Medical cannabis market to hit $87.41b by 2030

The global advancement of its legislation is a key growth driver.

The global medical cannabis market is projected to reach $87.41b by 2030 at a compound annual growth rate of 20.51%, according to Research and Markets.

The sector’s expansion is attributed to increased government funding, a rise in research and development initiatives, and the growing acceptance of medical cannabis worldwide.

“Medical cannabis refers to the therapeutic use of the cannabis plant or its derivatives to address various medical conditions such as chronic pain, anxiety, seizures, and nausea,” the report said.

Moreover, the advancement of its legislation globally is a key driver for market growth.

Countries like Australia, Canada, and Germany, as well as numerous US states, have implemented legal structures that support their usage.