The growing number of states that legalize cannabis for medical application is the reason for the recent development of the industry. It is believed that the approval of authorities will increase the demand for the plant in the coming years. By 2025, the value of the marijuana market may reach a whopping $55.8 billion.
Earlier this month, the U.S. market research and consulting company, Grand View Research, published its report on the marijuana market. The report touches upon the medical application of cannabis in various countries and includes a segment forecast. According to the company, there are a few factors that will elevate the demand for the plant during the next few years.
By the end of 2016, 28 states and Washington D.C. had already adopted the use of weed for medical purposes, which is a key attribute of market growth itself. However, no market can function without a comprehensive regulatory framework. The Medical Marijuana Regulation and Safety Act is one of those backbones that drives and monitors the market. According to it, every individual or entity that takes part in the process, such as growers, retailers, concentrates producers, etc., has to obtain a permission and license starting from 2018. This new rule is supposed to drive the market as well.
Marijuana's value is increasing because of the constant attention of researchers and healthcare providers who explore the medical benefits of the plant. The most valued therapeutic properties of cannabis are pain management, vomiting and nausea suppression, and appetite stimulation. Besides, its application for chemotherapy, glaucoma, AIDS, and multiple sclerosis is becoming valuable in more and more countries. This is another factor that will propel the industry during the following years. The use of the plant as part of cancer treatment is expected to drive the growth in the Asia Pacific market.
Grand View Research also highlights some key players that will influence the medical marijuana market.
You can read the full analysis on the company's official website.