Israel’s modern medical cannabis policies were first implemented in 1999, making Israel the first nation to legalize medical cannabis at a national level. Israel has long served as an international cannabis research hub, with groundbreaking research led by Raphael Mechoulam occurring in Israel as far back as the 1960s.
“After a record of over 140,000 patients in January 2024, in the last six months the number of medical cannabis license holders in Israel dropped by about 8% to 128,355 as of today, the beginning of July 2024.” states The Israeli Cannabis Magazine.
“A recent report by London-based data and market intelligence company Prohibition Partners pegged the 2023 value of Israel’s medical cannabis market at roughly $340 million, making it one of the world’s largest nationally regulated medical marijuana markets.” states MJBizDaily about the size of Israel’s medical cannabis industry.
Statista lists the following for Israel’s medical cannabis market:
- Israel’s Medical Cannabis market market is forecasted to achieve a revenue of US$294.90m by 2024.
- The market is anticipated to experience a Compound Annual Growth Rate (CAGR 2024-2029) of 2.40%, leading to a market volume of US$332.10m by 2029.
The global medical cannabis industry was worth an estimated $6.82 billion in 2020 and is projected to reach $53.88 billion in market value by 2030 according to a new report by Allied Market Research. The company describes itself as “a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon.”
Allied Market Research also listed the following in its market analysis report:
- Cannabis extracts are projected to witness the highest CAGR of 24.0% from 2021 to 2030
- The mental disorders segment is estimated to experience a CAGR of 25.3% from 2021 to 2030
The global medical cannabis industry is projected to reach an estimated $77.13 billion in value by 2032 according to a separate 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 yet another 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.