Medical Cannabis - Americas

Americas

Revenue in the Medical Cannabis market market in the Americas is forecasted to reach US$16.75bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.77%, leading to a market volume of US$18.29bn by 2029.
When compared globally, the United States will generate the highest revenue (US$14,530.00m in 2024).
In terms of per person revenues, US$2.96k are generated in 2024 based on total population figures.
The United States leads the Americas in innovative medical cannabis research and legislation, driving growth and investment in the market.

Key regions: Australia, Europe, South Africa, United States, Netherlands

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Cannabis market in Americas is experiencing significant growth and development, driven by changing regulations and increasing acceptance of cannabis for medical purposes.

Customer preferences: Customers in the Americas are increasingly seeking alternative and natural treatments for various medical conditions, leading to a growing demand for medical cannabis products. Patients are looking for relief from chronic pain, anxiety, and other ailments, and are turning to medical cannabis as a potential solution.

Trends in the market: In the United States, the medical cannabis market is expanding rapidly as more states legalize the use of cannabis for medical purposes. This trend is driven by growing awareness of the therapeutic benefits of cannabis and a shift in public perception. Additionally, the Canadian market is also witnessing significant growth, with the country legalizing both medical and recreational cannabis.

Local special circumstances: In Latin American countries like Colombia and Uruguay, favorable regulations and low production costs have positioned them as key players in the medical cannabis market. These countries have ideal climate conditions for cannabis cultivation, making them attractive locations for cannabis companies looking to supply both domestic and international markets.

Underlying macroeconomic factors: The increasing legalization of medical cannabis in the Americas is not only driven by changing perceptions of cannabis but also by the potential economic benefits. Governments are recognizing the revenue-generating potential of the cannabis industry through taxes and job creation. This, coupled with the growing acceptance of medical cannabis as a legitimate treatment option, is fueling the market growth in the region.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.