Medical Cannabis - Ghana | Statista Market Forecast

Ghana is projected to reach a revenue of US$57.53m in the Medical Cannabis market market by 2024.
The market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 2.64%, leading to a market volume of US$65.55m by 2029.
Among global counterparts, the United States will generate the highest revenue of US$14.53bn in 2024.
In terms of per person revenues, US$15.59k are generated in 2024 concerning the total population figures.
Ghana's medical cannabis market is steadily growing, attracting international investments and paving the way for future industry regulations and developments.

Definition:
The Medical Cannabis market encompasses products derived from the cannabis plant specifically used for medical purposes. These products may include dried flowers, oils, tinctures, capsules, and topicals. Depending on the regulations in each country or state, these products are available through medical dispensaries, pharmacies, and/or online platforms. They may be consumed in various ways such as smoking, vaporizing, ingesting, or applying topically.

Structure:
The Medical Cannabis market involves cannabinoid-based medicine without marketing authorisation. These unlicensed medicines are supplied through health systems, prescribed by doctors, or used as Active Pharmaceutical Ingredients (API). The API is manipulated and/or compounded by a magistral pharmacy to prepare a cannabinoid-based medicine without marketing authorisation. The Medical Cannabis market includes various forms of cannabis such as flowers, oils, capsules, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by patients (B2C), healthcare facilities (B2B), and governments (B2G).

Cannabinoid-based medicine not holding marketing authorisation containing THC
Cannabinoid-based medicine not holding marketing authorisation containing CBD

Cannabinoid-based medicine holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

The Medical Cannabis market in Ghana has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Ghana are increasingly turning to medical cannabis products for various health and wellness needs. The shift towards natural and alternative remedies has driven demand for medical cannabis products in the country.

Trends in the market: One notable trend in the Ghanaian Medical Cannabis market is the increasing acceptance and legalization of medical cannabis for therapeutic purposes. This trend is in line with global movements towards recognizing the potential benefits of cannabis in treating a range of medical conditions.

Local special circumstances: Ghana's favorable climate and agricultural conditions make it well-suited for cultivating cannabis. The country's rich history of traditional medicine also contributes to the growing acceptance of medical cannabis among the population.

Underlying macroeconomic factors: The growing Medical Cannabis market in Ghana is also influenced by broader macroeconomic factors such as increasing healthcare awareness and the rising prevalence of chronic diseases. As more Ghanaians seek alternative treatment options, the demand for medical cannabis is expected to continue on an upward trajectory.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.