- In February 2023, Aurora Cannabis Inc., a Canadian company specializing in global cannabis distribution, collaborated with MedReleaf Australia to launch CraftPlant, a new medical cannabis brand for the Australian market. The initial offerings from CraftPlant include three products—Greendae, Navana, and HiVolt—all of which are now available for prescription by doctors. Each strain boasts a high THC concentration and is sourced from premium cultivars developed by Occo, Aurora's leading scientific and genetics company, and will be packaged in 10g canisters produced under strict EU-GMP authorized standards
- In July 2023, Carer, an oncology company in India, announced a partnership with Wholeleaf, a certified manufacturer of medicinal cannabis and cannabidiol. This collaboration aims to improve the overall well-being of cancer patients by offering comprehensive support that includes nutrition for caregivers, physical therapy, and mental health services. With official approval from the Ayush ministry to manufacture and market its products nationwide, CARER and Wholeleaf are combining their services to deliver a holistic solution for cancer care
- In September 2023, Alternaleaf, a clinic recognized for helping Australians obtain medicinal cannabis, announced its expansion into the United Kingdom. Research indicates that England is on track to become the second-largest market for medicinal cannabis in Europe, driven by growing demand. With over 360,000 reported cases of opioid addiction in the UK, experts suggest that medicinal cannabis could serve as a viable alternative to opioids, which are frequently prescribed unnecessarily
- In April 2022, Medi Cane Health Inc. and Dr. Reddy's Laboratories Ltd. launched their medical cannabis product in Germany. This collaboration aims to meet the growing demand for medical cannabis solutions in the region. The introduction of this product marks a significant step in expanding access to therapeutic cannabis options for patients in Germany
- In April 2022, New York City witnessed its first legal marijuana sales, occurring just a month after seven medical marijuana businesses received approval to sell their products to all adults. This milestone signifies a significant shift in the state's cannabis landscape, expanding access beyond medicinal use. The initiative aims to create a regulated market while benefiting local economies and ensuring consumer safety
Frequently Asked Questions
The market is segmented based on Segmentation, By Product (Oil, Medical Cannabis Capsules, Patch, Whole Flower, Ground Flower, Vape Pen, Dried Medical Cannabis, Creams & Moisturizer, Masks & Serum, Cleanser, and Others), Source (Natural and Synthetic), Species (Cannabis Indica, Sativa, and Hybrid), Application (Alzheimer’s Disease, Appetite Loss, Cancer, Inflammatory Bowel Diseases, Eating Disorders, Epilepsy, Autism, Mental Health Conditions, Multiple Sclerosis, Pain Management, Nausea, Muscle Spasms, Wasting Syndrome (Cachexia), Elevate Mood, Depression and Sleep Disorders, Anxiety, and Others), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol, Cannabinol (CBN), Cannabicyclol (CBL), Cannabichromene (CBC), Cannabigerol (CBG), and Others), Treatment Type (Expectorant, Antiviral, Analgesic, Aphrodisiac, Psychedelic, and Others), Route of Administration (Oral Solutions and Capsules, Smoking, Vaporizers, Topicals, and Others), End User (Pharmaceutical Industry, Research and Development Centers, Homecare Setting, Hospital, Rehab Centers, and Others), Distribution Channel (B2B and B2C) – Industry Trends and Forecast to 2031
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The Global Medical Cannabis Market size was valued at USD 21.06 USD Billion in 2023.
The Global Medical Cannabis Market is projected to grow at a CAGR of 22.8% during the forecast period of 2024 to 2031.
The market report covers data from the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America..
