Indian market research firm Research Dive recently published a report which portends very good news for the global medical marijuana industry.
According to the report, “The global medical marijuana market was $4,810.0 million in 2018, and is anticipated to generate a revenue of $33,211.7 million grow at a CAGR of 27.4% during the forecast period.
“The medical marijuana market will witness a decrease in the 2020[s]. The government initiative for legalizing of cannabis for treating various diseases is predicted to drive the market in the forecast period. Rise in the number of countries approving the use of marijuana for therapeutic treatment is predicted to drive the market in the forecast period.”
The Effects of COVID-19
With the global coronavirus pandemic it is not surprising that the market experienced a dramatic decrease as compared to 2019. Research Dive found that pre-pandemic medical marijuana revenues were expected to reach $7,751.9 million, whereas as a result of the pandemic, revenues are expected to only reach $5,813.9 million.
As the world begins to recover from the economic downturn due to COVID-19, medical marijuana markets are expected to recover as well. According to Leafly’s 2020 Cannabis Jobs Report, “243,700 full-time-equivalent (FTE) jobs supported by legal cannabis as of January 2020.” That equates to a 15% year-over-year increase.
According to an article by Marijuana Business Daily, “The number of people working in the U.S. cannabis industry is expected to jump to 240,000-295,000 by the end of 2020, slightly higher than the number of computer programmers employed in the United States.”
In the United States, as an increasing number of diseases are added to the list of acceptable ailments to qualify for a medical marijuana license, the more we are likely to see in overall sales revenue. After the profound challenges of 2020, that is welcome news.