Medical Marijuana Market is valued at USD 12.26 Billion in 2018 and expected to reach USD 60.09 Billion by 2025 with a CAGR of 25.5% over the forecast period.
Increasing prevalence of chronic diseases and legalisation of medical marijuana among countries driving the growth of medical marijuana market.
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Scope of Global Medical Marijuana Report–
Medical marijuana is the unprocessed marijuana plant or its basic extracts which is used to treat symptoms of illness and other conditions. The marijuana plant contains number of various chemicals called cannabinoids. Each one of these chemicals has a different effect on the body, among all chemicals cannabidiol (CBD) and delta-9-tetrahydrocannabinol (THC) are the main chemicals used in medicine. THC is responsible to feel high when it is administered by smoke marijuana or taken with foods. However, the U.S. Food and Drug Administration (FDA) has not recognized or approved the marijuana plant as medicine, nevertheless, some cannabinoid contain drugs are approved by the USFDA. For instance, the has FDA approved a CBD-based liquid medication called Epidiolex intended for the treatment of Dravet syndrome, severe childhood epilepsy and Lennox-Gastaut syndrome.
Cresco Labs to Acquire 4 Medical Marijuana Dispensaries in Ohio
News: On May 27, 2020, Chicago-based Cresco Labs has agreed to purchase four Ohio based medical marijuana dispensaries from Verdant Creations, LLC, the vertically integrated cannabis firm, the deal is closed at USD 3.5 million. This announcement come after recent activities of state government amendment allow cannabis companies to own and operate a maximum of five dispensaries. This integration and retail enable company to leverage wholesale and brand building while providing front-line feedback directly from our consumer base.
Marijuana is also known as Cannabis, is a psychoactive drug extracted from the Cannabis plant used for medical or recreational purposes. The Marijuana contains over 500 different substances primary psychoactive component includes tetrahydrocannabinol (THC), and Cannabidiol (CBD). Medical Cannabis is available in various forms including dried plants such as pot, buds, ganja, weed, grass, and in solid concentration like hashish, rosin, dabs as well as in liquid form which is in the form of hash oil, vape cartridges can be used by smoking, vaporizing, and within food. Marijuana has many health benefits in the medical industry including it helps to release the chronic pain, improves lung capacity, helps to lose weight, regulate and prevent diabetes, fight cancer, helps treat depression, Alzheimer’s disease, deals with pain linked to arthritis, for therapeutic purposes such as refractory epilepsy and it can also help to control seizures. Recently on 26th February 2020, new research partnership agreement between the State University of Campinas (Unicamp), Entourage Phytolab and Pluridisciplinary Center for Biological and Agricultural Chemical Research (CPQBA) took on cannabis for the development and production of medicines with the project name “Genotype Selection of Cannabis sativa L”. The research will helps to identify and analyze pharmacological, agricultural and genetic characteristics of 240 cannabis varieties for therapeutic purposes, such as refractory epilepsy.
The regions covered in this medical marijuana market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of medical marijuana is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Medical marijuana market report covers prominent players like.
Medical Marijuana, ABcann Medicinals, Aphria, Emerald Health Therapeutics, Aurora Cannabis, Cannabis Sativa, Insys Therapeutics, Tilray, Canopy Growth Corporation, Green Relief, GW Pharmaceuticals, Maricann Group, mCig, The Cronos Group, United Cannabis, The Supreme Cannabis Company, Others
Global Medical Marijuana Segmentation:–
By Product Type: Solid form buds, leaves, Liquid form oils, Tinctures and vape cartridges
By Application: Chronic pain, Mental disorders, Cancer, Others
Medical Marijuana Market Dynamics –
Increasing prevalence of cancer disease across the globe is expected to be one of the key factors for driving the demand for medical marijuana. For instance, as per the World Health Organization (WHO), cancer was responsible for about 8.8 million deaths in 2015 in the world and is the second leading cause of death in the world and. Moreover, number of side effects associated with opioid usage and increasing disease burden of chronic pain are expected to create significant demand for medical marijuana, which potent product for chronic pain management. In addition, Initiative taken by private companies and government organization to explore medical applications of cannabis. For instance, to combat the nationwide opioid addiction crisis, in September 2019, the U.S. government announced funding worth USD 3 million to explore the applications of marijuana for relieving pain. These are the factors driving the growth of medical marijuana market over the forecast period.
Marijuana is considered as Schedule I category controlled substances like cocaine, heroine drugs by the Drug Enforcement Administration which deters the study on marijuana and cannabinoids through its imposition of strict rule and regulations on the researchers working in Medical Marijuana market which is one of the major challenges faced by marijuana market. However, there are various adverse effects of smoking cannabis, which include the production of phlegm, chronic cough, and respiratory diseases. According to the World Health Organization (WHO), marijuana consumption has an been tremendously increased annually with prevalence rate of approximately 147 million individuals or nearly 2.5% of the global population for the both for recreational and medicinal purposes, and garnered increasing acceptance across the country which has created the great opportunity for the growth. The medical cannabis has many benefits in healthcare for the treatment of various diseases like cancer, arthritis, and neurological conditions, such as anxiety, depression, epilepsy, Parkinson’s and Alzheimer’s disease. The United Nations reported there were 183 million marijuana users around the world including the consumption of cannabis for the medical use and prevalence of chronic pain.
Global Medical Marijuana Regional Analysis–
North America is dominating the medical marijuana market owing to public awareness regarding to medical marijuana. Furthermore, increasing number of research and collaboration to explore novel therapeutic applications boost the medical marijuana market growth in North America. In addition, legalization of medical marijuana and awareness programs conducted by public and private associations will fuel the growth of market. For instance, medical marijuana is legalized in 13 states in the U.S. for medical use of cannabis.
North America is dominating the medical marijuana market due to legalization and appeal of marijuana products, such as vape pens and relaxed attitude among seniors with health benefits awareness regarding the use of cannabis. The United States is reported as the largest numbers of cannabis cultivation sites after the Declaration of UN Drug Committee that Cannabis is an effective and relatively safe drug. According to Americans for Safe Access organization, it is estimated that around 2.2 million patients use cannabis medicinally in the United States followed by United Kingdom. The medical marijuana has many health benefits around 30% of patients of multiple sclerosis uses cannabis in the United Kingdom. In 2015 in Europe, the annual prevalence cannabis use among 15-16 year olds was reported to be 13 % and 7%, respectively whereas age 60 on average group had used cannabis 8 or 9 times in the past 12 months. Lifetime prevalence of cannabis use among adolescents varies from country to country, ranging from 37% in Czechia and 31% in France to 7% in both Sweden and Norway in Europe.
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