NEW YORK: The U.S. medical cannabis market is projected to reach $19.48 billion by 2024, according to a report by Hexa Research The anticipated growth is driven by the intensifying acceptance of medical advantages associated with cannabis, particularly for patients dealing with cancer, diabetes and chronic pain. Symptoms and conditions that may be treated with cannabis products include, cancer, HIV, AIDS, Alzheimer’s disease, and multiple sclerosis.
Chronic pain accounted for 46 percent of the U.S. cannabis medical market share in 2016. According to the research, the solid cannabis edibles segment in 2016, within the U.S. market generated $2.47 billion in revenue and is expected to continue to dominate the cannabis industry to 2024.
An important and expanding segment of the legal cannabis industry is the CBD market. Forbes reported that according to Matt Karnes of Greenwave Advisors, the CBD market is expected to reach the $3 billion mark by 2021. Currently, 15 states that allow CBD only – this is in addition to the 28 states plus DC that have legalized medical cannabis. A report by Research and Markets explains that one of the major drivers for this market is Health benefits of CBD oil. Cannabis-based CBD products have a relatively high content of THC compared with hemp-derived CBD products. As a result, cannabis-based CBD products can be used only when they are prescribed by doctors for medical purposes.