Global Medical Marijuana Market to Perceive Significant Growth Owing to Rising Focus of Medical Professionals on COVID-19 Vaccine Development during COVID-19 Pandemic

The outbreak of the COVID-19 pandemic has made a negative impact on the global medical marijuana market growth in 2020. The rising focus of medical professionals on the development of COVID-19 vaccine during the pandemic period is hindering the growth of the global market. Key market players are likely to open novel opportunities for the growth of the market in the coming years.

New York, USA, July 27, 2021 (GLOBE NEWSWIRE) -- A latest report on the global medical marijuana market published by Research Dive sheds light on the impact of COVID-19 pandemic on the current and future scope of the market. This report is a useful study for stakeholders, investors, market participants, and new entrants in the hunt for comprehensive insights on the impact of COVID-19 on the market growth.

Key Highlights of the Report:

The COVID-19 pandemic has had a negative impact on the growth of the global market for medical marijuana in 2020. As per the report, the global medical marijuana market garnered $4,810.0 million in 2018 and is expected to hit $33,211.7 million, rising at a CAGR of 27.4% from 2019 to 2026.

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Factors Impacting the Market Growth during the COVID-19 Crisis:

The global medical marijuana market has witnessed a drop in growth rate owing to the execution of travel restrictions across nations in order to restrain the spread of COVID-19 disease. The research on using medical marijuana as a treatment option is in the primary phase and many researchers are currently trying to develop vaccination using marijuana; this factor is expected to fuel the market growth in the future years. Moreover, with the growing awareness about the medicinal benefits of marijuana, various government bodies worldwide are authorizing the use of marijuana. This factor is likely to propel the global market in the forecast period.

Current Face of the Market Due to COVID-19:

In the present situation, the market size has declined and reached up to $5,813.9 million in 2020, as medical professionals are greatly focusing on the development of COVID-19 vaccine during the pandemic period.

The sale of marijuana in unlawful manner and increasing usage of marijuana for recreational activities are greatly obstructing the market growth. On the other hand, the rising number of marijuana clinical trials to treat chronic and neuropathic pain is likely to unlock profitable opportunities for the market growth in coming future. Market players are investing in numerous acquisitions and mergers, which is expected to turn out beneficial for the market in the future years. For example, in May 2020, Cresco labs, a leading vertically integrated multi-state cannabis operators in the U.S., expanded its services in Ohio medical cannabis market by acquiring four dispensaries.

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Future Lookout of the Market:

According to the report, the global medical marijuana market is expected to undergo continuous growth even after the relaxation of the COVID-19 pandemic, owing to growing partnerships, investments in R&D activities, and novel developments in the market. Some of the leading players, such as -

  1. Aurora Cannabis, Inc.
  2. ABcann Medicinals, Inc.
  3. mCig
  4. Cannabis Sativa Inc.
  5. Aphria, Inc.
  6. Canopy Growth Corporation
  7. Green Relief Inc.
  8. Emerald Health Therapeutics
  9. Insys Therapeutics, Inc.
  10. GW Pharmaceuticals

And others, are anticipated to come up with ground-breaking developments and pave way for beneficial opportunities for the market growth in the upcoming years.

For instance, in April 2021, Triple M, a foremost supplier of medical and adult use cannabis products in Southeastern Massachusetts and Cape Cod, launched its first cannabis-infused drink named CannaSpritzer.

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