure of THC, an active component of cannabis, was discovered and synthesized by Israeli chemist Dr. Raphael Mechoulam.
1970: Classified as Schedule 1 Drug
Cannabis became categorized as a Schedule 1 Drug in the U.S., which limited further research into the plant. It was listed as having “no accepted medical use”.
1988: CBD Receptors Discovered
The CBD1 and CBD2 cannabinoid receptors were discovered. Today, we know they are some of the most abundant neuroreceptors in the brain.
2000-2018: Medical cannabis legalization
Governments, such as those of Canada and various states, begin to legalize cannabis for medical purposes from licensed producers. Recreational legalization quickly starts to follow.
How Big Tech Makes Their Billions
The big five tech companies generate almost $900 billion in revenues combined, more than the GDP of four of the G20 nations. Here’s how they earn it all.
How Big Tech Makes Their Billions
The world’s largest companies are all in technology, and four out of five of those “Big Tech” companies have grown to trillion-dollar market capitalizations.
Despite their similarities, each of the five technology companies (Amazon, Apple, Facebook, Microsoft, and Alphabet) have very different cashflow breakdowns and growth trajectories. Some have a diversified mix of applications and cloud services, products, and data accumulation, while others have a more singular focus.
But through growth in almost all segments, Big Tech has eclipsed Big Oil and other major industry groups to comprise the most valuable publicly-traded companies in the world. By continuing to grow, these companies have strengthened the financial position of their billionaire founders and led the tech-heavy NASDAQ to new record highs.
Unfortunately, with growth comes difficulty. Data-use, diversity, and treatment of workers have all become hot-button issues on a global scale, putting Big Tech on the defensive with advertisers and governments alike.
Still, even this hasn’t stopped the tech giants from (almost) all posting massive revenue growth.
Revenues for Big Tech Keep Increasing
Across the board, greater technological adoption is the biggest driver of increased revenues.
Amazon earned the most in total revenue compared with last year’s figures, with leaps in almost all of the company’s operations. Revenue from online sales and third-party seller services increased by almost $30 billion, while Amazon Web Services and Amazon Prime saw increased revenues of $15 billion combined.
The only chunk of the Amazon pie that didn’t increase were physical store sales, which have stagnated after previously being the fastest growing segment.
Big Tech Revenues (2019 vs. 2018)
|Company||Revenue (2018)||Revenue (2019)||Growth (YoY)|
|Apple||$265.6 billion||$260.2 billion||-2.03%|
|Amazon||$232.9 billion||$280.5 billion||20.44%|
|Alphabet||$136.8 billion||$161.9 billion||18.35%|
|Microsoft||$110.4 billion||$125.8 billion||13.95%|
|$55.8 billion||$70.8 billion||26.88%|
|Combined||$801.5 billion||$899.2 billion||12.19%|
Services and ads drove increased revenues for the rest of Big Tech as well. Alphabet’s ad revenue from Google properties and networks increased by $20 billion. Meanwhile, Google Cloud has seen continued adoption and grown into its own $8.9 billion segment.
For Microsoft, growth in cloud computing and services led to stronger revenue in almost all segments. Most interestingly, growth for Azure services outpaced that of Office and Windows to become the company’s largest share of revenue.
And greater adoption of services and ad integration were a big boost for ad-driven Facebook. Largely due to continued increases in average revenue per user, Facebook generated an additional $20 billion in revenue.
Comparing the Tech Giants
The one company that didn’t post massive revenue increases was Apple, though it did see gains in some revenue segments.
iPhone revenue, still the cornerstone of the business, dropped by almost $25 billion. That offset an almost $10 billion increase in revenue from services and about $3 billion from iPad sales.
However, with net income of $55.2 billion, Apple leads Big Tech in both net income and market capitalization.
Big Tech: The Full Picture
|Company||Revenue (2019)||Net Income (2019)||Market Cap (July 2020)|
|Apple||$260.2 billion||$55.2 billion||$1.58 trillion|
|Amazon||$280.5 billion||$11.6 billion||$1.44 trillion|
|Alphabet||$161.9 billion||$34.3 billion||$1.02 trillion|
|Microsoft||$125.8 billion||$39.2 billion||$1.56 trillion|
|$70.8 billion||$18.5 billion||$665.04 billion|
|Combined||$899.2 billion||$158.8 billion||$6.24 trillion|
Bigger Than Countries
They might have different revenue streams and margins, but together the tech giants have grown from Silicon Valley upstarts to global forces.
The tech giants combined for almost $900 billion in revenues in 2019, greater than the GDP of four of the G20 nations. By comparison, Big Tech’s earnings would make it the #18 largest country by GDP, ahead of Saudi Arabia and just behind the Netherlands.
Big Tech earns billions by capitalizing on their platforms and growing user databases. Through increased growth and adoption of software, cloud computing, and ad proliferation, those billions should continue to increase.
As technology use has increased in 2020, and is only forecast to continue growing, how much more will Big Tech be able to earn in the future?
Visualizing the Size of Amazon, the World’s Most Valuable Retailer
Amazon’s valuation has grown by 2,830% over the last decade, and the tech giant is now worth more than the other 9 largest U.S. retailers, combined.
Visualizing the Size of the World’s Most Valuable Retailer
As brick-and-mortar chains teeter in the face of the pandemic, Amazon continues to gain ground.
The retail juggernaut is valued at no less than $1.4 trillion—roughly four times what it was in late 2016 when its market cap hovered around $350 billion. Last year, the Jeff Bezos-led company shipped 2 billion packages around the world.
Today’s infographic shows how Amazon’s market cap alone is bigger than the nine biggest U.S. retailers put together, highlighting the palpable presence of the once modest online bookstore.
The New Normal
COVID-19’s sudden shift has rendered many retail outfits obsolete.
Neiman Marcus, JCPenney, and J.Crew have all filed for bankruptcy as consumer spending has migrated online. This, coupled with heavy debt loads across many retail chains, is only compounding the demise of brick-and-mortar. In fact, one estimate projects that at least 25,000 U.S. stores will fold over the next year.
Still, as safety and supply chain challenges mount—with COVID-19 related costs in the billions—Amazon remains at the top. It surpasses its next closest competitor, Walmart, by $1 trillion in market valuation.
How does Amazon compare to the largest retailers in the U.S.?
|10 Largest Public US Retailers*||Market Value July 1, 2020||Market Value July 1, 2010||Normalized % Change 2010-2020||Retail Revenue|
|The Kroger Co.||$26B||$13B||107%||$118Be|
|Walgreens Boots Alliance||$36B||$26B||38%||$111B|
|The Home Depot||$267B||$47B||466%||$108B|
|Combined value of retailers (without Amazon)||$1,071B|
Source: Deloitte, YCharts
*Largest public US retailers based on their retail revenue as of fiscal years ending through June 30, 2019, e=estimated
With nearly a 39% share of U.S. e-commerce retail sales, Amazon’s market cap has grown 2,830% over the last decade. Its business model, which aggressively pursues market dominance instead of focusing on short-term profits, is one factor behinds the rise.
By the same token, one recent estimate by The Economist pegged Amazon’s retail operating margins at -1% last year. Another analyst has suggested that the company purposefully sells retail goods at a loss.
How Amazon makes up for this operating shortfall is through its cash-generating cloud service, Amazon Web Services (AWS), and through a collection of diversified enterprise-focused services. AWS, with estimated operating margins of 26%, brought in $9.2 billion in profits in 2019—more than half of Amazon’s total.
Amazon’s Basket of Eggs
Unlike many of its retail competitors, Amazon has rapidly diversified its acquisitions since it originated in 1994.
Take the $1.2 billion acquisition of Zoox. Amazon plans to operate self-driving taxi fleets, all of which are designed without steering wheels. It is the company’s third largest since the $13.7 billion acquisition of organic grocer Whole Foods, followed by Zappos.
Accounting for the lion’s share of Amazon-owned physical stores, Whole Foods has 508 stores across the U.S., UK, and Canada. While Amazon doesn’t outline revenues across its physical retail segments—which include Amazon Books stores, Amazon Go stores, and others—physical store sales tipped over $17 billion in 2019.
Meanwhile, Amazon also owns gaming streaming platform Twitch, which it acquired for $970 million in 2017. Currently, Twitch makes up 73% of the streaming market and brought in an estimated $300 million in ad revenues in 2019.
Despite the flood of online orders due to quarantines and social distancing requirements, Amazon’s bottom line has suffered. In the second quarter of 2020 alone, it is expected to rack up $4 billion in pandemic-related costs.
Yet, at the same time, its customer-obsessed business model appears to thrive under current market conditions. As of July 1, its stock price has spiked over 51% year-to-date. On an annualized basis, that’s roughly 100% in returns.
As margins get squeezed and expenses grow, is Amazon’s growth sustainable in the long-term? Or, are the company’s strategic acquisitions and revenue streams providing the catalysts (and cash) for only more short-term success?
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