Market Overview
The global medical marijuana market will grow at a CAGR of 34% during the forecast period 2015 to 2023. The market for medical marijuana is set to reach US$54,677 million by 2023. As per medical marijuana market analysts, the global market is anticipated to witness growth owing to the factors such as the growing awareness about the benefits of medical marijuana as well as the increasing legalization of marijuana. However, the medical marijuana industry will face challenges and restraints due to stringent approval procedures and the presence of strict approval procedures during the forecast period 2015 to 2023.
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The expansion of the cannabis industry to prevent cancer in the medical marijuana will support the growth. As per medical marijuana market analysts, the medical marijuana-based companies will face certain challenges during the forecast period 2015 to 2023. The medical marijuana market research report provides in-depth analysis of the application, distribution channel, and product type segments. The medical marijuana industry research report presents factors such as concerns regarding side effects that could slow down the medical marijuana market's growth.
Competitive Landscape
Medical marijuana has seen tremendous growth, due to increasing authorization of marijuana and the growing legalization and authorization of medical marijuana. However, the imposition of stringent rules and regulations and strict rules and regulations regarding the application of marijuana would challenge the companies active. Furthermore, companies using growth strategies to stay ahead in the global medical marijuana market are expected to help the market during the forecast period 2015 to 2023. As the report suggests that the market will register a CAGR of 34% and reach a US$54,677 million by 2023, the market report highlights key areas medical marijuana market based companies need to focus on. The market research report projects a long term growth till 2023. Based on market’s analysis on the basis of SWOT and Porters’ Five Force Model, the market will rise during the forecast period 2015 to 2023, however the companies need to move ahead with caution. The market research report highlights such key areas.
Market Segmentation
The medical marijuana industry has been segmented into application, distribution channel, and product type. Based on the segment which is application, the market is categorized on the basis of Alzheimer’s disease, cancer, multiple sclerosis, and schizophrenia. The global market for medical marijuana is further segmented based on distribution channels into retail & pharmacy stores, online platforms, and others. Furthermore, the market, on the basis of product type is segmented into dissolvable/powders, oil, ointments & creams, and solids.
The Medical Marijuana Market report offers comprehensive study of the medical marijuana segments including application, distribution channel, and product type. The analysts have also studied the medical marijuana spread across the regional markets across many of the market’s segments at country levels. The application, distribution channel, and product type segments spread across the medical marijuana along with the subsegments are studied. The global market for medical marijuana is spread across various product and service-based segments. The medical marijuana industry research report highlights these key segments and offers forecasts based on primary and secondary data. The global medical marijuana research report presents key company profiles of organizations active across the medical marijuana.
Regional Overview
The usage of marijuana for recreational purposes may hinder the medical marijuana industry growth. The research report suggests that companies in the medical marijuana could be supported by increasing awareness about the benefits of medical marijuana as well as the growing demand for medical marijuana during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. As per market analysts, the market is set to witness tremendous growth across application, distribution channel, and product type segments. The global market’s North American region covers markets across the United States, Mexico, Canada, and others. Businesses present in the medical marijuana market are also profiled and their strategies have been presented in detail in the medical marijuana market research report.
The medical marijuana industry across the European region covers Italy, France, Germany, and the United Kingdom. Furthermore, the Global medical marijuana research report provides details about the APAC region covering medical marijuana from China, India, Australia, Japan, and others. The medical marijuana is also active across several other parts of the world. The report covers all these key regions including the Middle East, Africa, Brazil, and others active in the global medical marijuana.
Industry News
A Chicago-based company called Verano Holdings has purchased TerraVida Holistic Centers, a network of medicinal cannabis stores located in the Philadelphia suburbs in a valuation of around $135,000,000. In Abington, Malvern and Sellersville TerraVida runs three high-performance dispensaries. Including TerraVida's headquarters in Jenkintown with governmental authorizations to run three more retail stores in the State of Keystone, the cash and stock offer, officially called the "acquisition of equity."
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