According to a new report published by Reports Monitor titled, “ Global Legal Medical Cannabis Market, Growth Opportunities, Innovations and Forecast, 2018-2025,” the global legal medical cannabis market was valued at XX million in 2018, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2018 to 2025.
Medical cannabis is primarily prescribed as analgesic in indications like vomiting, nausea and muscle pain. Medical cannabis is a pain management drug extracted from cannabis plant. The cannabis consists of cannabinoids compounds such as cannabidiol and tetrahydrocannabinol. while, other compounds are also found in the cannabis in less proportion includes health benefits and medical properties like cannabinol and cannabigerol. THC compound frequently gets users high owing to its advanced concentration in the cannabis.
The cannabinoids cooperates with the body’s endocannabinoid system that works as a signaling network in the mammalian or human species. Emergence of luxury cannabis products is emerging nowadays. several vendors selling luxury cannabis products that makes controlled consumption of cannabis beneficial to the users have emerged in the market as the consumption of cannabis through smoking can be harmful. The mounting number of countries and states are getting approval for using it in therapeutic applications is one of the decisive factors driving the market. Cannabis has short term as well as long term side effects including hallucination, changing mood and anxiety, sleepiness, and paranoia. The regular inhalation of cannabis can make breathing problems such as bronchitis that might hinder the demand of cannabis in medical treatment and restrain the growth of the global medical cannabis market. The erratic and stringent rules and regulations from region to region for the use of cannabis as a medical treatment, may also slow down the growth of the global medical cannabis market.
Global legal medical cannabis market is segmented on the basis of applications and regions. Based on region, the market is divided into cancer, chronic pain, arthritis, migraine, and others. Increasing chronic pain disorders is anticipated to boost the growth of the market during the forecast period. Based on region, the global legal medical cannabis market is segmented covering North America, Europe, Asia-Pacific, and LAMEA.
Growth of the market in the region is attributed to increasing authorization of medical cannabis as well as towering R&D investment in cancer research. Based on region, the global medical cannabis market can be divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to grow the global medical cannabis market in terms of revenue. Legalization of cannabis for recreational and medicinal use in the region and agreement of the drugs for therapeutic application are fostering the growth of the market in North America. Asia Pacific is also predicted to grow at a hasty pace during the forecast period.
The key vendors in this market are:
Tweed Inc., Medical Marijuana Inc., Abattis Bioceuticals Corp., Cresco Labs, LLC, Whistler Medical Marijuana Corp., ABcann Medicinals Inc., Agripharm Corp., Aurora Cannabis Enterprises Inc., Broken Coast Cannabis Ltd., Emerald Health Botanicals Inc.
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