According to Hexa Research, the U.S. medical cannabis market was valued at USD 5.44 billion in 2016 and is anticipated to be valued at USD 19.48 billion by 2024. The projected growth is a direct effect of the growing acceptance of cannabis products around the country. A wider range of consumers are aware of the medical benefits related to cannabis, particularly for patients dealing with cancer, diabetes, and chronic pain.
Symptoms and conditions that may be treated by cannabis 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. The research also indicates that 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.
As of January 1st 2018, California has started legal sales of cannabis products for recreational use. A report by CNBC quotes MedMen CEO and co-founder Adam Bierman, who explains the current state of the industry, “There is so much excitement now around legalization nationally coming in Canada. There is so much excitement about the fact that California, Nevada, Maine, and Massachusetts all legalized recreational marijuana. The Canadian public markets offer access to a lot of capital, with a lot of certainty and a lot of speed, and there is this appetite among global investors to invest in a U.S. play. Specifically, global investors want to invest in a U.S. play that has California exposure. Now is the time where it makes the most sense.”
(Source: PR Newswire)
Filed Under: Drug Discovery