Published : 25 June, 2018
GLOBAL MARIJUANA MARKET was valued at USD 17.18 Billion in the year 2017. Global Marijuana Market is further estimated to grow at a CAGR of 22.91% from 2018 to reach USD 58.90 Billion by the year 2023. North America region holds the highest market share in 2017 and also considered as the fastest growing market in the forecasted period. At a country level, developed markets like the U.S., Canada holds a substantial market share in 2017 and it is projected to grow at a gradual pace in the coming years.
The increasing interest amongst the academic researchers and healthcare providers regarding the therapeutic uses of marijuana is among the significant factors, which is driving the market over the coming years. Some of its potential therapeutic values are suppression of vomiting & nausea, pain relief, and appetite stimulation. Marijuana has been used for ages. Marijuana made its first appearance, in our known history, about 10,000 years ago in China and Taiwan. In 140 – 208 AD, the ancient Chinese doctor Hua Tuo was the first recorded person to use cannabis as an anesthetic. He mixed a cannabis powder with wine for the patient to imbibe prior to surgery. Because of its widespread usefulness, cannabis became one of the 50 “fundamental” herbs in traditional Chinese medicine.
There was extensive medical cannabis in ancient Egyptian culture and India for a wide spectrum of medical ailments. Medical cannabis use was first integrated into Western medicine in the mid-19th century. Cannabis was the main ingredient in many “wonder” potions, which were said to help with everything from muscle spasms, stomach cramps to general pain relief. It is a booming market with a pre-existing demand like the marijuana market creates an extraordinary prospect for commercial ventures of all sizes and natures. And it’s not just medical marijuana that will be exceptionally profitable. Recreational cannabis also holds great promise. It has been used in sacred rituals and medical practices. The application of global Marijuana market is segmented as cancer, arthritis, Alzheimer's, pain management, multiple sclerosis, Dairy Alternative i.e. Hemp Milk and others include recreational use.
Canopy Growth Corporation (Canada), Medical Marijuana, Inc. (U.S), GW Pharmaceuticals, plc (U.K), United Cannabis (U.S), Cannabis Sativa, Inc. (U.S), GreenGro Technologies (U.S), Aurora Cannabis (Canada), CannaGrow Holdings, Inc. (U.S), Cara Therapeutics (U.S), GBSciences, Inc. (U.S), Lexaria Bioscience Corp. (Canada), Aphria (Liberty Health Sciences) (Canada), are some of the key players in the Marijuana Market with Canopy Growth Corporation holding the significant market share because of its better global presence both at production and at an operational level. Rising research and development expenses to address the changing demand of end users. Similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of the top players in the last 5 years.
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