Rising prevalence of medical conditions requiring medical marijuana for treatment has been primarily driving the global medical marijuana market growth. A significant increase in the aging population requiring treatment for chronic illnesses, and public and private organizations running awareness programs has further increased the product demand for medicinal purposes. Besides, the countries legalizing marijuana have witnessed a surge in the number of medical marijuana clubs which should accelerate the product consumption during the forecast period.

Moreover, world-class manufacturers are working to ensure the quality associated with medical marijuana which should help it gain recognition among more people in the years to come. The legalization of medical marijuana as an alternative to traditional medicines is expected to drive medical marijuana market demand. This makes the Medical Marijuana Industry more accessible to new players with fragmented corporate profiles, mostly in the United States and Canada.

Strict FDA and other regulations are some of the factors that are expected to hinder the growth of the global medical marijuana market during the forecast period. But, the proliferation of brands will provide a positive edge to competitors, thus helping them to grab a large chunk of the overall marijuana market revenue with already established distribution networks and regional dominance.

Expansion of Online Medical Marijuana Market

Strict relaxation and amendment of drug policies to increase access to drugs from several countries have led to an extraordinary expansion of the online medical marijuana market. Legalization has also paved the way for customers and patients to choose more convenient methods, such as mail order. Given the complete privacy and prudence offered by this distribution channel, the online purchasing process is gaining momentum.

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Canada holds great potential for the legal marijuana market

Canada is only the second country in the world after Uruguay and is the first G7 country to permit the existence of legal marijuana market. This case clearly highlights the vast market potential that Canada may hold for both medical and recreational marijuana investors. The presence of such a large number of recreational and medical marijuana companies in Canada has been propelling the Canadian medical marijuana market. Reliable reports state that the Canadian medical marijuana market is expected to grow at a substantial pace registering a CAGR of over 30% between 2020 and 2026.

The United States to emerge are major revenue pocket for Medical Marijuana Market

In the United States, marijuana has been reportedly legalized for medical purposes in 30 states, Puerto Rico, the District of Columbia, and Guam. This legalization is backed by several medical studies that have demonstrated the effective use of the product in the treatment of chronic pain, migraine, and melancholia. Moreover, medical marijuana is also used to relieve symptoms of multiple sclerosis, HIV / AIDS, glaucoma, and cancer. This, in turn, has substantially boosted the amendment and easing of some government drug policies.

The National Health Interview Survey (NHIS) estimates that approximately 25 million people in the United States suffer from pain each day, which has led to a surge in United States medical marijuana market share. The recent legalization of the product to manufacture therapeutic drugs has led some companies to invest billions in research as well as product commercialization. Thereby, raising investments from major brands coupled with the relaxation in law to permit medicinal usage of the product is likely to foster the United States medical marijuana market through 2020-2026.