New York, USA, Dec. 22, 2020 (GLOBE NEWSWIRE) -- The global medical marijuana market which generated a revenue of $4,810.0 million in 2018, is forecasted to reach $33,211.7 million by the end of 2026, according to a recent report by Research Dive. The comprehensive report offers a brief outlook on the current scenario of the industry including other aspects such as growth and restraining factors, dynamics of the market, challenges, and opportunities during and after the pandemic. The report also offers the market figures which makes it easier and more beneficial for the new participants to understand the real-time market.

Factor Impacting the CAGR Figures Pre and during COVID-19

The report states the real-time CAGR garnered by the market during the critical time of pandemic. The market was expected to grow at a CAGR of 28.7% as per a previous analysis. However, the real-time CAGR (during the COVID-19) was recorded to be 27.4%. The nationwide lockdown and unavailability of cannabis has degraded the market growth during the period.

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Factors Impacting the Market Size Pre and Post Pandemic

The report reveals that the real-time size of the market has experienced a drastic downfall compared to the pre-pandemic estimations. The pre-pandemic market was expected to garner a revenue of $7,751.9 million, while the real-time revenue is recorded to be $5,813.9million. Inadequate knowledge and lack of awareness about the benefits of marijuana is one of the major reason behind this market downfall.

Post Pandemic Insights

The global medical marijuana market is anticipated to witness noteworthy growth post-coronavirus pandemic. The government initiatives to legalize marijuana and rising adoption of cannabis in treatment of various diseases are significant factors expected to fuel the growth of the global market post the pandemic situation. For instance, the legal marijuana business in the U.S. is creating jobs & opportunities with about 9,397 licenses that includes for cultivators and manufacturers’ deliverers and labs. In addition, the increase in number of clinical trials with cannabis to treat chronic and neuropathic pain is a major indicator likely to create investment opportunities for the market players in the forecast period.

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Recent Development and Strategies

According to the report, the leading players of the global market of medical marijuana include -

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

Mergers and acquisitions, partnership and collaborations, research and development are the strategies the leading players of the market are focusing on. For instance, Cresco labs has recently acquired four dispensaries and expanded its existence in Ohio medical cannabis market.

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Mr. Abhishek Paliwal
Research Dive
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