Global Medical Cannabis Market Reaches $17 Billion in 2023

The global medical cannabis market was valued at $17 billion in 2023, with projections indicating it could reach $77 billion by 2032. The American medical cannabis market continues to dominate the global landscape, showing significant growth year over year.

Key Growth Drivers

• Increasing public awareness of the health benefits of cannabis
• Expansion of medical applications for cannabis products
• Active support from governments and private organizations for research and development of cannabinoids for medical use

For example, in the United States, the National Institutes of Health funded 330 projects in a single year focused on cannabinoid research.

Changing Legal Landscape

The evolving legal status of cannabis in Asian and African countries is opening new opportunities for producers and investors. As more countries reconsider their regulations, the global market is expected to expand further.

Regional Analysis

America remains the largest contributor to the global medical cannabis market. Europe is also experiencing significant growth, driven by the legalization of medical cannabis in several countries and an increase in research and production facilities. Growth rates in both the United States and Europe are expected to exceed 12%.