The medical marijuana market is anticipated to record momentous growth on account of increasing adoption of cannabis-based drugs for the treatment of chronic ailment and glaucoma. Medical cannabis plays a crucial role in treating numerous diseases like cancer pain, neurological disorders, and muscle spasm. Given to its medicinal benefits, the product is steadily gaining acceptance as a legal drug in prominent countries like the UK and the U.S.
Call for legalization of medical cannabis across several states in America and other regions could expand the business horizon for cannabis products. These products act as a therapeutic solution for multiple disorders. According to the Centers for Disease Control and Prevention (CDC), cannabis-based products, such as medical marijuana, can help prevent as well as ease nausea caused after chemotherapy.
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Cannabis plays a crucial role in minimizing and treating chronic pain caused by HIV/AIDS, cancer, neurological disorders, and arthritis. As a matter of fact, various anecdotal evidence suggests that compounds of marijuana aid in relieving severe pain triggered by diverse diseases. Marijuana is mainly composed of cannabidiol (CBD) and tetrahydrocannabinol (THC), which aids in minimizing symptoms of severe pain and nausea. Also, unlike its traditional counterparts such as opioid narcotics, medical marijuana does not have any severe side effects that could cause lethal reactions.
On the basis of distribution channels, the medical marijuana market is mainly divided into online platforms and dispensaries. Among these, the online platform is estimated to hold a significant portion of the market share. Earlier in 2018, the segment controlled nearly 40% of the market revenue share. This growth can be attributed to mounting legalization of medical marijuana through online platforms in the U.S. Additionally, established industry players like True Leaf and Namaste Technologies are strengthening their online distribution channels, which could further support market growth.
Companies operating in the medical marijuana market are working on forming strategic alliances through mergers, collaborations, and partnerships to enhance their product portfolio. Moreover, several companies are focusing on expanding their production capacities to cater to ever-increasing demand. Highlighting an instance, in July 2020, Terrapin PA announced that it is planning to invest an additional capital of $6 million to expand its medical marijuana processor plant in South Avis, Pennsylvania.
Other prominent players in the medical marijuana market include GW Pharmaceuticals, Aurora Cannabis Inc., Aphria Inc., Abcann Medicinals Inc., Canopy Growth Corp., The Supreme Cannabis Company and Tilray.
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Partial Chapter of the Table of Content
Chapter 5. Medical Marijuana Market, By Route of Administration
5.1. Key segment trends
5.2.1. Market size, by region, 2014 – 2025 (USD Million)
5.3.1. Market size, by region, 2014 – 2025 (USD Million)
5.4.1. Market size, by region, 2014 – 2025 (USD Million)
Chapter 6. Medical Marijuana Market, By Distribution Channel
6.1. Key segment trends
6.2.1. Market size, by region, 2014 – 2025 (USD Million)
6.3.1. Market size, by region, 2014 – 2025 (USD Million)
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