The Worldwide Medical Marijuana Industry is Expected to Reach $40 Billion by 2028

5.5 min readPublished On: October 25th, 2022By

Dublin – The medical marijuana market was valued at US$ 11,706.50 million in 2021 and is likely to reach value of US$ 40,027.59 million by 2028; it is estimated to grow at a CAGR of 19.2% from 2022 to 2028.

The report highlights trends prevailing in the market and factors driving the medical marijuana market. The market growth is attributed to increasing approvals of medical marijuana products and rising acceptance of the medicinal use of marijuana. However, the illegal use of cannabis as a street drug and misconceptions regarding marijuana limit the market growth.

Medical marijuana is in its introduction stage in the medical health industry. It is a potent product accepted globally, where Chinese medicines are already being manufactured using these plants, and that too with a long history associated. Medical marijuana remains a significant influence in the healthcare industry to treat cases that are not entirely advisable with traditional medicines. Medical marijuana is just a typical marijuana plant that is processed to get the fundamental composition of cannabinoids, which is necessary to synthesize the product to be in use.

Countries in North America have legalized the use and cultivation of medical cannabis. For instance, in 2012, Uruguay became the first country in the world to legalize the recreational use of cannabis. Similarly, in 2014, Brazil authorized the use of medical cannabis, and in 2016, it approved the import of medications based on CBD oil and products made from THC and marijuana flowers.

In 2017, Peru approved a law regulating the medicinal and therapeutic use of cannabis and its derivatives. In 2018, the Government of Canada passed the Cannabis Act, which created a strict legal framework for controlling the production, distribution, sale, and possession of cannabis across Canada. In the US, as of February 2022, marijuana was legalized in 37 states and the District of Columbia. In the past few years, Mexico, Luxembourg, and Lesotho, among others, have joined the list of countries to legalize the use of marijuana for medical applications.

However, despite widespread legalization of the use of cannabis, its legal cultivation and production have earlier been mostly limited to developing countries. In September 2019, the Ministry of Commerce, Agriculture, and Fisheries of Jamaica announced a partnership with Harvard International Phytomedicines and Medical Cannabis Institute (HIPI) to conduct research on the pharmacological benefits of marijuana. At the same time, Jamaica aims to capitalize on this partnership and utilize this opportunity to grow and develop its national marijuana industry.

Moreover, the World Health Organization (WHO) states that ~80% of the world’s population utilizes marijuana or cannabis for medical remedies. Therefore, the growing acceptance, cultivation, and production of medical marijuana in developing countries is contributing significantly to the growth of the medical marijuana market.

Key Topics Covered:

1. Introduction

2. Medical Marijuana Market – Key Takeaways

3. Research Methodology

4. Global Medical Marijuana Market – Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America – PEST Analysis
4.2.2 Europe- PEST Analysis
4.2.3 Asia Pacific- PEST Analysis
4.2.4 Middle East & Africa- PEST Analysis
4.2.5 South & Central America – PEST Analysis
4.3 Expert Opinion

5. Medical Marijuana Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Approvals of Medical Marijuana Products
5.1.2 Rising Acceptance of Medicinal Use of Marijuana in America
5.2 Market Restraints
5.2.1 Illegal Use of Cannabis as Street Drug and Misconceptions Regarding Marijuana
5.3 Market Opportunities
5.3.1 Increase in Job Opportunities in Marijuana Industry
5.4 Future Trends
5.4.1 Widespread Distribution of Medical Marijuana
5.5 Impact Analysis

6. Medical Marijuana Market – Global Analysis
6.1 Global Medical Marijuana Market Revenue Forecast and Analysis
6.1.1 Global Medical Marijuana Market, By Geography – Forecast and Analysis
6.1.2 Global Medical Marijuana Market – Market Potential Analysis, By Region
6.2 Company Analysis
6.2.1 Market Positioning of Key Players
6.3 Comparative Company Analysis
6.4 Growth Strategy Analysis
6.5 Performance of Key Players
6.5.1 Aphria, Inc.
6.5.2 Canopy Growth Corporation

7. Medical Marijuana Market Revenue and Forecast To 2028- by Product
7.1 Overview
7.2 Medical Marijuana Market Revenue Share, by Product (2021 and 2028)
7.3 Dried Form
7.3.1 Overview
7.3.2 Dried Form: Medical Marijuana Industry – Revenue and Forecast to 2028 (US$ Million)
7.4 Extract Form
7.4.1 Overview
7.4.2 Extract Form: Medical Marijuana Industry – Revenue and Forecast to 2028 (US$ Million)

8. Medical Marijuana Market Analysis – by Application
8.1 Overview
8.2 Medical Marijuana Industry Revenue Share, by Application (2021 and 2028)
8.3 Pain Management
8.3.1 Overview
8.3.2 Pain Management: Medical Marijuana Industry – Revenue and Forecast to 2028 (US$ Million)
8.4 Tourette’s
8.4.1 Overview
8.4.2 Tourette’s: Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Alzheimer’s Disease
8.5.1 Overview
8.5.2 Alzheimer’s Disease: Medical Marijuana Industry – Revenue and Forecast to 2028 (US$ Million)
8.6 Migraines
8.6.1 Overview
8.6.2 Migraines: Medical Marijuana Industry – Revenue and Forecast to 2028 (US$ Million)
8.7 Depression and Anxiety
8.7.1 Overview
8.7.2 Depression and Anxiety: Medical Marijuana Industry – Revenue and Forecast to 2028 (US$ Million)
8.8 Multiple Sclerosis
8.8.1 Overview
8.8.2 Multiple Sclerosis: Medical Marijuana Industry – Revenue and Forecast to 2028 (US$ Million)
8.9 Cancer
8.9.1 Overview
8.9.2 Cancer: Medical Marijuana industry – Revenue and Forecast to 2028 (US$ Million)
8.10 Others
8.10.1 Overview
8.10.2 Others: Medical Marijuana industry – Revenue and Forecast to 2028 (US$ Million)

9. Medical Marijuana Market – by Distribution Channel
9.1 Overview
9.2 Medical Marijuana industry, by Distribution Channel (2021 and 2028)
9.3 Retail Pharmacy
9.3.1 Overview
9.3.2 Retail Pharmacy: Medical Marijuana industry – Revenue and Forecast to 2028 (US$ Million)
9.4 E-Commerce
9.4.1 Overview
9.4.2 E-commerce: Medical Marijuana industry – Revenue and Forecast to 2028 (US$ Million)
9.5 Others
9.5.1 Overview
9.5.2 Others: Medical Marijuana industry – Revenue and Forecast to 2028 (US$ Million)

10. Medical Marijuana Market Revenue and Forecast to 2028 – Geographical Analysis

11. Impact of COVID-19 Pandemic on Medical Marijuana industry
11.1 North America: Impact Assessment of COVID-19 Pandemic
11.2 Europe: Impact Assessment of COVID-19 Pandemic
11.3 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
11.4 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
11.5 South & Central America: Impact Assessment of COVID-19 Pandemic

12. Medical Marijuana Market – Industry Landscape
12.1 Overview
12.2 Growth Strategies in the Medical Marijuana industry (%)
12.3 Organic Developments
12.3.1 Overview
12.4 Inorganic Developments
12.4.1 Overview

13. Company Profiles
13.1 VIVO Cannabis Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Panaxia Pharmaceutical Industries Ltd.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Phoena Holdings Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Emerald Health Therapeutics Inc.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 MARICANN INC.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Aphria, Inc.
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Canopy Growth Corporation
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 CanaQuest Medical Corporation
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 GW Pharmaceuticals
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Organigram Holdings Inc.
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments

(This information is primarily sourced from Research and Markets.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).

About the Author: News Team

Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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