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Asia Pacific Medical Marijuana Market Assessments Report 2020 | Cannabis Sativa, Cara Therapeutics, CannaGrow Holdings, Growbox Sciences, United Cannabis, GreenGro Technologies, Lxaria Crop
Asia Pacific Medical Marijuana Market - Worldwide Market Reports
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Growing prevalence of chronic diseases such as cancer and Alzheimer’s and increasing therapeutic applications of marijuana plant are the major factors driving growth of the Asia Pacific medical marijuana market. Moreover, rising awareness regarding medicinal benefits of marijuana and increasing authorization of marijuana also contributes to the market growth. For instance, in November 2018, South Korea became the first country in East Asia to legalize cannabis-based medical products.
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Rigorous government policies and rising illegal use of marijuana are the factors restraining growth of the Asia Pacific medical marijuana market.
Regional Insights:
Australia dominates the Asia Pacific medical marijuana market due to increasing awareness regarding medicinal benefits of marijuana. South Korea stands second followed by China in the market due to legalization of cannabis-based medical products in South Korea and China being a large producer of legal marijuana. For instance, China grows nearly half of the world’s legal hemp (cannabis that do not contain hallucinogens), according to China’s National Bureau of Statistics.
Competitive Section:
Key players of the Asia Pacific medical marijuana market are Cannabis Sativa, Cara Therapeutics, CannaGrow Holdings, Growbox Sciences, United Cannabis, GreenGro Technologies, Lxaria Crop, GW Pharmaceuticals, and MMJ America.
In August 2019, Growbox Sciences announced medical cannabis products for sale in Louisiana.
In September 2020, GW Pharmaceuticals’ Epidyolex drug received approval from Australia’s Therapeutic Goods Administration.
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