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Global Medical Cannabis Market to Grow at a CAGR of 23% between 2019-2024

"According to a new report by EMR titled, ‘Global Medical Cannabis Market Report and Forecast 2019-2024’, the global medical cannabis market reached USD 13 billion in 2018. The market is expected to grow further in the forecast period of 2019-2024 at a CAGR of 23%."

The global medical cannabis market is being driven by the rise in the legalisation of cannabis. North America is the largest market for marijuana, for both medical and recreational uses. The regional market is being aided by the high population density of the areas with legalised medical cannabis as more than 60% of the region’s population reside in these areas. In 2017, nearly 1.9 million people in North America were legally utilising the substance to relieve conditions like chronic pain and polymorphic seizures. In Canada, while the consumption of cannabis for medical purposes has been legal since 2001, in October 2018, the country legalised the substance for recreational use too. Health Canada governs the Canadian medical cannabis industry, and as of September 2017, had 58 licensed cannabis producers, with 167, 754 registered patients in March 2017 using cannabis. Medical marijuana is expected to contribute to nearly 25% of cannabis sales in 2019. Canada is a leading cannabis market, globally, and exports the substance to other major overseas markets like Western Europe.

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The US is also a major global market and is finding impetus for its growth in the increasing legalisation of the substance. Currently, the use of medical marijuana is legal in 33 states and Washington, D.C. The retail sales of medicinal marijuana in the country reached nearly USD 3.7 billion in 2018. While individual states are passing laws legalising cannabis, it is still illegal under federal law. Thus, multiple US companies prefer conducting their research on medical marijuana in countries like Israel, where they are not hindered by federal institutes like the National Institute on Drug Abuse and the Drug Enforcement Agency. Israel is one of the leading regions for cannabis research, and over 50 US companies are undertaking research related to medical cannabis in the country.

Market Breakup by Types, Species, Compounds, Applications, Distribution Channels, and Region:

  • Medical cannabis can be bifurcated into dried form and extract form. 
  • It can be divided into Indica, Sativa, and hybrid species. 
  • It is available as compounds like THC- dominant, CBD-dominant, and balanced THC and CBD. 
  • Pain management and seizures, among others, are the leading applications for medical cannabis. 
  • Dispensaries, pharmacies, and online retailers are the major distribution channels for medical marijuana. 
  • By region, the market can be divided into North America, Europe, Asia Pacific, LATAM, and the Middle East and Africa.

Key Findings of the Report:

  • The global medical cannabis market is being driven by the rising legalisation of cannabis as consumers are willing to spend more on legal cannabis products.
  • Medical cannabis is a major growth sector for pharmaceutical industry, globally.
  • The rise in the geriatrics population who are more likely to suffer from chronic illnesses and pains is further aiding the market. 
  • The growth in consumer awareness along with the increase in disposable incomes, is driving the industry growth. 
  • Medical cannabis is being preferred over opioid-based medications as they are perceived as being safer.

Key Offerings of the Report:

  • The EMR report gives a detailed insight into the types, species, compounds, applications, distribution channels, and regional markets of medical cannabis for the periods (2014-2018) and (2019-2024). 
  • It gives an analysis of the global trade data for the year 2018. 
  • The report by EMR provides the regional historical (2014-2018) and forecasted (2019-2024) price trends of medical cannabis.

Tilray, Bedrocan International, Canopy Growth Corporation, Aurora Cannabis Inc., Aphria Inc., Terra Tech Corp., Vivo Cannabis Inc., Emerald Health Therapeutics, Inc, Cronos Group Inc, and Organigram Holdings Inc, among others are the major players in the global medical cannabis market. The comprehensive report looks into their capacity, market share, and latest developments like merger and acquisitions, capacity expansions, and plant turnarounds.

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"Global Medical Cannabis Market: By Product: Dried and Extract Form; By Species: Indica, Sativa and Hybrid; By Compound: THC-Dominant, CBD-Dominant, Balanced THC & CBD; By Application: Pain Management, Seizure and Others; By Region: North America, Europe, Asia Pacific, LATAM, Middle East & Africa; SWOT Analysis; Historical Production and Consumption (2014-2018); Production and Consumption Forecast (2019-2024); Competitive Landscape"

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