The broad applications of cannabis in treating chronic conditions like Parkinson's, cancer, arthritis, Alzheimer's, and neurological issues like depression, anxiety, and epilepsy have driven market growth.
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Additionally, the rising demand for pain management therapies has increased cannabis consumption due to its efficacy in pain relief.
Grand View Research projects the global cannabis pharmaceuticals market to grow at a 104.2% CAGR from 2022 to 2028.
Researchandmarkets anticipates the market to reach $127.1 billion by 2028.
Companies such as Brains Bioceutical Corp, Trulieve Cannabis Corp, Curaleaf Holdings, Inc., Tilray Brands, Inc., and Jazz Pharmaceuticals have been active in the market this week.
Increasing legalization and decriminalization of cannabis in various countries, driven by its therapeutic effects, is fueling market growth. Medical cannabis is legal in countries like the US, Canada, the UK, Czech Republic, Cyprus, Columbia, Chile, Australia, Barbados, Denmark, Finland, Poland, and Portugal.
The ongoing political movement supporting cannabis legalization has positively impacted the market. Stakeholders in the cannabis industry and research institutes are conducting studies to support claims made on CBD products, further driving the market growth.
A recent significant development in the industry includes a global pharma supply agreement between API manufacturer Brains Bioceutical Corp and South American drug manufacturer Prati-Donaduzzi.
This landmark deal paves the way for developing natural cannabinoid-based medicines in the global pharmaceutical industry.
Other developments include financial and operational highlights from Trulieve Cannabis Corp, the acquisition of Deseret Wellness by Curaleaf Holdings, Inc., Tilray Medical's partnership with Cansativa Group, and Jazz Pharmaceuticals' acquisition of GW Pharmaceuticals plc.
Learn more in this report.