The Trillion Dollar Blind Spot in Cannabis: Women’s Health

Closing the women’s health gap could boost the global economy by $1 trillion annually (at least) by 2040. That figure comes from the World Economic Forum and the McKinsey Health Institute, and the mechanism behind it is not complicated. Women spend an average of nine years of their lives in ill health, a quarter more than men, and the majority of those years fall during their most productive and active years. That gap equates to 75 million years of life lost to poor health or early death each year, the equivalent of seven days per woman per year. For every dollar invested in women’s health, roughly three dollars is projected in economic growth, generating the equivalent impact of 137 million women accessing full-time positions by 2040. I want to be careful about how I use that figure. It is a model, not a measurement, and it is doing a lot of work in a lot of pitch decks right now. But the direction of it is not disputed, and it reframes what we are talking about. Ignoring women’s health is more than underserving a demographic. It is an unpriced liability, and the cost sits with employers, insurers, and treasuries as much as with health systems. Women’s health is the largest unpriced liability in global healthcare. The cannabis industry is sitting on the one chance to build a therapeutic category without inheriting that mistake.

Women’s Health Is Not Reproductive Health

The first thing the cannabis industry gets wrong about women’s health is the scope of the conversation. When cannabis companies talk about women’s health, they mean menstrual cramps and menopause, and topicals and tinctures with pink labels. Yet only around 5% of women’s health burden is attributable to sexual, reproductive, and maternal health. 56% comes from conditions that are more prevalent in women, or that manifest differently in them. The WEF and McKinsey identified nine conditions that account for a third of the gap:
  • Ischaemic heart disease
  • Cervical cancer
  • Breast cancer
  • Maternal hypertensive disorder
  • Post-partum haemorrhage
  • Menopause
  • Premenstrual syndrome
  • Migraine
  • Endometriosis
That is cardiology. That is neurology. That is chronic pain. Categorizing women’s health as a reproductive subsector is how this whole problem got built in the first place. Closing the gap on those nine conditions alone could unlock $400 billion in global annual GDP by 2040.

The Cost of Women’s Health Nobody Puts On A Balance Sheet

Absenteeism, missing work, is measurable, so it gets managed. Presenteeism, being at work and unable to perform, is where the money actually disappears, and almost nobody bills for it. Here is where the business case sharpens, and where I think the cannabis industry has the clearest opening.

Losing Productivity from Pain

In a Dutch cohort of 32,748 women, 80.7% reported presenteeism due to menstrual-related symptoms, losing 1.3 days of productivity to absenteeism and 8.9 days to presenteeism.
A Japanese national estimate put the annual productivity cost of menstrual and menopausal symptoms at around US$14.65 billion. Most of it, 12.59 billion, was presenteeism and only 2.07 billion was absenteeism. Nearly 80% of women surveyed said their symptoms affected their work productivity. Women with endometriosis lose an average of 10.8 hours of work weekly, mainly through reduced effectiveness while working rather than absence. In the UK, perimenopause and menopause are estimated to cost businesses 14 million working days a year, equivalent to £1.88 billion in lost productivity, with 10% of women leaving the workforce entirely, and one in four considering it. Finally, a finding from one US study should stop every operator in this industry. A 2025 study of women with uterine fibroids working in healthcare found that women reported that 33% lost productivity driven by presenteeism, at an estimated cost of $387 per week. Women who were undiagnosed reported higher presenteeism and overall work impairment than those who had received a diagnosis. Diagnosis itself recovers productivity. Women are waiting years for it.

No Evidence, No Funding for Women’s Health Problems

This gap in funding for women’s health is inherited, not invented.
  • Only 8.8% of NIH research spending from 2013 to 2023 targeted women’s health research. That share declined as a proportion of overall funding even as the agency’s budget rose.
  • For endometriosis specifically, expected NIH funding in 2022 was around $16 million, 0.038% of the budget, or about $2.00 per patient per year.
Women were generally excluded from clinical trials until the 1990s; the NIH inclusion policy was only codified into federal law in 1993. The consequence is documented. The US Government Accountability Office found that of ten prescription drugs withdrawn from the American market from January 1997, eight posed greater health risks for women. Four of those caused more adverse events in women even though they were widely prescribed to both women and men. Had those drugs been tested in trials that reported data by sex, those reactions would have been found before the market, not after. 50 years of male-default data is now being retrofitted at enormous cost. Meanwhile, McKinsey values the global endometriosis treatment market at $180-220 billion, with few assets currently in the pipeline.

Creating Solidarity in the Cannabis Industry

I founded EmpowHer Cannabis Society because the pattern above kept repeating in front of me, jurisdiction by jurisdiction. We now have more than 1,000 members across 43 countries. The thing that strikes me is not how different the markets are: it is how identical the gap is. The regulatory frameworks for legal cannabis in the UK, Germany, Portugal, Uganda, and New Zealand have almost nothing in common. What they share is that in none of them can you find a dossier, a registry field, or a reimbursement submission that treats female-predominant conditions as a primary indication rather than a footnote. That consistency tells you it isn’t a regulatory problem. It’s a design problem, and design problems are fixable by the people doing the designing.

What We Already Have, And What We Don’t

Women are already self-managing with cannabis. This is happening at scale for conditions medicine has historically underfunded and ignored. The patient signal for cannabis use is there; the evidence is not.
  • Endometriosis affects up to one in ten women of reproductive age, more than 170 million worldwide, and an estimated 60% of cases remain undiagnosed. A correct diagnosis takes an average of ten years and at least seven visits to a health practitioner.
  • In a survey of 912 respondents run through the Endometriosis Research Center Charité in Berlin across Germany, Austria and Switzerland, 114 used cannabis for self-management. They rated it the most effective strategy available to them at 7.6/10. 90% were able to reduce their pain medication, and the largest improvements were in sleep at 91% and menstrual pain at 90%.
  • An Australian survey of 484 women with surgically diagnosed endometriosis found cannabis rated the most effective of every self-management technique reported, ahead of heat packs, dietary change and exercise.
The cohorts already exist inside our registries. In the UK Medical Cannabis Registry’s analysis of hypermobility-associated chronic pain, women made up 80.83% of participants. Against all of that, a 2025 scoping review of cannabis use in endometriosis found nine completed studies covering 1,787 participants. Every single one was cross-sectional, just asking patients how they felt. Not one was a proper trial comparing cannabis against a placebo.” Worse, we can’t even see how many patients there are properly More than 30% of women in one study reported not disclosing their cannabis consumption to their doctor, citing fear of breaking the law, losing a driving licence, or losing a job to workplace drug testing.

Harm Reduction Is The Commercial Argument for Legal Cannabis

Up to this point, the case rests on what patients report about how they feel. That matters, but it’s easy to dismiss. The data on women and opioid use is different. It tracks something concrete and measurable: whether people taking cannabis end up needing fewer opioids. Every milligram of opioid avoided means lower risk of dependency and overdose, and lower cost to health systems. That’s where legal cannabis stops being a hopeful idea and becomes a commercial and public health argument. I’ll say the uncomfortable part: a category built on selective evidence is a category waiting to be dismantled. Fibromyalgia, chronic pelvic pain, and hypermobility cohorts skew heavily female, and they are precisely where long-term opioid prescribing lands. The risk profile isn’t sex neutral. Preclinically, females are more sensitive to the reinforcing effects of cannabinoids, and clinical data suggests women progress more rapidly from cannabis use disorder, sometimes described as the telescoping effect, and are more likely to experience withdrawal symptoms. Female-specific data is needed for safety as much as for efficacy. Anyone selling to women without wanting to know that is not building a business; they are building an exposure.

Who Is In The Room Decides What Gets Funded

Protocol design decides whether sex is a variable or an afterthought. Capital allocation decides which indications get a protocol at all.
  • MJBizDaily’s tracking shows women holding 36.8% of US cannabis executive positions in 2019, falling to 23.1% by 2022, below the national average across all businesses,
  • The Bureau of Labor Statistics put women at 29.1% of chief executives.
  • The number of female executives recovered to around 39% by 2023.
That figure explains this pipeline: fewer than 5% of executive positions at cannabis-focused investment firms are held by women, against 11% in financial services. An investment committee that is 95% male will not prioritise endometriosis endpoints. Not through hostility. Through absence. This is a mechanism, not a grievance, and it is the reason representation belongs in a business case rather than a values statement. Let me pre-empt the usual response, which is that the talent pipeline needs building first. It doesn’t. EmpowHer’s 1,000-plus members across 43 countries include clinicians, regulatory specialists, cultivators, pharmacists, compliance leads and founders. At PTMC26 in Lisbon this September, I moderated a panel on women’s health and wellness economics in medicinal cannabis alongside clinicians and patient advocates who have been working on precisely these questions for years. The expertise is not scarce. What is scarce is access to the rooms where protocols are written, and capital is committed. Those are two different problems, and conflating them has let the industry off the hook for a decade.

We Have a Window in Cannabis to Expand Research on Women’s Health

Cannabis is one of the very few therapeutic categories being built at a moment when sex disaggregation is possible from the first patient enrolled. Pharma is spending fortunes retrofitting. We don’t have to. Four things would change the trajectory of scientific research for women’s health, and none of them require a legislative miracle.
  1. Sex disaggregated outcome reporting as the default in every registry and every dossier, not a subgroup analysis run when someone remembers.
  2. Condition-specific patient-reported outcome measures for gynaecological indications, because nothing can be built from “chronic pain, undefined aetiology”.
  3. Women on investment committees and scientific advisory boards, with the three-to-one return as the argument.
  4. Employer-funded provision is treated as a productivity line item, which is how alternative medicine reaches scale without waiting a decade for national reimbursement.
That is a genuine structural advantage, and it has an expiry date. Once the registries are designed and the dossiers are filed, they are designed and filed. This is the work EmpowHer exists to do, and it is not work any single organisation can do alone. If you are designing a registry, structuring a fund, writing a protocol or setting an employee health policy, the decision in front of you is smaller than the $1 trillion number and it is entirely yours. We are deciding right now, mostly by not deciding, whether this industry becomes the first to get women’s health right or the latest to get it wrong.

About the Author

Heidi Whitman is the Managing Director at Prohibition Partners Exchange (PPX), the Commercial Lead at Cannavigia, and the Founder & Chair of EmpowHer Cannabis Society.

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