Mexico Medical Cannabis Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2025
According to a report published by Grand View Research, the growing adoption of medical marijuana for the treatment of chronic conditions such as cancer, neurological diseases, and chronic pain is a key factor expected to drive the market. According to a report, “Mexico Medical Cannabis Market Size, Share & Trends Analysis Report By Application (Chronic Pain, Cancer), By Product (Oils, Buds, Tinctures), And Segment Forecasts, 2019 2025” published by Grand View Research, Inc., the Mexico medical cannabis market size is expected to reach USD 249.6 million by 2025, exhibiting a CAGR 27.7% over the forecast period. The rising adoption of medicinal marijuana for the treatment of chronic conditions such as Alzheimer’s disease, cancer, arthritis, anxiety, and epilepsy is one of the key factors propelling the Mexican medical cannabis market. Furthermore, approval of CBD derivatives for medicinal use is also expected to drive demand in the coming years. The cannabis industry is booming due to its increasing adoption for medicinal applications and imminent legalization for recreational use. In Mexico, marijuana is only legalized for medicinal use and is anticipated to be legalized for recreational purposes in an effort to abolish the illicit drug trade and generate tax revenue. Competition among existing players is moderately high as very few companies have the technology, financial resources, and legal clearance to venture into the large-scale manufacturing of marijuana. Medical marijuana has been legalized in Mexico since June 2017. Health licenses for the cultivation,