MEDICINAL CANNABIS MARKET ANALYSIS

Regional Analysis

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North America currently dominates the global medicinal cannabis market, largely due to the growing legalization and acceptance of both medical and recreational cannabis across major markets like the U.S. and Canada. The North America region is anticipated to hold 49.5% of the market share in 2024. Countries in the region have enacted favorable regulations allowing cultivation and distribution of cannabis for medical use over the past decade. This has encouraged significant investments by major cannabis corporations, spurring innovations in areas such as new product development, extraction technologies and clinical research on the therapeutic benefits of cannabinoids. Several US states like California have emerged as global leaders in medical cannabis supplies, supported by a strong agricultural base and expertise in horticulture and greenhouse cultivation techniques ideal for large-scale production.

Asia Pacific is poised to be the fastest growing regional market. While medicinal cannabis remains illegal in many Asian nations, interest is rising given its growing acceptance as an alternative treatment for chronic pain and several mental health conditions. Countries like Australia, South Korea, and Thailand have launched pilot medical programs or are reviewing policies to allow regulated access. This is opening up opportunities for companies to introduce cannabinoid products and establish cultivation and processing facilities. Moreover, Asia Pacific’s medical tourism industry could drive future demand as awareness spreads. Compared to North America and Europe, pricing is relatively lower in Asia Pacific due to differences in regulatory frameworks and tax policies across the region. This makes cannabis accessible as a new therapeutic option for more patients.