A new report published by The Insight Partners shows that the global medical marijuana market is expected to grow at a CAGR of 19.2% reaching a value of $40 billion by 2028. The global medical marijuana market size was valued at just $11.70 billion in 2021. The increasing approvals of medical marijuana products and rising acceptance of the medicinal use of marijuana are among the key drivers for this market growth.
Researchers believe that the medical marijuana industry will be one of the fastest growing sectors investors can participate in over the next decade. The U.S. electric vehicle market, which is expected to exhibit substantial growth during the same forecast period (2021-2028), has an estimated CAGR of 25.4% according to a report published by Fortune Business Insights earlier in the year.
It is true that the COVID-19 pandemic has harmed many cannabis companies’ bottom lines; however, it hasn’t impacted the medical marijuana market in the same way it has the recreational/adult-use market. Increased demand from patients over the past year has helped prop up the medical marijuana industry during these tough times.