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Report: US medical marijuana market to reach $19.48 billion by 2024

Report: US medical marijuana market to reach $19.48 billion by 2024

PuffPuffPost Team
A tag identifies the type of plant on a medical marijuana farm. (File image via AP)

A report by Hexa Research released on Tuesday says the U.S. medical marijuana market is expected to reach $19.48 billion by 2024.

Based in California, the market research company said the projected growth for medical marijuana is driven by the increased acceptance of medical cannabis, especially for patients dealing with cancer, diabetes, and chronic pain.

Symptoms and conditions that may be treated with cannabis products include cancer, HIV, AIDS, Alzheimer’s disease, and multiple sclerosis.

Meanwhile, chronic pain accounted for 46 percent of the U.S. medical marijuana market share in 2016. 

According to the research, the solid cannabis edibles segment in 2016, within the U.S. market generated $2.47 billion in revenue and is expected to continue to dominate the cannabis industry to 2024.

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The report said CBD market is growing rapidly in recent years due to its medicinal benefits.

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