Aphria Inc. and Canopy Growth Corporation–are Notable Market Players in Medical Marijuana Market
Medical marijuana (medical cannabis) is derived from the Cannabis sativa plant, which has been used to treat chronic conditions and control pain for centuries. Cannabis sativa contains many active compounds, and the best known are delta-9 tetrahydrocannabinol (THC) and cannabidiol (CBD). Medical marijuana has been the subject of extensive research and discussion for several decades. The established medical benefits of various marijuana-based formulations have resulted in the FDA’s approval of several drugs for commercial use. Due to the increasing prevalence of cancer, a rising number of individuals are undergoing chemotherapy and are frequently feeling nausea. Over 30 nations have approved the use of marijuana for medicinal purposes through a variety of national schemes.
Market Dynamics
The growth of the market is attributed to the are increasing approvals of medical marijuana products and rising acceptance of medicinal use of marijuana in America. Additionally, the increase in job opportunities in marijuana industry further enhance overall market growth during the forecast period.
Competitive Landscape
Market leaders operating in the medical marijuana market have undertaken various organic and inorganic growth strategies. The medical marijuana market majorly consists of players such as 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 among others.
Several organic approaches, such as product launches, and expansion in the medical marijuana market, have resulted in the growth of the market. Likewise, inorganic strategies such as mergers & acquisitions, and collaboration have helped the company to strengthen its revenue, which allows the company to hold a strong position in the market.
Below is the list of the growth strategies done by the players operating in the medical marijuana market:
| Year | News |
| May-2022 | CannTrust Equity Inc. marks the start of a new era for the Company by announcing its new corporate name, Phoena Holdings Inc. Phoena is committed to delivering experiences that enhance life and help patients and consumers. Phoena continue to build on the success of the Liiv, SYNR.G, Xscape, and estora brands in both the recreational and medical channels, with no changes expected to current operations. |
| Dec-2021 | Organigram Holdings Inc. announced the acquisition of Laurentian Organic Inc. (“Laurentian”), in a cash and share transaction for aggregate consideration of $36 million. The Laurentian acquisition (the “Laurentian Acquisition”) further strengthens Organigram’s position in the Canadian market through the expansion of the Company’s portfolio into premium products, including hash and craft cannabis, in addition to providing an important presence in the province of Quebec through scalable cultivation and operational footprint. |
| Nov-2021 | VIVO Cannabis Inc. announced the launch of its newest medical cannabis product formulation: high-dose cannabidiol (CBD) oil under its Beacon Medical brand. The entire family of Beacon Medical oil products are formulated using a non-GMO, food-grade medium-chain triglycerides (MCT) carrier oil which results in the final product being both scentless and flavourless in taste. VIVO simultaneously launched a Pediatric Compassionate Care Program to support caregivers and families requiring medical cannabis to treat a variety of pediatric conditions. |
| Jun-2021 | Panaxia, a global pharma company, specializes in developing, manufacturing and marketing progressive medical cannabis products in pharmaceutical quality, and its German partner, Neuraxpharm, a leading European pharmaceutical company, specialized in the central nervous system;, received first of its kind regulatory permit from the German Authorities, for marketing and distribution of medical cannabis extracts for inhalation in Europe. |
| Mar-2021 | Emerald Health Therapeutics, Inc. entered a partnership with Medical Plants SLU, and provides resources and expertise to assist Medical Plants to produce medical cannabis dried flower and 2.0 products to serve emerging legal medical cannabis markets in the EU and other countries that require high-grade GMP-certified flower or derivatives. In the partnership, Emerald is responsible for providing cannabis seeds, greenhouse construction expertise, and cannabis growing expertise to help Medical Plants in establishing its operation. Emerald also have a non-obligatory right to purchase cultivated dried flower of Emerald strains produced by Medical Plants at a variable and privileged price. |
