Medical Marijuana Market Boom: Billions in New Revenue Unlocked in Just 5 Years

A new report from Technavio forecasts significant growth in the global medical marijuana market, predicting an increase of USD 39.81 billion by 2028. This astounding rise amounts to over 29.52% growth during the forecast period of 2024-2028, driven primarily by the launch of new products and an increasing number of awareness campaigns.

One major contributor to this market expansion is the growing trend of educating consumers about safe and responsible use of medical marijuana. A significant example of this is Leaf411 and Healer.com's partnership in April 2022, where they joined forces to provide online medical cannabis training for patients, healthcare providers, and dispensaries. Moreover, successful campaigns like "Justice for all" launched by House of Wise and Last Prisoner Project to process clemency petitions for individuals with federal cannabis-related convictions also play a critical role in boosting the market.

Another key factor leading to this predicted growth is the diversity in product offerings. Medical marijuana vendors are working on an array of options, such as oil and tinctures, flower products, and addressing distinct health issues, including chronic pain and nausea. Moreover, these product offerings cater to a wide geographic range, covering key markets in North America, Europe, APAC, South America, and the Middle East and Africa. This broad geographical coverage of the market and wide range of products result in attracting more customers.

The growth predictions would, however, be inaccurate without taking into account the challenges faced by this market. Inappropriate use of medical marijuana leads to several significant side effects, and as the market grows, it must address this essential problem. Companies like Aurora Cannabis Inc., Canopy Growth Corp., Cresco Labs LLC, Cronos Group Inc., CV Sciences Inc., Etain LLC, HEXO Corp., Isodiol International Inc., Jazz Pharmaceuticals Plc, Khiron Life Sciences Corp., Maricann Group Inc, Medical Marijuana Inc., MediPharm Labs Inc., Organigram Holdings Inc., Phoena Holdings Inc, Skye Bioscience Inc., Tikun Olam, Tilray Brands Inc., Trevena Inc, and Verano Holdings LLC must keep a fine balance between growing the market and ensuring the safe use of their products.

Considering the forecasts in this report and how it highlights opportunities emerging from increased awareness, geographic accessibility, and various product options, stakeholders must be optimistic about the future of this market. AI will continue playing an essential role in monitoring the trends and shaping market strategies. Ultimately, what we know for sure is the vast and untapped potential of the medical marijuana market for stakeholders, end-users, and technology vendors in this space.