Medical Marijuana Market Size, Share | Industry Report 2024

The global medical marijuana market was valued at $8.9 bn in 2016 and is forecast to grow at a CAGR of 18.2% between 2017 and 2024, culminating in 2024 global sales of $32.78bn.

The medical marijuana market is witnessing robust growth owing to the increasing legalization and decriminalization of marijuana across North America and Europe. The rising demand of marijuana for recreational use and medical use is a key factor driving the growth. Due to the complex regulatory structure at state level and federal level, the full potential of the market is not yet realized.

In the U.S., 44 states have different cannabis laws however, cannabis is illegal as per federal law. The U.S. federal law regulates cannabis as per the Controlled Substances Act (CSA), and this act does not differentiate between recreational and medical cannabis. The CSA classifies marijuana as a Schedule I drug which under federal views is highly addictive with no medical value.

However, as per the 2016 funding bill for Commerce-Justice-Science (CJS) budgets, the U.S. federal government is prohibited to use the justice department funds in preventing the states implementing their medical marijuana laws.Moreover, as per the Rohrabacher-Farr or CJS amendment which was previously signed into law on December 16th,2014, and re-signed on December 18th, 2015, prohibits the federal agencies from raiding, arresting, prosecutions for cannabis use. In different states.

The high market growth is encouraging is driving investor interest in merger and acquisition activities. At present, there are only a few companies capable of end to end processing of medical cannabis and these companies are looking for potential biotech and pharma companies with niche portfolio. Furthermore, large scale producers with technical know-how are also potential targets for companies looking to integrate their operations and leverage on the significant cost savings.

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Key findings from the study: -

• In the U.S., 44 states have different cannabis laws however, cannabis is illegal as per federal law. The U.S. federal law regulates cannabis as per the Controlled Substances Act (CSA), and this act does not differentiate between recreational and medical cannabis.
• Due to the presence of a very large black market economy, the prices vary across different regions. Prices across the different states of the U.S. also vary due to the difference in the quality of the product, state taxes, and other regulatory restrictions hampering the supply chain.
• key market players include United Cannabis Corporation, Corbus Pharmaceuticals, GreenGro Technologies, Inc., Arena Pharmaceuticals, Cannabis Sativa, Inc., Cara Therapeutics Inc, Lexaria Corp, International Consolidated Companies, Inc., GW Pharmaceuticals, Canopy Growth, Insys Therapeutics, Aurora Cannabis, Axim Biotechnologies, and others.

Ameri Research has segmented the Medical Marijuana Market by material categories, product type, end-use and region:

Market Segmentation:

Medical Marijuana Market by Product (Revenue, USD Million, 2014- 2024)
• Powder
• Pills
• Oils
• Tinctures
• Creams
• Others

Medical Marijuana Market by Application (Revenue, Million, 2014 – 2024)
• Pain Management
• Arthritis
• Cancer
• Multiple Sclerosis
• Alzheimer’s
• Others

Medical Marijuana Market Regional Outlook (Revenue, USD Million, 2014- 2024)

• North America
o U.S.
o Canada

• Europe
o UK
o Germany
o France
o Italy
o Spain
o Switzerland
o Estonia
o Romania
o Netherlands
o Portugal
o Finland
o Belgium
o Czech Republic

• RoW
o Israel
o Australia
o Others

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