The global market for medical marijuana was valued at $14.50 billion in 2022 and is expected to more than quadruple by 2030.
According to a new report conducted by the research firm SkyQuest, the global market for medical marijuana grew was $11.84 billion in 2021 to $14.50 billion in 2022. It’s anticipated to grow to be worth over $60 billion by 2030, representation an eye-opening compound annual growth rate of 22.5%.
“The medical cannabis market is currently in a phase of significant growth, primarily attributed to the increasing awareness surrounding its diverse therapeutic applications”, states the report. “Cannabis and its derivatives, including CBD and THC, have garnered attention for their potential to address various health concerns.”
The report found that the markets in North America has emerged “as a dominant force in the global medical cannabis market, commanding the highest revenue share at 76.1%. This substantial market presence is driven by a significant factor: the increasing wave of cannabis legalization sweeping across the United States.”
The pain management segment “is poised to exert significant dominance in the medical cannabis market, reflecting the pressing need for effective pain relief solutions. The Centers for Disease Control and Prevention (CDC) reports that a staggering number of Americans, comprising over 50 million individuals and slightly over 20 percent of the population, grapple with various forms of chronic pain.”
Below is a list of the prominent players in the medical marijuana market according to the report:
- Aurora Cannabis Inc.
- Canopy Growth Corporation
- GW Pharmaceuticals plc
- Tilray, Inc.
- Aphria Inc.
- MedReleaf Corp.
- Cronos Group Inc.
- Maricann Group Inc.
- Emblem Corp.
- CannTrust Holdings Inc.
- Organigram Holdings Inc.
- Hexo Corp.
- Vivo Cannabis Inc.
- TerrAscend Corp.
- Harvest Health & Recreation Inc.
- Curaleaf Holdings, Inc.
- Trulieve Cannabis Corp.
- Columbia Care Inc.
- Green Thumb Industries Inc.
- Cresco Labs Inc.
- Acreage Holdings, Inc.
You can find more information on this report by clicking here.
