PUNE, India | 30th July 2020: The COVID-19 pandemic has immensely impacted the Global Medical Marijuana Market and a slight drop is witnessed in the growth rate as compared to the previous predictions. As per new Research Dive published report, the global medical marijuana market is projected to grow at a CAGR of 27.4% by 2026, generating a revenue of $33,211.7 million in the period of forecast from 2019 to 2026. While there is a decline in the growth rate due to the COVID-19 outbreak, the market is likely to recover by Q3/Q4 of 2022.
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Highlights of the Report
As per our analysts, the governments all across the globe are taking initiatives to legalize marijuana due to its various medicinal benefits such as treatment of chronic diseases is a significant factor propelling the growth of global medical marijuana market. The projected market size for the medical marijuana industry prior to COVID-19 chaos was $7.751.9 million in 2020 and this number is predicted to drop down to $5,813.9 million post-coronavirus pandemic. The illegal use and selling of marijuana for recreational activities will restrict the market growth in the coming years. Conversely, the manufacturers and key players of the global industry are increasingly investing in R&D activities in order to develop novel vaccinations for various diseases will impel the demand for medical marijuana during the forecast period.
Adopting Various Strategies to Sustain in Pandemic Situation
The leading players of the medical marijuana market include Insys Therapeutics, Inc., ABcann Medicinals, Inc., mCig, Aphria, Inc., Green Relief Inc., Aurora Cannabis, Inc., GW Pharmaceuticals, Canopy Growth Corporation, Cannabis Sativa, Inc. and Emerald Health Therapeutics. Partnerships, collaborations, geographical expansion, and R&D investments are the major strategies adopted by these players in these unprecedented times.
For instance, Cresco labs has expanded in Ohio medical cannabis market by acquiring four dispensaries.
Besides, several research institutes and manufacturers of medical marijuana are collaborating with each other to develop a novel vaccination for treatment and prevention of COVID-19 disease. Canada and Israel are the two major countries who are already under clinical trials for COVID-19 vaccination.
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Global Industry to Witness Noteworthy Growth Post-COVID-19 Crisis
Research Dive states that the global medical marijuana market is anticipated to witness a notable growth post-COVID-19 pandemic. Cannabis has several medicinal benefits such as treating chronic diseases and acute inflammatory pain, which will surge the demand for medical marijuana during the forecast period. Moreover, the government initiatives to legalize cannabis is another factor predicted to impel the market growth after COVID-19 pandemic.
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