The Medical Marijuana Market Expected to Grow by 22% CAGR until 2027

The global market for medical marijuana products is set to see substantial growth in the coming years, with an estimated compound annual growth rate of approximately 21.9%. According to a recent report from research firm Technavio, this expansion could bring in over $21.

2 billion from 2022 to 2027. One of the key drivers of this growth is the increasing use of medical marijuana to alleviate symptoms such as pain and epilepsy. CBD, the non-psychoactive component of cannabis plants, is particularly important in this market.

With medical cannabis now legal in both the United States and Canada, North America is expected to account for 47% of the market's growth over the forecast period. In the U.S, medical marijuana is legal in a significantly greater number of states than recreational cannabis, with 38 states permitting its use compared to 24 states where adult-use cannabis is allowed. The approval of Epidiolex, a cannabidiol-based drug for rare forms of epilepsy, by the FDA in 2018 was a significant milestone. This product was developed by GW Pharmaceuticals, which was later acquired by Jazz Pharmaceuticals for $7.

2 billion in 2021. Other companies, such as Skye Bioscience, are also focusing on developing drugs related to cannabinoids. Technavio's report suggests that oils and tinctures made from cannabis extracts will hold a major share of the market for medical marijuana products in the coming years.

While the increasing legalization of medical marijuana is expected to drive market growth through new product introductions, there are concerns about potential side effects from the improper use of these products that could pose challenges.