Medical Marijuana Market Overview
Medical marijuana market 2020 is all set to achieve a fantastic growth rate of 34.0% from 2015 to 2023 (appraisal period), reveals MRFR (Market Research Future). The market value by 2023 is expected to be USD 54,677.1, adds the extensive MRFR study. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Top Drivers and Deterrents
Since the COVID-19 outbreak, the pandemic has shown no sign of stopping and a vaccine development is expected to take a long time. The efforts by government to try out drugs available in the market have prompted bulk purchases to curb the COVID-19 impact. The lockdown imposed for controlling the spread of the novel coronavirus has also dealt a significant blow on the global economy and the market, with manufacturing units closing down and workforce reduced to small numbers. However, a few studies have shown that medicinal marijuana has the potential to treat the symptoms of SARS-CoV-2, have anti-inflammatory characteristics, and can bring down anxiety and pain. A few other studies also reveal that cannabis extracts can decrease blood coagulation in animals; which is leading to a higher demand for medical marijuana worldwide.
Another approach that is being explored is in Israel, which focuses on developing a cell therapy treatment that makes use of medical marijuana/CBD-loaded exosomes for the treatment of SARS-CoV-2 patients. The technology could help target both the novel coronavirus and the central nervous system. The rapid mount in extensive research and development activities to understand the application scope of medical marijuana not only for treating COVID-19 but also for various other ailments can be favorable for the market growth in the years to come. The