The North America medical marijuana market is expected to grow from US$ 7,170.17 million in 2022 to US$ 20,760.41 million by 2028. It is estimated to register a CAGR of 19.4% from 2022 to 2028.   

Rising Approvals of Medical Marijuana Products Drive Market Expansion

The medicinal properties of marijuana have spurred significant research and investment, leading to the development of FDA-approved cannabis-derived treatments. Key examples include:

• Cesamet (nabilone): A synthetic THC analog used to manage chemotherapy-induced nausea and vomiting.
• Marinol and Syndros (dronabinol): Synthetic THC-based medications prescribed to combat appetite loss in AIDS patients.
• Nabiximols (Sativex): An approved cannabis extract in Canada, combining THC and CBD to treat multiple sclerosis-related spasticity and neuropathic pain.

In February 2020, Canadian firm CanaQuest Medical Corp sought Health Canada’s approval for Mentabinol, a THC-based product, under the Cannabis Act. Such regulatory advancements are accelerating market growth.

North America Medical Marijuana Market Overview

The market is dominated by the U.S., followed by Canada and Mexico. Key growth factors include:

• Increased research and partnerships to explore new therapeutic applications.
• Growing public awareness of medical marijuana benefits.
• Expanding aging population, driving demand for alternative treatments.
• Strong presence of industry leaders fostering innovation and market expansion.

With continued regulatory support and expanding medical applications, the North America medical marijuana market is set for robust growth in the coming years.

The North America medical marijuana market is segmented as follows:

• North America medical marijuana market By Product Type:
  • Dried Form
  • Extract Form (held a larger share in 2022)
• North America medical marijuana market By Application:
  • Pain Management (held the largest share in 2022)
  • Tourette’s
  • Alzheimer’s Disease
  • Migraines
  • Depression and Anxiety
  • Multiple Sclerosis
  • Cancer
  • Others
• North America medical marijuana market By Distribution Channel:
  • Retail Pharmacy (held the largest share in 2022)
  • E-commerce
  • Others
• North America medical marijuana market By Country:
  • US (dominated the North America medical marijuana market in 2022)
  • Canada
  • Mexico

Leading companies operating in this North America medical marijuana market include:

• Aphria, Inc.
• CanaQuest Medical Corporation
• Canopy Growth Corporation
• Emerald Health Therapeutics Inc.
• GW Pharmaceuticals
• MARICANN INC.
• Organigram Holdings Inc.
• Panaxia Pharmaceutical Industries Ltd.
• Phoena Holdings Inc.
• VIVO Cannabis Inc

North America medical marijuana market Strategic Insights

Strategic insights for the North America Medical Marijuana provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America medical marijuana market Regional Insights

The geographic scope of the North America Medical Marijuana refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights