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, according to a new report by Grand View Research, Inc. 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 application 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 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 large-scale manufacturing of marijuana. Medical marijuana has been legalized in Mexico since June 2017. Health licenses for cultivation, harvesting, and production of marijuana in the country are exclusively limited to medicinal and research purposes. Laws pertaining to marijuana are not that well-regulated in the nation and go through a secondary regulation by Federal Commission for the Protection against Health Risks.
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Further key findings from the report suggest:
- In 2018, buds held the largest revenue share accounting for 47.4% owing to easy availability and low price as compared to cannabis extracts
- Cannabis oil is anticipated to emerge as the fastest growing segment, expanding at a CAGR of 33.1% between 2019 and 2025
- Chronic pain held the largest revenue share based on application, owing to rapid adoption of marijuana for the treatment of chronic pain as an alternative to opioids and synthetic drugs
- Key players in this space include Aurora Cannabis; GW Pharmaceuticals plc.; Canopy Growth Corporation; HempMeds; CV Sciences Inc.; Endoca; Isodiol International Inc.; CBD Life; Pharmacielo; CBD American Shaman; and Elixinol.
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