As the world suffers economic setbacks at an unprecedented rate due to the global pandemic, many states, countries, and other municipalities are turning to legal or medical cannabis to help offset some of the issues being faced. A new, global report clarifies that legalizing cannabis as a medical treatment for more conditions can help fuel the global cannabis market despite the pandemic, which can in turn help feed economies across the globe.
The report, titled Legalizing of Cannabis for the Treatment of Various Diseases Expected to Fuel the Growth of the Global Medical Marijuana Market in Post Pandemic Period, takes a look at the industry specifically from the standpoint of an economy suffering the effects of COVID.
“Global medical marijuana market has experienced a massive downfall in the post pandemic period,” a press release on the report explains. “Nationwide shutdowns and supply chain disruption have hampered the growth of the market. The key players of the market are working on development strategies to sustain the market growth in the post-pandemic period.”
The Report And What We Can Take From It
The report, which was released by Research Drive, looks at numbers across the global cannabis industry, including the $4,810 million medical cannabis generated in 2018, and the projected number of $33,211.7 million by the end of 2026. With those numbers in mind, it looks at factors that could help grow or hold back the industry, and challenges the market could face, as well as opportunities, and the implications of the pandemic.
Even considering that COVID has set back the market projections from a 28.7 percent growth rate to a 27.4 percent rate, this is still remarkable growth for the fledgling industry. Despite degradations from the lockdown and not enough supply, the industry continues to grow.
Still, despite that growth, the report found that, while the pre-pandemic market was expected to earn $7,751.9 million, the actual money brought in looks more like $5,813.9 million. The report claims that more information is needed to understand why the industry isn’t booming more, and that more knowledge and awareness about medical cannabis should be spread.
“The global medical marijuana market is anticipated to witness noteworthy growth post-coronavirus pandemic,” the press release claims. “The government initiatives to legalize marijuana and rising adoption of cannabis in treatment of various diseases are significant factors expected to fuel the growth of the global market post the pandemic situation. For instance, the legal marijuana business in the U.S. is creating jobs & opportunities with about 9,397 licenses that includes for cultivators’ and manufacturers’ deliverers and labs. In addition, the increase in number of clinical trials with cannabis to treat chronic and neuropathic pain is a major indicator likely to create investment opportunities for the market players in the forecast period.”
The report also examines some of the key players in the market, including Canopy Growth, ABcann Medicinals, Aphria, Cannabis Sativa, Emerald Health Therapeutics, Aurora Cannabis, GW Pharmaceuticals, Green Relief, and insys Therapeutics. It also examined how research, collaborations, and other strategies have changed the industry.