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Medical Cannabis Market
The global legal cannabis market is valued at $17.7 billion3 in 2019, growing by about 22 percent, according to the report from Grand ViewResearch.
Spending on legal cannabis worldwide is expected to reach $42.7 billion by 2024 at a compound annual growth rate (CAGR) of 25% from 2019 and hit $57 billion by 2027, while the cannabis market in the United States and Canada is estimated to be about $46.5 billion and another $10.5 billion for other markets. The largest growth rate is predicted within the rest-of-world markets with projected $2.5 billion in2027.
Legal medical cannabis spending outside the U.S. and Canada more than doubled in 2019, from $367 million to $840 million, largely due to markets in Germany and Mexico. According to the report, the global medical cannabis market is projected to increase in value to $14.09 billion in 2024 at a CAGR of 10% from 2019 to2024.
Key Trends:
- The initial decision by many U.S. states and Canada to create medical-only cannabis regulations prompted many other countries to act similarly while legalization of adult recreational use in California and Canada triggered a second wave of legalizing laws internationally to increase access to medical cannabis.
- South American countries have the most liberal medical cannabis programs. Led by Brazil, Argentina, Peru and Uruguay, the South American medical cannabis market may grow from $125 million in 2018 to $776 million in 2027.
- Germany is ready to become the leader of the European cannabis market, and Italy is expected to be second with $1.2 billion in sales by 2027. Some form of medical cannabis is now legal in 22 countries in Europe.
- Australia’s legal cannabis market is forecast to grow from $52 million in 2018 to $1.2 billion in 2027, the 5th largest in the world.
- Israel has a small population and a long history of legal medical cannabis use. It continues to be a leader over the years in the development of cannabis pharmaceuticals.
GREENHOUSE CULTIVATIONFACILITY
- 4 High-tech Greenhouses of 762 square meters
- Cultivation and Breeding
- Research & Innovationlab
- 600 m2 of vacant area to expand facility
PHYTOTRON FACILITY
- 4 High-tech Greenhouses of 762 square meters
- Cultivation and Breeding
- Research & Innovationlab
- 600 m2 of vacant area to expand facility
OFFICE ASSOCIATED BUILDINGS
- 3 Associated Service Buildings
- 450m2
- Reception & Offices for GMP & GACP
- Currently in use
