The North America and South & Central America medical marijuana market was valued at US$ 6,645.16 million in 2021 and is projected to reach US$ 22,809.76 million by 2028; it is estimated to grow at a CAGR of 19.3% from 2022 to 2028.
The report highlights trends prevailing in the market and factors driving the North America and South & Central America 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. Moreover, the World Health Organization (WHO) states that ~80% of the world’s population utilizes marijuana or cannabis for medical remedies. Therefore, the growing acceptance, cultivation, and production of medical marijuana in developing countries is contributing significantly to the growth of the North America and South & Central America medical marijuana market.
Market Dynamics
Market Drivers
- Increasing Approvals of Medical Marijuana Products
- Rising Acceptance of Medicinal Use of Marijuana in America
Market Restraints
- Illegal Use of Cannabis as Street Drug and Misconceptions Regarding Marijuana
Market Opportunities
- Increase in Job Opportunities in Marijuana Industry
Future Trends
- Widespread Distribution of Medical Marijuana
Key Topics Covered:
1. Introduction
2. North America and South & Central America Medical Marijuana Market – Key Takeaways
3. Research Methodology
4. North America and South & Central America Medical Marijuana – Market Landscape
5. North America and South & Central America Medical Marijuana – Key Market Dynamics
6. North America and South & Central America Medical Marijuana Market – Geographic Analysis
7. North America and South & Central America Medical Marijuana Market Analysis – By Product
8. North America and South & Central America Medical Marijuana Market – By Application
9. North America and South & Central America Medical Marijuana Market Analysis – By Distribution Channel
10. North America and South & Central America Medical Marijuana Market Revenue and Forecast To 2028 – Geographical Analysis
11. Impact of COVID-19 Pandemic on North America and South & Central America Medical Marijuana Market
12. North America and South & Central America Medical Marijuana Market – Industry Landscape
13. Company Profiles
14. Appendix
Companies Mentioned
- Aphria, Inc.
- Aurora Cannabis Inc.
- Canopy Growth Corporation
- CanaQuest Medical Corporation
- GW Pharmaceuticals
- The Green Organic Dutchman Holdings
- Cannabis Science, Inc
- CANVORY
- Organigram Holdings Inc.
- Tikun Olam
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