Industry Dynamics: What Makes Medical Marijuana Market Outperforming Its Substitutes Despite COVID-19 Chaos?
Pune, New York, USA, November 20 2020 (Wiredrelease) Research Dive –:The worldwide spread of COVID-19 has adversely affected the global medical marijuana market. Nevertheless, the market is likely to recover by Q3/Q4 of 2022. The inadequate information regarding cannabis in most of the emerging countries is predicted to restraint the market growth in the forecast period. Many vaccine manufacturers are taking efforts to develop vaccination through medical marijuana to help treat COVID-19 and other diseases. For instance, Cresco labs has acquired four dispensaries in Ohio to expand their medical cannabis business.
The global medical marijuana market is likely to observe a decline in the growth rate due to the COVID-19 pandemic all over the world. According to a new research report published by Research Dive, the global medical marijuana market is estimated to reach up to $33,211.7 million and grow at a CAGR of 27.4% during the forecast period from 2019 to 2026. Though there is a decline in the growth rate, the market is anticipated to recover by the end of Q3/Q4 of 2022. Comprehensive analysis on drivers, growth opportunities, restraints, vital segments, and strategies implemented by major market players are further provided in the report to better understand the pandemic effect on the global industry.
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Key Features of the Market
– Our analysts stated that the government initiatives to legalize cannabis to treat several chronic diseases is a major factor boosting the growth of global medical marijuana market.
– The predicted market size of the medical marijuana industry post COVID-19 pandemic is $5,813.9 million in 2020, which is a drastic decline from $7,751.9 million before the pandemic situation.
– However, the illegal selling and use of cannabis for recreational activities is a major threat for the market growth in the coming future.
– On the contrary, the major players and manufacturers of the industry are investing more in research & development to develop vaccination with cannabis, which is expected to create enormous growth opportunities in the global market.
Strategies of Market Players to Sustain in Pandemic Situation
The major players of the medical marijuana market include ABcann Medicinals, Inc., Aphria, Inc., Aurora Cannabis, Inc., Canopy Growth Corporation, Emerald Health Therapeutics, Cannabis Sativa Inc., GW Pharmaceuticals, Green Relief Inc., mCig, and Insys Therapeutics, Inc. These players are adopting multiple strategies such as R&D activities, partnerships, and geographical expansion to sustain in this pandemic situation. For instance, Cresco labs has expanded their business by acquiring four dispensaries in Ohio medical cannabis market.
In addition, various companies in Canada and Israel are involved in developing drug or vaccination by making use of medical marijuana as a prevention and treatment strategy for COVID-19 disease.
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As per the report, the global medical marijuana market is anticipated to witness noteworthy growth post-coronavirus pandemic. The government initiatives to legalize marijuana and rising adoption of cannabis in treatment of various diseases are significant factors expected to fuel the growth of the global market post the pandemic situation. For instance, the legal marijuana business in the U.S. is creating jobs & opportunities with about 9,397 licenses that includes for cultivators and manufacturers’ deliverers and labs. In addition, the increase in number of clinical trials with cannabis to treat chronic and neuropathic pain is a major indicator likely to create investment opportunities for the market players in the forecast period.
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