Medical Cannabis - Lesotho | Statista Market Forecast

Lesotho is expected to witness a significant increase in revenue within the Medical Cannabis market market, with projections indicating a rise to US$3.39m by 2024.
The revenue is forecasted to display a Compound Annual Growth Rate (CAGR 2024-2029) of 1.68%, culminating in a market volume of US$3.68m by 2029.
When compared globally, the United States is anticipated to lead in revenue generation, reaching US$14.53bn in 2024.
In terms of per capita figures, in Lesotho is estimated to generate revenues of US$7.04k per person in 2024.
Lesotho is pioneering medical cannabis cultivation in Africa, attracting international investors and setting high-quality standards in the market.

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

Lesotho has emerged as a key player in the Medical Cannabis market, attracting significant attention from investors and stakeholders globally.

Customer preferences: Consumers in Lesotho are increasingly leaning towards medical cannabis products due to the growing awareness of its potential health benefits. The shift towards natural remedies and alternative medicine has driven demand for medical cannabis in the country, aligning with global trends of increasing acceptance and legalization of cannabis for medical purposes.

Trends in the market: One notable trend in the Medical Cannabis market in Lesotho is the emphasis on export opportunities. The country's favorable climate and regulations have positioned it as a hub for cultivating high-quality medical cannabis for export to international markets. This focus on exports has not only boosted the local economy but has also put Lesotho on the map as a key player in the global medical cannabis industry.

Local special circumstances: Lesotho's unique geographical location and climate provide ideal conditions for cannabis cultivation, making it a prime location for companies looking to establish cultivation operations. Additionally, the government's progressive stance on medical cannabis regulation has created a conducive environment for industry growth. These factors have attracted significant investment in the sector, further propelling the market forward.

Underlying macroeconomic factors: The Medical Cannabis market in Lesotho is also influenced by broader macroeconomic factors such as job creation and economic development. The growth of the medical cannabis industry has created employment opportunities and contributed to the country's GDP. Furthermore, the influx of investment in the sector has stimulated economic growth and positioned Lesotho as a competitive player in the global cannabis market.

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.