Artificial Intelligence

Medical Marijuana Market Size Worth $40 Billion by 2028 at 19.2% CAGR, COVID-19 Impact and Global Analysis by The Insight Partners

Published

2 years ago

August 22, 2022

The Insight Partners published latest research study on “Medical Marijuana Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product (Dried Form and Extract Form), Application (Pain Management, Tourette Syndrome, Alzheimer’s Disease, Migraines, Depression and Anxiety, Multiple Sclerosis, Cancer, and Others), Distribution Channel (Retail Pharmacy, E-Commerce, and Others), and Geography”, the global medical marijuana market size was valued at $11.70 Billion in 2021 and is likely to reach value of $40.02 Billion by 2028; it is estimated to grow at a CAGR of 19.2% from 2022 to 2028.

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Medical Marijuana Market Report Scope & Strategic Insights:

Report Coverage	Details
Market Size Value in	US$ 11.70 Billion in 2021
Market Size Value by	US$ 40.02 Billion by 2028
Growth rate	CAGR of 19.2% from 2022 to 2028
Forecast Period	2022-2028
Base Year	2021
No. of Pages	181
No. Tables	84
No. of Charts & Figures	78
Historical data available	Yes
Segments covered	Product, Application, Distribution Channel and Geography
Regional scope	North America; Europe; Asia Pacific; Latin America; MEA
Country scope	US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Medical marijuana Market: Competitive Landscape and Key Developments

Aphria, Inc.; Canopy Growth Corporation; CanaQuest Medical Corporation; GW Pharmaceuticals; Organigram Holdings Inc.; VIVO Cannabis Inc.; Panaxia Pharmaceutical Industries Ltd.; Phoena Holdings Inc.; Emerald Health Therapeutics Inc.; and MARICANN INC. are among the key companies operating in the medical marijuana market. Major players focus on expanding and diversifying their market presence and clientele, thereby tapping prevailing business opportunities.

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In June 2021, Panaxia signed an agreement with AxioNovo GmbH, a German pharmaceutical company. The agreement, a part of Panaxia’s collaboration with Neuraxpharm, is for the marketing, sale, and distribution of a new series of medical cannabis products, with a unique formulation, designed and being used in Israel for oncology patients. These formulations were distributed in Germany as pharmaceutical intermediates for magistral preparations.

In August 2019, Canopy Growth Corporation announced that it had partnered with one of the largest global sellers of premium cannabis accessories, Greenlane Holdings, Inc, (“Greenlane”). This partnership gives Greenlane exclusive distribution rights of Storz & Bickel vaporizers throughout the US.

Medical Marijuana Market: Key Insights

The global medical marijuana market growth is attributed to the increasing approvals of medical marijuana products and rising acceptance of the medicinal use of marijuana. Additionally, widespread distribution of medical marijuana is likely to emerge as a significant trend in the market during the forecast period. However, the illegal use of cannabis as a street drug and misconceptions regarding marijuana limit the market growth.

North America dominates the medical marijuana market. The US holds the largest share of the market in the region. Increasing incidence of chronic ailment among the growing geriatric population and expanding presence of key market players drive the medical marijuana market in the country.

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The increasing cannabis legalization in the US and growing government support to enhance medical cannabis studies also offer an attractive environment for the players in the medical marijuana market. Product launches are also fueling the growth of the North America medical marijuana market. The increasing cannabis legalization in the country contributes to its increased demand. According to the National Conference on State Legislatures, about 37 states and the District of Columbia have legalized marijuana usage for medical purposes as of April 2022.

The most common use of medical marijuana in the U.S. is for pain control; it is effective for chronic pain that plagues millions of Americans, especially as they grow older. In June 2018, the Food and Drug Administration (FDA) approved the country’s first drug derived from marijuana, cannabidiol (Epidiolex), manufactured by G.W. Pharmaceuticals. It has been approved for children and adults above two years. The organization also approved three synthetic cannabis-related drug products—Marinol (dronabinol), Syndros (dronabinol), and Cesamet (Nabilone).

Medical Marijuana Market Insights – Increasing Approvals of Medical Marijuana Products:

The medicinal potential of marijuana has attracted various researchers and companies to use marijuana in medical applications. For instance, tetrahydrocannabinol (THC) is predominantly used for producing medicinal products. The US Food and Drug Administration (FDA) has approved THC-based medicinal products such as Cesamet, which contains nabilone as its active ingredient. Cesamet is a synthetically derived product that has a structure similar to THC. Cesamet is prescribed for the treatment of nausea in patients receiving chemotherapy. Cesamet is generally prescribed when other medications cannot control nausea and vomiting. The FDA has also approved Marinol and Syndros for therapeutic uses in the US. Marinol and Syndros contain the active ingredient dronabinol—a synthetic 9-THC considered the psychoactive component of cannabis.

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Marinol and Syndros drugs are prescribed to stimulate appetite in patients with wasting syndrome developed as one of the indications of AIDS. Similarly, various marijuana-based products have been approved or are in clinical trials. For instance, nabiximols (Sativex) is an approved drug commercialized in Canada. Nabiximols is a cannabis extract used to treat spasticity and neuropathic pain related to multiple sclerosis. It is formulated with a combination of THC and other cannabidiol (CBD).

In February 2020, CanaQuest Medical Corp, a Canadian company, applied for the approval of the production and commercialization of Mentabinol to Health Canada. Mentabinol is a THC-based product, and its approval application has been filed under the Cannabis Act. Therefore, an increase in approval of marijuana-based products by the FDA is driving the medical marijuana market.

Medical Marijuana Market: Segmental Overview

Based on product, the medical marijuana market is bifurcated into dried form and extract form. In 2021, the extract form segment held a larger market share. Moreover, the extract form segment is expected to register a higher CAGR from 2022 to 2028. In terms of application, the market is segmented into pain management, Tourette’s, Alzheimer’s disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. The pain management segment held the largest market share in 2021. However, the multiple sclerosis segment is anticipated to register the highest CAGR in the market during the forecast period. Based on distribution channel, the market is categorized into retail pharmacy, e-commerce, and others. The retail pharmacy segment held the largest market share in 2021. However, the e-commerce segment is anticipated to register the highest CAGR in the market during the forecast period.

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Impact of COVID-19 on Medical Marijuana Market Growth:

The COVID-19 pandemic harmed most companies’ overall sales; however, it slightly impacted the medical marijuana market due to the increased demand for medical marijuana to treat COVID-19 patients with extreme conditions. Domestic production of medical marijuana was not disrupted by the COVID-19 pandemic, with respect to the cultivation sites that were already established before the COVID-19 restrictions were imposed. Stockpiling of marijuana by users may have led to small price increases at wholesale and retail market levels. Supply shortages due to the COVID-19-related restrictions and issues linked to the distribution of medical marijuana have led to an increase in the prices of medical marijuana. Several research institutes and manufacturers of medical marijuana are collaborating to develop a novel vaccination for treatment and prevention of COVID-19 disease.

Browse Adjoining Reports:

Medical Cannabis Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type (Flowers, Concentrates, Tablets, Cannabis Oil and Topical Ointments, Capsules, and Beverages and Edibles), Medical Application (Pain Management, Neurological Health Management, Mental Health Management, and Others), and Compound (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, and Balanced THC and CBD), and Geography

Marijuana Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type (Flower, Concentrates, Oil, Tinctures); Application (Chronic Pain, Mental Disorders, Cancer, Others); End Use (Medical Use, Adult Use); Strains (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC and CBD)

Legal Marijuana Market Forecast to 2028 – Covid-19 Impact and Global Analysis – by Product Type (Flower, Concentrates, Oil, Tinctures); Application (Medical, Recreational, Tetrahydrocannabinol (THC)-Dominant); Compound (Cannabidiol (CBD)-Dominant, Balanced THC and CBD, Balanced THC and CBD) and Geography

Marijuana Medicine Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Application (Chronic Pain, Arthritis, Migraine, Cancer, Epilepsy, Others); Route of Administration (Inhalation, Oral, Topical)

Cannabis Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Product Type (Flower, Concentrates, Others); Application (Medical, Recreational); Compound (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC and CBD) and Geography

Non-Opioid Pain Treatment Market Forecast to 2028 – Covid-19 Impact and Global Analysis – By Products (Medical Cannabis, Menthol-Containing, Omega 3 Fatty Acid-Containing, Botulinum Toxins, Capsaicin-Derived); Application (Orthopaedic and Musculoskeletal Pain, Neuropathic Pain, Cancer Pain, Other Pain)

Marijuana Drying and Curing Equipment Market Forecast to 2028 – Covid-19 Impact and Global Analysis – By Marijuana Type (Medical Marijuana, Recreational Marijuana and Other Types); Product Type (Buds, Oil, Tinctures, and Other Product Types); Application (Cancer, Chronic Pain, Mental Disorders, and Other Applications), and Geography

Pain Management Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Product Type (Neuromodulation Devices, Ablation Devices, Analgesic Infusion Pumps); Application (Neuropathic Pain, Cancer Pain, Facial Pain and Migraine, Musculoskeletal Pain, Others); and Geography

Artificial Intelligence

Clarivate Declares Dividend on Mandatory Convertible Preferred Shares

Published

4 hours ago

May 1, 2024

CISION (PR Newswire)

LONDON, May 1, 2024 /PRNewswire/ — Clarivate Plc (NYSE: CLVT; CLVT PR A) (“Clarivate”), a leading global provider of transformative intelligence, today announced that its board of directors declared a quarterly dividend of $1.3125 per share on its 5.25% Series A Mandatory Convertible Preferred Shares (the “Preferred Shares”), payable in cash on June 3, 2024 to shareholders of record at the close of business on May 15, 2024.

On the mandatory conversion date, which is scheduled to occur on June 3, 2024, each Preferred Share will automatically and mandatorily convert into a number of ordinary shares of Clarivate (and cash in lieu of any fractional ordinary shares) based on the average volume weighted average price (“VWAP”) of Clarivate’s ordinary shares over a 30-trading day period that begins on, and includes, April 18, 2024 and is scheduled to end on, and include, May 30, 2024 (the “valuation period”). If such VWAP is (i) greater than $31.20, then the mandatory conversion rate will be 3.2052 ordinary shares of Clarivate per Preferred Share, (ii) less than or equal to $31.20 but equal to or greater than $26.00, then the mandatory conversion rate will be a number of ordinary shares of Clarivate per Preferred Share equal to $100.00 divided by such VWAP and (iii) less than $26.00, then the mandatory conversion rate will be 3.8462 ordinary shares of Clarivate per Preferred Share. The mandatory conversion rate will be announced following the end of the valuation period. The above description of the terms of the Preferred Shares is not complete and is subject to, and qualified in its entirety by reference to, the “Statement of Rights” for the Preferred Shares, which is filed as Exhibit 3.2 to Clarivate’s annual report on Form 10-K for the fiscal year ended December 31, 2023.
Cautionary Note Regarding Forward-Looking Statements
This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption “Risk Factors” in our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Additional risks and uncertainties not known to us or that we currently deem immaterial may also adversely affect our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.
About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.
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Artificial Intelligence

CGTN: 3rd CMG Forum in Beijing discusses AI development

Published

8 hours ago

May 1, 2024

CISION (PR Newswire)

BEIJING, May 1, 2024 /PRNewswire/ — Focusing on the development of AI, the third CMG Forum was held on Monday in Beijing.

Li Shulei, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and the head of the Publicity Department of the CPC Central Committee, attended the opening of the event and delivered a speech.
Guests at the forum stressed the role of media in promoting the innovative application of AI as well as its governance.
Efforts should also be made to boost the development of AI in creating positive, healthy, diverse and high-quality content, so that AI can become a force for good and benefit mankind, they agreed.
They also called on media to accelerate intelligent transformation and help bridge international exchanges and cooperation on the governance of AI to facilitate its healthy, orderly and safe development.
Hosted by China Media Group (CMG), the forum attracted more than 200 participants from international organizations, media, think tanks and multinational companies.
“Innovation and breakthroughs in science and technology not only guide the development and progress of human civilization, but also bring uncertainty to the changing world,” said Shen Haixiong, vice minister of the Publicity Department of the CPC Central Committee and president of CMG. He called for efforts to jointly create valuable and responsible artificial intelligence.
AI technology is affecting every aspect of our lives. Thomas Bach, president of the International Olympic Committee (IOC), stated in a video speech that CMG has always been a partner of the IOC, bringing the charm of the Olympic Games to hundreds of millions of Chinese viewers. He said the IOC invites CMG to work together for the creation of a future with the application of AI in Olympic sports.
“From ancient inventions such as silk, printing and the compass to modern technological advances such as robotics, telecommunications and green technology, China has always been committed to innovation and creation,” said Daren Tang, director general of the World Intellectual Property Organization (WIPO). He said WIPO pays close attention to ensuring a balance between the opportunities and risks of artificial intelligence and is committed to strengthening cooperation to ensure that artificial intelligence is properly used.
https://news.cgtn.com/news/2024-04-30/3rd-CMG-Forum-in-Beijing-discusses-AI-development-1tdDcXvCexG/p.html

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Artificial Intelligence

Trianz Appoints Sridhar Kannan as Practice Leader – Digital, Elevating its Leadership in the Global Digital Transformation Space

Published

8 hours ago

May 1, 2024

CISION (PR Newswire)

trianz-appoints-sridhar-kannan-as-practice-leader-–-digital,-elevating-its-leadership-in-the-global-digital-transformation-space

SANTA CLARA, Calif., May 1, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Sridhar Kannan as Practice Leader – Digital. With over 25 years of extensive experience in technology and business leadership, Sridhar joins Trianz to lead the expansion of Trianz’s Digital Practice, forging strategic alliances and expanding the business footprint.

Sridhar’s appointment comes at a transformative phase for Trianz as it solidifies its commitment to redefining the digital landscape with an “IP Led” model. This strategic shift is powered by Trianz’s cutting-edge hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace. Sridhar’s visionary leadership in technology-led business transformations across diverse sectors will be instrumental in leveraging IP-led models and innovative methodologies to position Trianz at the forefront of digital transformation.
“We are thrilled to welcome Sridhar Kannan to the Trianz family,” said Seshi Vanguru, Chief Revenue Officer at Trianz. “His appointment marks a significant stride in Trianz’s journey toward innovation and excellence. Sridhar’s wealth of experience and exceptional leadership skills will elevate our Digital Practice to new heights, reaffirming our commitment to delivering exceptional value to our clients.”
Sridhar is recognized as a client-focused technology and business transformation executive with a remarkable track record of helping Banking and Financial Services organizations in business transformation and product innovation using applications, cloud, data, and digital solutions. His extensive prior experience at industry giants such as Wipro, Cognizant, and Infosys include successfully leading Fortune 10 global client relationships and implementing transformative solutions across Banking, Financial Services, and Healthcare industries. Sridhar is highly regarded for his ability to lead global cross-functional teams, foster collaboration, and achieve aggressive business goals while consistently delivering high levels of client satisfaction.
“I am deeply honored to join Trianz and contribute to its mission of shaping the future through digital transformation,” said Sridhar. “Together, we will push the boundaries of what’s possible and drive meaningful impact for our clients in this rapidly evolving digital landscape.”
Based out of Minnesota, US, Sridhar has steered numerous clients towards success through the strategic application of Digital, Cloud, Product Engineering, Data, AI, and Application services, making him a seasoned strategist in today’s dynamic digital landscape. His appointment marks a significant milestone in Trianz’s journey to nurturing talent and delivering world-class solutions.
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our “IP Led Transformations” approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media Team : [email protected]+1-408-387-5800
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