Medical Cannabis - NAFTA

NAFTA

Revenue in the Medical Cannabis market market in NAFTA is forecasted to reach US$15.82bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.77%, leading to a market volume of US$17.27bn by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14,530.00m in 2024).
In terms of per person revenues, US$2.91k are generated in 2024 relative to the total population figures.
NAFTA countries are experiencing a surge in medical cannabis investments, positioning the region as a key player in the evolving global cannabis market.

Key regions: Australia, Europe, South Africa, United States, Netherlands

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Cannabis market in NAFTA has been experiencing significant growth and development in recent years.

Customer preferences: Consumers in the NAFTA region are increasingly turning to medical cannabis as a natural alternative for managing various health conditions. The shift towards more holistic and organic treatment options has been driving the demand for medical cannabis products in the market.

Trends in the market: In the United States, the legalization of medical cannabis in several states has paved the way for a thriving market with a wide range of product offerings. Patients are exploring different forms of medical cannabis, including oils, tinctures, and edibles, leading to a diversification of the market. In Canada, the legalization of recreational cannabis has also positively impacted the medical cannabis market, with more research and development being dedicated to medical cannabis products.

Local special circumstances: Mexico, as part of the NAFTA region, is in the process of legalizing medical cannabis, which is expected to open up a new market for industry players. The country's large population presents a significant opportunity for growth in the medical cannabis sector. The regulatory environment in Mexico is evolving, creating a unique set of circumstances for companies looking to enter the market.

Underlying macroeconomic factors: The increasing acceptance and legalization of medical cannabis in the NAFTA region are influenced by shifting societal attitudes towards cannabis and its potential health benefits. Economic factors, such as job creation and tax revenue generation from the medical cannabis industry, are also driving the market's growth. Additionally, the growing trend of medical tourism for cannabis-related treatments is contributing to the expansion of the market in the NAFTA region.

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.