SEATTLE, June 26, 2018 (GLOBE NEWSWIRE) -- The global medical cannabis market was valued US$ 3.52 Billion in 2017, and is projected to exhibit a CAGR of 24.4% over the forecast period (2017 – 2025).
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Key Trends and Analysis of the Medical Cannabis Market:
Manufacturers focused on expansion of medicinal cannabis product business through inorganic growth strategies. For instance, in February 2017, Tilray received necessary regulatory approval, to export its medicinal cannabis for distribution in Canada and Chile. Furthermore, Tilray’s cannabis products import and distribute to Brazil and Chile through the partnership with Alef Biotechnology SpA in February 2017.
Advertising laws are very stringent in various economies where cannabis is legalized for medical or recreational use. Furthermore, due to the federal classification of marijuana as a Class I drug, mainstream media channels are hesitant about accepting advertising for cannabis-related products and services. Due to such restrictions, medicinal cannabis manufacturers use three options to market marijuana related products: direct mail, email, and SMS messaging. Among these, SMS messaging is the most effective way of marketing, as it reaches to consumers more quickly than direct mail and has a broader reach than email. Furthermore, SMS messaging service is used for offering discount coupons and latest promotion of the products.
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Key Market Takeaways:
- The global medical cannabis market size is expected to expand at a CAGR of 24.4% during the forecast period (2017-2025), owing to increasing clinical trials and approvals of the medicinal cannabis products for pain management in cancer
- The Cannabidiol segment is expected to gain significant traction over the forecast period, on account of the continuous engagement of manufacturers to introduce Hemp Cannabidiol products in various form
- Among therapeutic application, pain segment accounted for the largest market share, owing to increase in government initiatives to enable patients to use medicinal marijuana, as a treatment in chronic pain management
- Some of the major players operating in the global medical cannabis market include BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc, and Medical Marijuana Inc.
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