Medical Cannabis - Georgia

Georgia

The Medical Cannabis market in Georgia is expected to witness significant revenue growth in the coming years.
According to projections, the market is anticipated to reach 0.00 by 2024, showcasing a promising annual growth rate (CAGR 2024-0.00) of [globalrevenue_currentlayer_yeartoday_currentcountryvalue].
This growth is expected to result in a substantial market volume of 0.00 by [globalrevenue_currentlayer_yeartoday_currentcountryvalue].
In comparison to other countries, United States is projected to generate the highest revenue in the Medical Cannabis market, reaching an impressive US$14,530.00m in 2024.
This highlights the dominant position of the United States in the global market.
When considering the per capita revenue figures, it is estimated that each person in Georgia will generate 0.00 in revenue from the Medical Cannabis market in 2024.
This indicates the potential economic impact and individual contributions to the market within the country.
In Georgia, the medical cannabis market is experiencing significant growth due to the increasing acceptance and legalization of cannabis for medical purposes.

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

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Analyst Opinion

Cannabis-based medical products are already used when encountering a variety of symptoms and illnesses such as chronic pain, nausea and seizures, to name a few.

The United States Food and Drug Administration (FDA) approved Epidiolex in 2018 as the first product with a purified form of CBD. A drug approval by a medical authority ensures safety and effectiveness for both patient and doctor, increasing the probability of prescription greatly.

Depending on the country, different medical products are approved though. An example for different approval status between countrys is Sativex, which is already approved in several countries including Germany, United Kingdom and Canada, but it is not yet approved in the United States as of 2022. Furthermore, there are still countries, where the usage of medical cannabis is not allowed.

With ongoing product development, investments, and Mergers & Acquisitions, the field of use can still be expanded. A current example (2021) for the willingness to invest in clinical trials and approved medical products is Jazz Pharmaceuticals acquiring GW Pharmaceuticals, who is the manufacturer of Epidiolex and Sativex.

For the future, we expect an increase in usage and product diversity of cannabis-based medical drugs, thus providing more proof of the effectiveness. This will allow more countries to legalize medical cannabis and ease the process of approval from medical authorities, strengthening the supply and demand of cannabis-based medical products.

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.