In 1996, the Drug Medicalization, Prevention, and Control Act was passed in Arizona after receiving 65% votes. The act allowed healthcare professionals to prescribe cannabis for patients suffering from terminal illnesses. Furthermore, in 2020, Proposition 207 was approved by voters in Arizona which legalized the possession, use, and cultivation of cannabis for recreational use among adults over the age of 21. The Arizona Department of Health Services is responsible for regulating and overseeing the state's medical marijuana program and is responsible for issuing medical marijuana cards to patients for the legal purchase of cannabis products.
Key players in the market, such as Nature’s Medicines, 4Front, Item 9 Labs, Harvest Health and Recreation, PathogenDx, Cannabox, Copperstate Farms, and Sunday Goods are adopting strategies such as acquisitions, partnerships, expansions, collaborations, and new product launches to strengthen their market position and expand their customer base. For instance, in May 2022, Nature’s Medicines announced the establishment of a new dispensary in Massachusetts. The new establishment is equipped with advanced facilities such as open conference spaces for enhanced shopping and educational experiences. Moreover, in May 2022, Nature’s Medicines partnered with Cheech Marin & Tommy Chong for the launch of two cannabis product lines, Tommy Chong's and Cheech & Chong's. These products contain prepacked flowers and are available for purchase in New Mexico and Arizona.
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Table of Contents
Companies Mentioned
- Nature’s Medicines
- 4Front
- Item 9 Labs
- Harvest Health and Recreation
- PathogenDx
- Cannabox
- Copperstate Farms
- Sunday Goods
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 80 |
Published | June 2023 |
Forecast Period | 2022 - 2030 |
Estimated Market Value ( USD | $ 485.7 Million |
Forecasted Market Value ( USD | $ 1740.2 Million |
Compound Annual Growth Rate | 17.3% |
Regions Covered | United States |
No. of Companies Mentioned | 8 |