The medical marijuana market was valued at US$ 11,706.50 million in 2021 and is likely to reach value of US$ 40,027.59 million by 2028; it is estimated to grow at a CAGR of 19.2% from 2022 to 2028.
The report highlights trends prevailing in the market and factors driving the medical marijuana market. The market growth is attributed to increasing approvals of medical marijuana products and rising acceptance of the medicinal use of marijuana. However, the illegal use of cannabis as a street drug and misconceptions regarding marijuana limit the market growth.
Medical marijuana is in its introduction stage in the medical health industry. It is a potent product accepted globally, where Chinese medicines are already being manufactured using these plants, and that too with a long history associated. Medical marijuana remains a significant influence in the healthcare industry to treat cases that are not entirely advisable with traditional medicines. Medical marijuana is just a typical marijuana plant that is processed to get the fundamental composition of cannabinoids, which is necessary to synthesize the product to be in use.
Countries in North America have legalized the use and cultivation of medical cannabis. For instance, in 2012, Uruguay became the first country in the world to legalize the recreational use of cannabis. Similarly, in 2014, Brazil authorized the use of medical cannabis, and in 2016, it approved the import of medications based on CBD oil and products made from THC and marijuana flowers.
In 2017, Peru approved a law regulating the medicinal and therapeutic use of cannabis and its derivatives. In 2018, the Government of Canada passed the Cannabis Act, which created a strict legal framework for controlling the production, distribution, sale, and possession of cannabis across Canada. In the US, as of February 2022, marijuana was legalized in 37 states and the District of Columbia. In the past few years, Mexico, Luxembourg, and Lesotho, among others, have joined the list of countries to legalize the use of marijuana for medical applications.
However, despite widespread legalization of the use of cannabis, its legal cultivation and production have earlier been mostly limited to developing countries. In September 2019, the Ministry of Commerce, Agriculture, and Fisheries of Jamaica announced a partnership with Harvard International Phytomedicines and Medical Cannabis Institute (HIPI) to conduct research on the pharmacological benefits of marijuana. At the same time, Jamaica aims to capitalize on this partnership and utilize this opportunity to grow and develop its national marijuana industry.
Market Dynamics
Drivers
- Increasing Approvals of Medical Marijuana Products
- Rising Acceptance of Medicinal Use of Marijuana in America
Restraints
- Illegal Use of Cannabis as Street Drug and Misconceptions Regarding Marijuana
Opportunities
- Increase in Job Opportunities in Marijuana Industry
Future Trends
- Widespread Distribution of Medical Marijuana
Companies Mentioned
- Aphria, Inc.
- Canopy Growth Corporation
- CanaQuest Medical Corporation
- GW Pharmaceuticals
- Organigram Holdings Inc.
- VIVO Cannabis Inc
- Panaxia Pharmaceutical Industries Ltd
- Phoena Holdings Inc.
- Emerald Health Therapeutics Inc.
- MARICANN INC
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