Global medical marijuana market is forecast to grow at a CAGR of 21.11% during the period 2018-2022.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is emergence of luxury cannabis products. Since the consumption of cannabis through smoking can be harmful, many vendors selling luxury cannabis products that make controlled consumption of cannabis beneficial to the users have emerged in the market.
According to the report, one driver in the market is increasing use of cannabis for medical purposes. Cannabis used for medicinal purposes is referred to as medical marijuana or medical cannabis. This term refers to utilizing the whole, unprocessed cannabis plant or its extracts to treat a variety of symptoms and conditions. It can also be obtained through synthetic derivatives of cannabis. Medical cannabis contains a variety of compounds that are collectively referred to as cannabinoids.
Further, the report states that one challenge in the market is high cost of cannabis testing products. Although vendors in the cannabis testing market such as Agilent Technologies, Merck, Perkin Elmer, Shimadzu Corporation, and Thermo Fisher Scientific offer high-quality analytical products, they are all high-priced and thus, pose a challenge for cannabis testing laboratories. Medium and small-scale testing laboratories are cramped for budgets required for testing equipment.
Key Vendors
- Aurora Cannabis
- GW Pharmaceuticals
- mCig
- Medical Marijuana
- United Cannabis
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