Medical Cannabis - Jamaica | Statista Market Forecast

In Jamaica, the revenue in the Medical Cannabis market market is forecasted to reach US$38.97m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.93%, leading to a market volume of US$47.26m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14.53bn in 2024).
In terms of total population figures, per person revenues of US$10.04k are generated in 2024.
Jamaica's medical cannabis market is blossoming, with a focus on sustainable cultivation practices and unique strains catering to both locals and tourists.

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

Amidst the lush landscapes and vibrant culture of Jamaica, the Medical Cannabis market is experiencing significant growth and development.

Customer preferences: Customers in Jamaica are increasingly turning to Medical Cannabis products due to their perceived health benefits and natural origins. The demand for alternative medicine and holistic treatments is driving the popularity of Medical Cannabis among a wide range of consumers. Additionally, the cultural acceptance of Cannabis in Jamaica further fuels the demand for Medical Cannabis products.

Trends in the market: One prominent trend in the Jamaican Medical Cannabis market is the expansion of cultivation and production facilities. With the favorable climate and growing conditions in Jamaica, more companies are establishing operations in the country to capitalize on the local resources. This trend is not only boosting the domestic market but also positioning Jamaica as a key player in the global Medical Cannabis industry. Moreover, the government's efforts to regulate and legalize Medical Cannabis have created a conducive environment for market growth and innovation.

Local special circumstances: Jamaica holds a unique position in the Medical Cannabis market due to its historical association with Cannabis cultivation and Rastafarian culture. The country's rich heritage and tradition of using Cannabis for medicinal and religious purposes have shaped the current market dynamics. Local farmers and entrepreneurs are leveraging this cultural heritage to differentiate their products and attract both domestic and international customers. Furthermore, Jamaica's strategic location and trade partnerships offer opportunities for market expansion and export potential.

Underlying macroeconomic factors: The economic landscape of Jamaica plays a crucial role in the development of the Medical Cannabis market. As the country seeks to diversify its economy and attract foreign investment, the Medical Cannabis industry presents a promising avenue for growth and revenue generation. The government's support for the sector through legislation and infrastructure development signals a commitment to harnessing the potential of Medical Cannabis for economic development. Additionally, the global trend towards cannabis legalization and acceptance is creating new opportunities for Jamaican companies to tap into international markets and establish themselves as leaders in the industry.

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.