Global Medical Marijuana (MMJ) Market to witness a CAGR of 19.1% during 2018-2024

NEW YORK, June 26, 2018 (GLOBE NEWSWIRE) — 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. Factors propelling the growth of medical marijuana market are; growing awareness regarding the benefits offered, increasing demand for marijuana in the treatment of various diseases, and growing number of research and development activities. Moreover, several clinical trials are underway which are expected to drive the market demand over the years to come.
The National Institute on Drug Abuse maintains detailed information on the therapeutic, as well as abusive aspects of marijuana. National Institutes of Health (NIH) provides funding to the researchers who are involved in exploring the therapeutic uses of medical marijuana. Recent studies have shown that marijuana extracts may be effective in the treatment of epilepsy.MMJ- offering business opportunity in the medical industryMedical marijuana plant contains many chemical properties that may help in treating a wide range of diseases and symptoms. The medical marijuana plant has two major strains: cannabis sativa and cannabis indica. Cannabis sativas have a higher level of THC (delta-9 tetrahydrocannabinol) resulting in medical applications, which include control of nausea and vomiting, and stimulating appetite in AIDS patients. Cannabis indica contains a higher level of CBD (cannabidiol), resulting in treatment of symptoms such as muscle spasms, chronic pain, anxiety and sleep deprivation. The industry size for medical marijuana is increasing primarily in the U.S., and creating an opportunity for market players to earn high profit margins.Global Medical Marijuana Market – Regional InsightNorth America held the largest share of the global medical marijuana market in 2017, and is expected to show exponential growth rate during the forecast period. The growth in the region is primarily driven by the growing

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