Cannabis is now approved for treating various ailments, including restlessness, muscle tightness, persistent discomfort, and the reduction of vomiting and illness caused by chemotherapy. The majority of businesses are making rapid progress in their research into the potential of therapeutic cannabis and hemp.
Data Bridge Market Research analyses that the medical cannabis market which was USD 11.0 billion in 2021, would rocket up to USD 54.34 billion by 2029, and is expected to undergo a CAGR of 22.1% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Cannabis makes up a sizable portion of the medical cannabis market. Consumers in the United States provinces where cannabis has been legalised are usually above the age of 50. This demographic profile is predicted to raise cannabis demand in the country due to a higher likelihood of chronic diseases after 50 years of age and the effectiveness of cannabis in treating such conditions. Cannabis’s popularity and demand are projected to rise in the future due to ongoing research and standardisation of products for medicinal uses.
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COVID-19 Impact on Medical Cannabis Market
Like every other market, COVID-19 had an adverse impact on the medical cannabis market. The imposition of lockdown limited consumers from visiting brick-and-mortar shops. However, many cannabis companies began relying heavily on social media and e-commerce platforms to market to consumers during the year. Cannabis retail outlets, producers, manufacturers, distributors, and warehouses were deemed essential services by the Alberta Government on March 30, 2020. As a result, cannabis businesses and services continued to serve Albertans throughout the COVID-19 pandemic.
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