Global Medical Marijuana Market to Top $40 Billion by 2028

The medical marijuana market was valued at $11.8 billion in 2021 and is likely to reach value of $40 billion by 2028, if it follows a predicted growth trajectory of CAGR 19.2%.

A report produced by ResearchAndMarkets.com, “Medical Marijuana Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product, Application, Distribution Channel, and Geography,” highlights trends prevailing in the market and factors driving the medical marijuana market, breaking them down by product, application, distribution channel and Geography.

The Research and Markets attributes the healthy 19.2% CAGR to increasing approvals of medical marijuana products and rising acceptance of its medicinal use in a widening global marketplace. The successful legalization of cannabis in the Americas remain key to the market, with the U.S. and Canada leading sales.

The report sees South America playing an important role in expansion. In 2012, Uruguay became the first country in the world to legalize the recreational use of cannabis. Similarly, in 2014, Brazil authorized the use, followed by the import, of medical marijuana. In 2017, Peru approved medical cannabis. Mexico is widely believed to become a major market.

For access to the full report, visit here.