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The Global Cannabis Pharmaceuticals Market Size Is Expected To Surpass $125 Billion by 2028

PR Newswire - Tue Apr 11, 7:30AM CDT News Commentary

PALM BEACH, Fla., April 11, 2023 /PRNewswire/ -- The COVID-19 pandemic and associated social distancing norms and lockdown affected all industries globally. Although the COVID-19 pandemic negatively impacted sales of various product categories, major cannabis pharmaceutical brands witnessed positive growth in sales. Wide-scale applications of cannabis in various medical applications are driving the market. For instance, cannabis is widely used for treating patients suffering from chronic conditions, such as Parkinson's disease, cancer, arthritis, and Alzheimer's disease, as well as neurologic problems such as depression, anxiety, and epilepsy. Moreover, there is a growing disease burden of chronic pain and pain management therapies. This, in turn, is increasing cannabis product consumption as it is effective in pain management. A report from Grand View Research projected that the global cannabis pharmaceuticals market size is expected to expand at a compound annual growth rate (CAGR) of 104.2% from 2022 to 2028 while Researchandmarkets predicts the global cannabis pharmaceuticals market size is expected to reach USD $127.1 billion by 2028. Active in the markets this week include: Brains Bioceutical Corp,Trulieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL), Curaleaf Holdings, Inc. (OTCQX: CURLF) (CSE: CURA), Tilray Brands, Inc. (NASDAQ: TLRY) (TSX: TLRY), Jazz Pharmaceuticals (NASDAQ: JAZZ).


Provided Content: Content provided by PR Newswire. The Globe and Mail was not involved, and material was not reviewed prior to publication.