Report: Global medical marijuana market to top $55 billion by 2025
by February 8, 2017 12:28 pm 330 views
As Arkansas lawmakers work to develop a regulatory framework for the medical marijuana market, a new study estimates market size for the drug to be at $55.8 billion globally by 2025. Last November, Arkansas joined 27 other states and the nation’s capital in legalizing marijuana for medical use. In 2016 alone, Arkansas, Florida, North Dakota, Ohio, and Pennsylvania were approved to use the drug in medical applications, such as chemotherapies and pain management.
The report from Grand View Research, Inc., identifies such support as being the most crucial factor for market expansion.
Potential therapeutic values of the drug include the suppression of vomiting and nausea, pain relief, and appetite stimulation. Additionally, research states marijuana is effective in providing relief to the patient suffering from HIV/AIDS, glaucoma, cancer, and multiple sclerosis.
Currently, Arkansas is limiting the scope of its market to four to eight cultivation facilities and 20-40 dispensaries. While the in-state players for cultivation and sales have yet to be identified, some of the key players nationwide are Cara Therapeutics Inc.; CannaGrow Holdings, Inc.; Cannabis Sativa, Inc.; United Cannabis Corporation; GrowBlox Sciences, Inc.; GW Pharmaceuticals, plc; Lexaria Corp; and International Consolidated Companies, Inc.
More details from the Grand View market research are available at this link.