Medical Cannabis - Puerto Rico

Puerto Rico

Revenue in Puerto Rico's Medical Cannabis market market is forecasted to hit US$264.70m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.05%, leading to a market volume of US$278.90m 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 in 2024, US$17.35k are generated concerning the total population figures.
Puerto Rico's medical cannabis market is flourishing, attracting investors due to favorable regulations and a growing patient base.

Key regions: Spain, Europe, Australia, Germany, United States

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Analyst Opinion

The Medical Cannabis market in Puerto Rico is experiencing significant growth and development, driven by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Puerto Rico are increasingly turning to medical cannabis as a holistic alternative for managing various health conditions. The shift towards natural remedies and increasing awareness about the potential therapeutic benefits of cannabis products have fueled the demand in the market. Patients are seeking personalized treatment options and are drawn to the diverse range of medical cannabis products available.

Trends in the market: The Medical Cannabis market in Puerto Rico is characterized by a growing number of licensed dispensaries and a wide variety of products catering to different patient needs. The market is witnessing a trend towards innovation in product development, with an emphasis on quality, safety, and potency. Additionally, there is a rising trend of medical professionals incorporating medical cannabis into treatment plans, further driving market growth.

Local special circumstances: Puerto Rico's unique regulatory environment has played a significant role in shaping the Medical Cannabis market. The island's status as a territory of the United States allows for certain legal advantages, attracting investors and businesses to establish a presence in the market. The local government's support for the medical cannabis industry through favorable legislation and licensing regulations has created a conducive environment for market expansion.

Underlying macroeconomic factors: The economic landscape of Puerto Rico, including factors such as high unemployment rates and a struggling healthcare system, has contributed to the growth of the Medical Cannabis market. Medical cannabis presents an opportunity for economic development, job creation, and revenue generation for the island. As the market continues to evolve, it is expected to play a vital role in addressing both healthcare and economic challenges 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.