Pharmaceutical Cannabis - Jamaica

Jamaica is expected to witness a significant growth in revenue within the Pharmaceutical Cannabis market, with projections indicating a reach of US$501.90k in 2024.
The sector is anticipated to demonstrate a Compound Annual Growth Rate (CAGR 2024-2029) of 4.90%, leading to a market volume of US$637.70k by 2029.
When compared globally, the United States is poised to generate the highest revenue, amounting to US$913.10m in 2024.
In terms of per capita figures, Jamaicans are expected to generate revenues of US$862.40 per person in 2024.
Jamaica sees a surge in pharmaceutical cannabis research, positioning itself as a key player in the emerging market of medicinal cannabis products.

Definition:
The Pharmaceutical 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 Pharmaceutical Cannabis market encompasses formulated, processed, or synthetic cannabis sold as a finished product. These products, such as Sativex, Epidiolex, and Dronabinol, have undergone full medical trials and hold a medical marketing authorization. The market also includes cannabinoid-based API (Active Pharmaceutical Ingredient), which is registered as an API in a medicinal product with marketing authorization in one or more regions. These APIs can be manipulated and/or compounded by a magistral pharmacy to produce a cannabinoid-based medicine. The Pharmaceutical 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 holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

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

The Pharmaceutical Cannabis market in Jamaica has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Jamaica have shown a growing interest in pharmaceutical cannabis products due to the increasing awareness of the potential health benefits associated with cannabis-based medications. The shift towards natural and plant-based remedies has also influenced consumer preferences in the pharmaceutical cannabis market.

Trends in the market: One of the notable trends in the Pharmaceutical Cannabis market in Jamaica is the expansion of medical cannabis legalization and regulation, which has created opportunities for pharmaceutical companies to enter the market and develop innovative cannabis-based treatments tailored to the local population. Additionally, the export potential of Jamaican medical cannabis products has attracted international investors, further driving the growth of the market.

Local special circumstances: Jamaica holds a unique position in the global pharmaceutical cannabis market due to its long history of cannabis cultivation and the cultural acceptance of cannabis within the country. This legacy has positioned Jamaica as a key player in the pharmaceutical cannabis industry, allowing for the development of high-quality cannabis products that cater to both domestic and international markets.

Underlying macroeconomic factors: The economic potential of the pharmaceutical cannabis market in Jamaica is supported by favorable regulatory frameworks that facilitate research, cultivation, and production of medical cannabis. Additionally, the tourism industry in Jamaica has played a role in promoting cannabis-based wellness products, creating a niche market for pharmaceutical companies to capitalize on the growing trend of cannabis tourism.

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.

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.