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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 2020. 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:
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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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