North America Medical Marijuana Market Revenue to cross US$ 20,760.41 million by 2028

At 19.4% CAGR, the North America Medical Marijuana Market is projected to be worth US$ 20,760.41 million by 2028, says The Insight Partners

According to The Insight Partners research, the North America medical marijuana market  was valued at US$ 7,170.17 million in 2022 and is expected to reach US$ 20,760.41 million by 2028, registering a CAGR of 19.4% from 2022 to 2028. Increasing approvals of medical marijuana products and rising acceptance of medicinal use of marijuana are the critical factors attributed to the North America medical marijuana market expansion.        

Countries in America have legalized the use and cultivation of medical cannabis. In 2018, the Government of Canada passed the Cannabis Act, which created a strict legal framework for controlling the production, distribution, sale, and possession of cannabis across Canada. In the US, as of February 2022, marijuana was legalized in 37 states and the District of Columbia. In the past few years, Mexico, Luxembourg, and Lesotho, among others, have joined the list of countries to legalize the use of marijuana for medical applications. However, despite widespread legalization of the use of cannabis, its legal cultivation and production have earlier been mostly limited to developing countries. Moreover, the World Health Organization (WHO) states that ~80% of the world’s population utilizes marijuana or cannabis for medical remedies. Therefore, the growing acceptance, cultivation, and production of medical marijuana in developing countries is contributing significantly to the growth of the North America medical marijuana market.

On the contrary, illegal use of cannabis as street drug and misconceptions regarding marijuana hampers the North America Medical Marijuana Market.  

Based on product type, the North America medical marijuana market is segmented into dried form and extract form. The extract form segment held 61.8% share of North America Medical Marijuana Market in 2022, amassing US$ 4,429.46 million. It is projected to garner US$ 12,879.57 million by 2028 to expand at 19.5% CAGR during 2022–2028.

Based on application, the North America medical marijuana market is segmented into pain management, tourette’s, alzheimer’s disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. The pain management segment held 25.6% share of North America Medical Marijuana Market in 2022, amassing US$ 1,838.56 million. It is projected to garner US$ 5,165.60 million by 2028 to expand at 18.8% CAGR during 2022–2028.

Based on distribution channel, the North America medical marijuana market is segmented into retail pharmacy, e-commerce, and others. The retail pharmacy segment held 45.8% share of North America Medical Marijuana Market in 2022, amassing US$ 3,283.15 million. It is projected to garner US$ 9,434.12 million by 2028 to expand at 19.2% CAGR during 2022–2028.

Based on country, the North America medical marijuana market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 78.7% share of North America Medical Marijuana Market in 2022. It was assessed at US$ 5,644.09 million in 2022 and is likely to hit US$ 16,467.59 million by 2028, exhibiting a CAGR of 19.5% during the forecast period.      

Key players dominating the North America medical marijuana market are Aphria, Inc.; CanaQuest Medical Corporation; Canopy Growth Corporation; Emerald Health Therapeutics Inc.; GW Pharmaceuticals; MARICANN INC.; Organigram Holdings Inc.; Panaxia Pharmaceutical Industries Ltd.; Phoena Holdings Inc.; VIVO Cannabis Inc, among others.  

• In May 2022, CannTrust Equity Inc. marks the start of a new era for the Company by announcing its new corporate name, Phoena Holdings Inc. Phoena is committed to delivering experiences that enhance life and help patients and consumers. Phoena continue to build on the success of the Liiv, SYNR.G, Xscape, and estora brands in both the recreational and medical channels, with no changes expected to current operations.

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