Mexico Medical Cannabis Industry Overview
The Mexico medical cannabis market size was valued at USD 4.8 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 20% from 2023 to 2030. Various countries have begun to liberalize marijuana and hemp regulations, which is expected to stimulate market growth. Legalizing it for adult use will assist to create new jobs and bring in billions of dollars to the economy. Tourism, food, and transportation are just a few of the industries that will benefit from legalization. The anticipated increase in the acceptance of cannabis for medicinal purposes is projected to increase demand for medical cannabis, eroding the illegal market in the process.
As of January 2021, Mexico’s health ministry published rules that will regulate the use of medical cannabis. As per the regulations, cannabis will be cultivated specifically for research purposes as well as for manufacturing pharmaceutical products, applicable to both private as well as public research, including measures regarding quality control and good manufacturing practices for products containing cannabis. Since the regulations have been put in place, medical tourism is expected to increase, bringing in extra income for the government, and furthering the growth of the market.
Gather more insights about the market drivers, restraints, and growth of the Mexico Medical Cannabis Market
One of the variables projected to drive the Mexican industry is the high prevalence of cancer. According to the American Cancer Society, around 11,030 new cancer patients will be diagnosed with cancer in Mexico in 2022. Numerous researches have confirmed cannabis's anti-cancer properties, resulting in its increased use in cancer treatment. Over the projected period, rising illness burdens and increased usage of cannabis for medical purposes are expected to drive product demand.
The country's health licenses for cannabis growth, harvesting, and manufacture are solely for medical and research purposes. In Mexico, cannabis regulations are not well-regulated, and it is subject to secondary control by the Federal Commission for the Protection Against Health Risks. It can only be brought into Mexico for medicinal or scientific research objectives.
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Mexico Medical Cannabis Market Segmentation
Grand View Research, Inc. has segmented the Mexico medical cannabis productmarket based on product and application:
Mexico Medical Cannabis Product Outlook (Revenue, USD Million, 2017 - 2030)
- Flowers
- Oils &Tinctures
Mexico Medical Cannabis Application Outlook (Revenue, USD Million, 2017 - 2030)
- Cancer
- Chronic Pain
- Depression & Anxiety
- Arthritis
- Diabetes
- Glaucoma
- Migraines
- Epilepsy
- Multiple Sclerosis
- AIDS
- Amyotrophic Lateral Sclerosis
- Alzheimer’s Disease
- Post-Traumatic Stress Disorder (PTSD)
- Parkinson’s Disease
- Tourette’s Syndrome
- Others
Key Companies profiled:
Some prominent players in the Mexico Medical Cannabis market include
- Aurora Cannabis
- CANOPY GROWTH CORPORATION
- GW Pharmaceuticals, plc
- Jazz Pharmaceuticals, Inc
- CBD Life
- HempMeds
- Isodiol International Inc.
- PharmaCielo.com
- Elixinol
- ENDOCA
Order a free sample PDF of the Mexico Medical Cannabis Market Intelligence Study, published by Grand View Research.
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