Medical Marijuana Market Set to Surge at 16% CAGR, to Reach US$ 132,972.8 Million by 2034: Fact.MR Report

The value of the medical marijuana market is estimated to be approximately US$ 30,088.1 million in 2024. The global demand for medical marijuana is expected to grow at a CAGR of 16% during 2024-2034. Sales of medical marijuana are estimated to reach an upper valuation of up to US$ 132,972.8 million at the end of this forecast period.

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Increasing awareness of patients about the health benefits of medicinal marijuana is the most significant driving force behind market sales in recent years. The market players are also benefiting from this trend by targeting their promotional efforts at enlightening potential clients, which will increase their client base.

Important Takeaways from the Medical Marijuana Market Report

The medical marijuana industry's net worth in North America would be approximately US$ 10,325 million in 2024.
The United States holds the position of the top medical marijuana product market in North America, and in 2024, it will be worth approximately US$ 6,321 million.
In 2024, Latin America's medical marijuana industry will be worth approximately US$ 4,451 million.
Brazil is the largest medical marijuana producer in Latin America and is expected to grow at a CAGR of 16.1% by 2034.

"Growing use of medical marijuana products is likely to provide companies with a competitive advantage in the market. Besides this, favorable regulatory structures are likely to promote investment, expansion, and overall corporate activity for marijuana-derived medicines in the future," says a Fact.MR analyst.

Key Market Players Featured in This Report

Tilray
Canopy Growth Corporation
Aphria, Inc.
Maricann Group, Inc.
Tikun Olam, Ltd.
MedReleaf. Corp.
GW Pharmaceuticals plc.
Medical Marijuana, Inc.

Competitive Landscape for Medical Marijuana Market Players

Even though the global market is dispersed, the competition is stiff in North America owing to the existence of numerous legalized marijuana companies and suppliers. Through partnerships with telehealth platforms, major medical marijuana suppliers and industry players have opened up to more patient or consumer bases. New industry players who venture into international marketplaces may gain access to new sources of revenue and diminish the dangers necessitated by legislative reforms in a specific location.

Recent Activities by the Participants in the Medical Marijuana Industry

In July 2021, Jushi Holdings Incorporation acquired OhiGrow LLC, a medicinal marijuana producer licensed in Ohio. The company plans to cultivate and supply biomass to manufacture medicinal marijuana products for the United States market.
Canopy Growth Corp. in June 2021 stated that it had successfully acquired Supreme marijuana Company. Canopy Growth Corporation used to be known as Tweed Marijuana Incorporation, and the acquisition of Supreme's 7ACRES Craft Collective is anticipated to make Canopy stronger in terms of market position and assist in increasing its medicinal marijuana inventory.

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Country-wise Insights

Why is the United States Leading the Medical Marijuana Market?

"Favorable Regulatory Frameworks in the United States Drive Market Growth"

The medical marijuana market of North America is expected to record a revenue of US$ 10,325 million in 2024, or 34.5% of the global market. Most of the country's market players have established their names as good sources of legal medical marijuana products with a good global presence by sponsoring educational programs.

The United States' positive regulation has eliminated obstructions for the suppliers, producers, and processors of medical marijuana products, facilitating them to compete more effectively. Companies in the country are in a better place now to compete in other countries within the same region and offer services to wider segments of patients using the requirements for export as well as recent diversification concepts.

By 2034, the US market for medical marijuana will be valued at US$ 28,212 million, showing a 16.1% compound annual growth rate. Comparatively, it is estimated that the demand for medical marijuana in Canada will grow at a faster rate of 16.3% up to 2034.

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