Due to high demand across multiple industries, the global medical marijuana market experienced exponential growth in 2019. As the Covid-19 virus is spreading, the global demand for medical marijuana is projected to decline significantly in 2020. But the market should ultimately be restored mainly due to the government initiatives for the legalization of medical marijuana. The market was estimated to grow at a steady rate of 28.7%, which has declined to 27.4% as a result of the COVID – 19 impact.
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Current Face of the Market Due to Covid-19:
According to a new report published by Research Dive, the global medical marijuana market is anticipated to generate a revenue of $33,211.7 million by 2026, at a CAGR of 27.4% in the forecast time from 2019 to 2026. Previously, before the onset of the pandemic, the global medical marijuana market was anticipated to garner a revenue of $7,751.9 million in 2020. However, in the present situation, i.e., in 2020, the market size has reached upto $5,813.9 million.
Marijuana is used in cancers, neurology, arthritis and even more for the prevention of debilitating diseases because of various medicinal uses of marijuana, many countries around the world allow the use of marijuana that is projected to fuel the international healthcare demand for marijuana over the forecast time. More R&D investments from a number of pharmaceutical firms in order to grow the medical drug using marijuana.
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Future Scope of the Market:
With around 9397 licenses for manufacturers, farmers’ suppliers and labs in the U.S., the legal marijuana enterprise creates jobs and opportunities. Through purchasing four dispensaries, Cresco labs widened the market for medical cannabis in Ohio.
In the following years, after the COVID-19 outbreak situation, the global medical marijuana market is expected to continue to rise exponentially. The global medical marijuana market will forecast profitability by Q3/Q4 2022, owing to a dramatic downturn in 2020. A major growth on the medical marijuana market following the end of pandemic stress is projected to reflect the stepped-up focus on R&D and innovation, the huge growth of strategic alliances, and growing demands for medical marijuana is because of the benefits it provides.
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