The New York cannabis market size is expected to reach USD 7.07 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 14.7% over the forecast period. Cannabis sales are increasing due to its medical benefits, especially in the treatment of ailments such as chronic pain, mental disorders, and cancer. The imminent legalization of recreational marijuana in New York is expected to drive growth over the next few years.
The market is primarily driven by the ongoing legalization of medical marijuana for treating patients with Parkinson’s disease, cancer, arthritis, Alzheimer’s disease, neurologic problems such as depression, anxiety, & epilepsy, and others. Furthermore, anticipated legalization of recreational cannabis in 2019 may significantly decrease marijuana trade via illicit channels. The state is also expected to generate tax revenue on the sale of marijuana.
In addition, increase in geriatric population over the past years has led growth in adoption of cannabis for treatment of chronic pain, acute pain, and mental disorders. This is fueling the need for effective pain management programs and treatments for such disorders. Owing to its increasing popularity, the number of registered medical practitioners prescribing cannabis has also increased from 611 in 2016 to 1,718 in 2018.
By cannabis type, the medical cannabis segment led the market in 2018 with a revenue of USD 1.84 billion, owing to its increasing use in treatment of chronic pain, mental disorders, cancer, and other medical conditions. New York has only legalized medical use of cannabis and is yet to legalize recreational use. The imminent legalization of recreational marijuana is expected to shift consumers from medical to recreational cannabis. With other factors such as lower price and ease of access also in play, the recreational marijuana segment is anticipated to grow at the fastest rate over the forecast period.
By medical application, the chronic pain segment led the market in 2019 and is projected to demonstrate a steady growth over the next few years. This is due to an increasing patient pool suffering from chronic pains that cannot be treated or alleviated by common medical therapies, thus increasing the adoption of cannabis. The mental disorders segment is anticipated to grow at the fastest rate over the forecast period, owing to increasing adoption of marijuana for treatment of disorders such as epilepsy and Alzheimer’s.
Growing number of collaborations between the federal and state governments in the U.S. is another major step in opening up the cannabis market to a larger number of patients. Also, the increasing disposable income of individuals has enabled access to sophisticated medical solutions. Several startups are venturing into R&D and manufacturing of marijuana products.
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Further key findings from the report suggest:
The market demand is expected to grow rapidly owing to alterations in government policies and increase in applicable treatment areas for marijuana, opening up new revenue channels for players
Medical cannabis dominated the New York cannabis market in 2018, owing to its increasing use in treatment of chronic pain, mental disorders, cancer, & other medical conditions, and recreational marijuana consumption still being illegal in the state
Chronic pain application segment led the market in 2019, owing to a high prevalence of chronic pain and its association with other medical conditions
Some of the key players operating in New York are Citiva; Valley Agriceuticals; PalliaTech, Inc.; MME LLC; Etain Health LLC; PharmaCann; and Columbia Care LLC. The growing demand is expected to favor the entry of several new players in the future.
Grand View Research has segmented the New York cannabis market on the basis of cannabis type, product, and medical application:
New York Cannabis, Cannabis Type Outlook (Revenue, USD Million, 2014 - 2025)
New York Cannabis Product Outlook (Revenue, USD Million, 2014 - 2025)
New York Cannabis Medical Application (Revenue, USD Million, 2014 - 2025)
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