North America Medical Marijuana Market Size, Competitors Strategy, Regional Analysis and Industry Growth by Forecast to 2028

According to Business Market Insights research, the North America Medical Marijuana Market  was valued at US$ 7,170.17 million in 2022 and is expected to reach US$ 20,760.41 million by 2028, registering a CAGR of 19.4% from 2022 to 2028. Increasing approvals of medical marijuana products and rising acceptance of medicinal use of marijuana are the critical factors attributed to the North America medical marijuana market expansion.

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The List of Companies 

  1. Aphria, Inc.
  2. CanaQuest Medical Corporation
  3. Canopy Growth Corporation
  4. Emerald Health Therapeutics Inc.
  5. GW Pharmaceuticals
  6. MARICANN INC.
  7. Organigram Holdings Inc.
  8. Panaxia Pharmaceutical Industries Ltd.
  9. Phoena Holdings Inc.
  10. VIVO Cannabis Inc

The medicinal potential of marijuana has attracted significant interest from researchers and companies seeking to develop cannabis-based medical applications. Tetrahydrocannabinol (THC), a primary compound in marijuana, is widely used in the production of medicinal products. The U.S. Food and Drug Administration (FDA) has approved several THC-based medications, including Cesamet, which contains nabilone as its active ingredient. Cesamet, a synthetic compound structurally similar to THC, is prescribed for chemotherapy-induced nausea and vomiting, particularly when other treatments prove ineffective.

Additionally, the FDA has approved Marinol and Syndros, both of which contain dronabinol, a synthetic form of delta-9-THC, the psychoactive component of cannabis. These drugs are primarily prescribed to stimulate appetite in patients suffering from AIDS-related wasting syndrome. Beyond these, several other marijuana-based products have either been approved or are undergoing clinical trials. For example, nabiximols (Sativex) is a cannabis extract approved in Canada for treating spasticity and neuropathic pain associated with multiple sclerosis. This formulation includes a combination of THC and cannabidiol (CBD) to enhance therapeutic effects.

In February 2020, CanaQuest Medical Corp, a Canadian pharmaceutical company, submitted an application to Health Canada for the approval of Mentabinol, a THC-based product, under the Cannabis Act. The growing number of FDA-approved marijuana-based medications is significantly driving the expansion of the medical marijuana market.

About Us:

Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications

Author’s Bio:

Suryakant Gadekar

Senior Market Research Expert at Business Market Insights

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