The global medical marijuana market is expected to grow significantly from USD 8,280.6 million in 2017 to USD 28,070.0 million in 2024, at a CAGR of 19.1% from 2018 to 2024. Significant demand on account of the medicinal properties of marijuana that are used in the treatment of several chronic diseases has boosted the market growth over the next seven years. In addition, several favorable regulations along with high end research and development have fostered market growth over the forecast period.
Medical marijuana is used as the whole plant or plant extract for the treatment of various diseases. THC (delta-9-tetrahydrocannabinol) is the main active mind-altering (psychoactive) substance found in marijuana plant having medical properties to treat vomiting, nausea, and other medical conditions. THC (delta-9-tetrahydrocannabinol) is also used to treat appetite in patients suffering from AIDS.
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