Pharmaceutical Cannabis - Puerto Rico

Puerto Rico

In Puerto Rico, the revenue in the Pharmaceutical Cannabis sector is forecasted to reach US$3.31m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.01%, leading to a market volume of US$4.03m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per capita figures, in 2024, US$1.45k in revenue is generated per person.
Puerto Rico's pharmaceutical cannabis market is rapidly expanding with a focus on research, innovation, and high-quality products to meet growing patient demand.

Key regions: United States, Spain, Europe, Thailand, Canada

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Analyst Opinion

The Pharmaceutical Cannabis market in Puerto Rico is experiencing significant growth and development.

Customer preferences: Customers in Puerto Rico are increasingly turning to pharmaceutical cannabis products due to the growing awareness of the potential health benefits associated with cannabis-based treatments. The shift towards natural and alternative medicine options is driving demand for pharmaceutical cannabis products in the market.

Trends in the market: One notable trend in the Pharmaceutical Cannabis market in Puerto Rico is the increasing number of licensed dispensaries and pharmaceutical companies entering the market. This trend is fueled by the relaxed regulations and favorable policies towards medical cannabis in the region. Additionally, the market is witnessing a rise in research and development activities focused on creating innovative pharmaceutical cannabis products tailored to the specific needs of patients in Puerto Rico.

Local special circumstances: Puerto Rico's unique status as a territory of the United States plays a significant role in shaping the Pharmaceutical Cannabis market in the region. The regulatory framework governing medical cannabis in Puerto Rico is influenced by both local laws and federal regulations, creating a complex environment for market players to navigate. Furthermore, the cultural acceptance of medical cannabis in Puerto Rico contributes to the growing demand for pharmaceutical cannabis products in the market.

Underlying macroeconomic factors: The economic landscape of Puerto Rico, including factors such as GDP growth, unemployment rates, and disposable income levels, plays a crucial role in driving the Pharmaceutical Cannabis market in the region. As the economy continues to evolve and stabilize, there is a growing opportunity for pharmaceutical cannabis companies to expand their operations and cater to the increasing demand for medical cannabis products in Puerto Rico.

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.