New York, USA, June 09, 2021 (GLOBE NEWSWIRE) -- The new research report on the global medical marijuana market by Research Dive sheds light on the impact of COVID-19 pandemic on the present and future perspective of the market. This report is an exhaustive research articulated by market analysts by scrutinizing top driving factors, growth opportunities, competitive landscape, regional market circumstances, and size & scope of the market in the crisis.
Highlights of the Report
The rise of the COVID-19 pandemic has made negative impact on the global medical marijuana market. According to the report, the global medical marijuana market had gathered $4,810.0 million in 2018 and is anticipated to hit $33,211.7 million by 2026, at a CAGR of 27.4%. The market size in the present scenario has stretched up to $5,813.9 million. However, before the outburst of the pandemic, the market was estimated to garner $7,751.9 million in 2020. The market is expected to recuperate from the incurred losses by third or fourth quarter of 2022.
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Factors Impacting the Market Growth during COVID-19 Pandemic
The global medical marijuana market is projected to experience significant decline in the growth due to the implementation of strict lockdown and social distancing norms that have led to the closure of various industrial activities. In the pandemic period, only vaccine manufacturing units are allowed to function to cater the growing need for effective vaccine against the deadly virus. Medicine manufacturers are greatly focusing on the development and supply of vaccines with an aim to end the pandemic.
Currently, medical marijuana is in the preliminary phase of development and various vaccine producers are striving hard to develop vaccination by using marijuana to help treat numerous diseases. This factor is likely to open doors to lucrative opportunities for the market in the forecast period. Moreover, several mergers, collaborations, and new product launches by cannabis manufacturers are projected to fuel the sales of medical marijuana in the coming future. However, the unlawful use of marijuana and the growing adoption of marijuana for recreational activities are projected to impede the market growth in the projected period.
Future Scope of the Market:
The benefits of medical marijuana in the treatment of various diseases and growing initiatives by governments for legalizing the use cannabis across the world are likely to boost the medical marijuana market. Moreover, strategic initiatives undertaken by key market players are estimated to open doors to profitable opportunities for the market growth during the forecast period.
For instance:
- In April 2021, Triple M, a leading supplier of medical and adult use cannabis products in Southeastern Massachusetts and Cape Cod, introduced its first cannabis-infused beverage called CannaSpritzer.
- In May 2020, Cresco Labs, a leading vertically integrated multi-state cannabis operators in the U.S., expands in the Ohio medical cannabis market by acquiring 4 additional operating dispensaries.
In addition, government of various regions are significantly investing and supporting medical marijuana producers for the development of cutting-edge and efficient medical marijuana. For instance, in March 2021, the government of France launched a two-year countrywide experiment with medical cannabis with an aim to finally legalize the use of medical marijuana.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/234
According to the report, the global medical marijuana is anticipated to experience considerable growth post-coronavirus pandemic. New players and some of the major players including mCig, Emerald Health Therapeutics, ABcann Medicinals, Inc., Aurora Cannabis, Inc., Aphria, Inc., Canopy Growth Corporation, Cannabis Sativa Inc., GW Pharmaceuticals, Green Relief Inc., Insys Therapeutics, Inc., and others are projected to invest in new product invention and production to meet the growing demand for medical marijuana across the world. All these aspects are expected to fuel the market growth in the forthcoming years.
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