How medical cannabis is becoming a global industry
Added on 14 July 2023
The main reason for this growth is the increasing research and development activities for Medical Cannabis in recent years, which aim to develop medical #cannabinoid drugs for #therapeutic medication. Moreover, the collaboration and partnerships between governments and private sector companies have increased the access to Medical Cannabis. These partnerships have also created an awareness for medical cannabis in the market, which boosts the growth of #MedicalCannabis market in the forecast. For example, Pfizer, a leading global pharmaceutical company, announced in December that it had acquired the medical cannabis business Arena Pharma for USD 6.7 billion.
However, the global medical cannabis market faces some challenges due to the lack of uniformity in laws and regulations across different regions and countries. This can make it difficult for businesses to operate and create a consistent market. This is likely to hinder the growth of the global medical cannabis market. In addition, the lack of access to medical cannabis in several countries is expected to slow down the growth of the global medical cannabis market in the future.
Global Medical Cannabis market is segmented into product type, active ingredient, distribution channel, application, end user, and company.
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