Medical Marijuana Market Size

Medical Marijuana Market Size

Medical Marijuana Market size was worth more than USD 42.5 billion in 2022 and is anticipated to record over 13% CAGR from 2023-2032. Rising legalization of medical marijuana worldwide is expected to complement the market expansion.

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The growing use of medical marijuana to treat multiple health conditions is expected to positively influence the industry outlook. In the last decade, the consumer awareness regarding the therapeutic significance of marijuana and cannabis products has increased substantially, subsequently promoting applications in pain management, and appetite enhancement. Medical marijuana has gained momentum as a promising treatment for chronic conditions. It is also used for patients undergoing treatment for HIV, chronic pain, or cancer to address post-treatment symptoms such as loss of appetite, nausea, and other side effects.

Introduction of strict federal laws may hamper medical marijuana market growth

The rising difficulties in banking the medical marijuana business could restrain the market growth. Despite numerous health benefits and medical applications, multiple governments are restricting the use of cannabis. For instance, in the U.S., cannabis remains illegal, and its cultivation and sale are, thus, prohibited by the federal law. The federal government manages all banks in the country, limiting access to hefty funds for the regional marijuana businesses. The dearth of accurate policies pertaining to cannabis production for marijuana companies may also impede the industry outlook. However, the increasing global efforts to legalize marijuana for medical applications will help overcome the current challenges.