Sunday, February 5, 2023

Year End 2022: Medical cannabis market growing every year, know what it is

Medical cannabis: The cannabis market during COVID-19 was estimated to be US$22.5 billion in 2021 and is expected to exceed US$82 billion by 2027

Growing cannabis market in India

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News9 Staff: medical cannabis industry is growing rapidly all over the world. According to industry estimates during Kovid-19 cannabis of cannabis market It was estimated to be US$ 22.5 billion in 2021 and is expected to reach above US$ 82 billion by 2027. A CAGR of 24.3 percent means that the cannabis market is fast moving towards being one of the most lucrative industries of this decade.

Global Medical Cannabis at a Glance

To date, over forty countries around the world have opened their doors to embrace the tremendous health benefits of cannabis therapy in the past few years, and now other countries are following suit. Even a country with strict laws like Thailand has joined the ranks of cannabis wellness countries, seeing a glut of cannabis products on the market, and has even allowed people to sell cannabis for personal use. You are allowed to grow cannabis in your homes!

India’s current landscape of medical cannabis

With more and more companies entering the medical cannabis space in India, we are witnessing the emergence of an industry that has not yet been developed. All medical cannabis companies are currently operating under licenses provided by the state departments of the Ministry of AYUSH. All edible cannabis products under AYUSH require a prescription, while topical and cosmetic products can be purchased over the counter. However, despite the Indian government’s open acceptance of cannabis for medicinal use, there are still significant barriers to selling cannabis and/or prescription-based medical cannabis products in India, which is a major reason for the industry’s current slow growth. There could be a reason.

Is cannabis the future of the times to come?

In the coming year, we can expect to see a lot of cannabis focused clinics, cafes, spas and wellness centers popping up across India. We are also going to see institutional money being invested in big cannabis brands, cannabis R&D firms and marketplaces in 2023, which is generating worldwide interest in the Indian medical cannabis space. We may also see some international entrants either opening their regional offices or acquiring budding startups.

Moreover, in the coming years, we will start seeing cannabis-infused cosmetic products and FMCG goods being sold online as well as in stores. While 2023 could prove to be the biggest year ever for the medical cannabis space in India, it will pale in comparison to what lies ahead. In fact 2023 will show us a glimpse of the true potential of the cannabis wellness market in India in the future, and cement its position among the fastest growing industries in our country.

(This article was written by Shivam Singhi, Co-Founder and CEO, Avashad.)

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