According to a report by Hexa Research, the U.S. medical cannabis market is projected to reach $19.48 billion by 2024. The anticipated growth is driven by the intensifying acceptance of medical advantages associated with cannabis, particularly for patients dealing with cancer, diabetes and chronic pain.
Symptoms and conditions that may be treated with cannabis products include, cancer, HIV, AIDS, Alzheimer’s disease, and multiple sclerosis. Chronic pain accounted for 46 percent of the U.S. cannabis medical market share in 2016. According to the research, the solid cannabis edibles segment in 2016, within the U.S. market generated $2.47 billion in revenue and is expected to continue to dominate the cannabis industry to 2024.
The growing cannabis market is expected to have positive economic benefits, such as creating more jobs and generating tax revenue.
According to MG News, Vivien Azer of Cowen & Co. said in a report: “When you consider ancillaries such as growers, testing labs, security, etc., the economic impact could range from $12.7 to $22.6 billion. Of note, these numbers do not include the impact of tourism, business taxes, licensing fees and paraphernalia sales, which could drive the economic impact higher.”
(Source and additional informaion: PRNewswire.com)
Filed Under: Drug Discovery