New Zealand’s modern emerging medical cannabis industry largely got its start in 2020, although limited legal medical cannabis sales of Sativex occurred in New Zealand prior to that. New Zealand’s Ministry of Health states on its website, “The Medicinal Cannabis Scheme came into effect on 1 April 2020 with the commencement of the Misuse of Drugs (Medicinal Cannabis) Regulations 2019.”
According to recently published data from the New Zealand Ministry of Health, the New Zealand medical cannabis industry is experiencing significant growth. It is worth noting that the data that New Zealand’s government collects does not represent all medical cannabis sales in the country, with the Ministry of Health stating that the “quality of the published data depends on the quality of the information reported to Medsafe.”
“Medical cannabis is considered an “unapproved medicine” in New Zealand, which means it has not been given official permission for sale but can be prescribed by a medical practitioner. The cannabis must be prescribed for a specific brand and then shipped to the registered doctor or pharmacist who wrote the prescription.” StratCann states about medical cannabis products in New Zealand.
“Currently listed are five oral cannabis liquids, four sublingual solutions, 11 oral liquids, 12 dried flower products for inhalation, 11 dried flower products for tea or oral consumption, and two products with consent (Sativex and Epidyolex).” StratCann also states.
Below is historical medical cannabis industry data via the New Zealand Ministry of Health (updated quarterly):
The global medical cannabis industry is projected to reach an estimated $77.13 billion in value by 2032 according to a new market report by Straits Research. Straits Research describes itself as “a market intelligence company providing global business information reports and services.”
“As per the latest report by Straits Research, the global medical cannabis market size was valued at USD 17,075.39 million in 2023. It is expected to reach USD 77,134.83 million by 2032, growing at a CAGR of 18.24% during the forecast period (2024–2032).” Straits Research stated in a press release.
The global medical cannabis market is projected to be worth an estimated $121.33 billion by 2033 according to a separate analysis by Spherical Insights. Spherical Insights describes itself as “a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.”
“The Global Medical Cannabis Market Size is to Grow from USD 17.60 Billion in 2023 to USD 121.33 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.30% during the projected period.” Spherical Insights stated in a press release.