The U.S. medical cannabis market is expected to be valued at USD 19.48 billion by 2024, driven by its numerous medical benefits particularly by patients suffering from cancer, chronic pain and diabetes. Favorable regulatory environment across numerous states including California and Colorado is expected to fuel the growth of the market over the next few years.

In 2016, Washington D.C. together with other 28 states legitimated the use marijuana for medical purpose. California, Colorado, Washington, Arizona and Michigan are few of the cannabis approved states in the U.S. Moreover, the number of states receiving approval to consume marijuana for medical use is expected to grow substantially; hence the market is expected to flourish over the forecast period.

In 2015, the Medical Marijuana Regulation and Safety Act permitted hemp cultivation, transport, distribution, delivery, and testing of medical cannabis at the state and local level. This has resulted in the massive requirement in the medical field owing to increasing signs of benefits such as curbing body pain, reducing carcinogenic effect caused by tobacco, epileptic seizure control, anxiety control, and hepatitis C.

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Medical Marijuana Regulation and Safety Act implemented in 2015 permits the cultivation and use of cannabis dispensaries at the state and local level which has been one of key drivers to fuel the U.S market. The rising number of states receiving approval to utilize cannabis for consumption in medical cases is expected to be one of the crucial factors to upsurge the demand for medical marijuana over the forecast period.

Over the past few decades, there have been several controversies surrounding legalization of cannabis for medical purposes; however, increasing signs of medical benefits received from the consumption of cannabis has resulted in the herb being legalized across various states in the nation. The industry is expected to witness significant growth during the forecast period owing to greater consumer acceptance along with an increasing number of companies entering the market.

The symptoms and conditions that can be treated by the herb include cancer, arthritis, epilepsy, nausea, pain Alzheimer’s disease, anorexia, AIDS, HIV, glaucoma, cachexia, Crohn’s disease, migraines, and multiple sclerosis. Chronic pain accounted for 46% of the U.S. cannabis medical market share in 2016. The ability of medical marijuana to curb pain is expected to gain popularity among patients diagnosed with chronic illnesses and pain.

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