SEATTLE, June 26, 2018 (GLOBE NEWSWIRE) -- The global medical cannabis market was valued US$ 3.52 Billion in 2017, and is projected to exhibit a CAGR of 24.4% over the forecast period (2017 – 2025).
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Key Trends and Analysis of the Medical Cannabis Market:
Manufacturers focused on expansion of medicinal cannabis product business through inorganic growth strategies. For instance, in February 2017, Tilray received necessary regulatory approval, to export its medicinal cannabis for distribution in Canada and Chile. Furthermore, Tilray’s cannabis products import and distribute to Brazil and Chile through the partnership with Alef Biotechnology SpA in February 2017.
Advertising laws are very stringent in various economies where cannabis is legalized for medical or recreational use. Furthermore, due to the federal classification of marijuana as a Class I drug, mainstream media channels are hesitant about accepting advertising for cannabis-related products and services. Due to such restrictions, medicinal cannabis manufacturers use three options to market marijuana related products: direct mail, email, and SMS messaging. Among these, SMS messaging is the most effective way of marketing, as it reaches to consumers more quickly than direct mail and has a broader reach than email. Furthermore, SMS messaging service is used for offering discount coupons and latest promotion of the products.
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Key Market Takeaways:
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