Mexico Medical Cannabis Market Report and Forecast 2024-2032

According to the report, the Mexico medical cannabis market is projected to further grow at a CAGR of 46.4% between 2024 and 2032 reaching a value of approximate USD 4.025 billion by 2032. Aided by the global wave of cannabis legalisation and Mexico's recent reforms in cannabis policies, the market is expected to grow significantly by 2032.

Medical cannabis, also known as medical marijuana, comprises the use of the cannabis plant or its chemicals to treat diseases or conditions. Rich in compounds known as cannabinoids, medical cannabis is increasingly recognised for its potential therapeutic effects, especially in pain management, neurodegenerative disorders, chemotherapy-induced nausea, and epilepsy, among others. The most commonly used chemicals in medical cannabis are delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD).

The momentum for the Mexico medical cannabis market growth primarily stems from the increasing global acknowledgment of the therapeutic benefits of cannabis. As more countries decriminalise or legalise medical cannabis, research and development in this field have surged, yielding more evidence-based applications for the drug.

In addition, Mexico's recent reforms in cannabis laws have played a pivotal role in reshaping the market landscape. The country's gradual move towards decriminalisation and the potential full legalisation of cannabis has positioned Mexico as a significant player in the global medical cannabis arena. The regulatory shifts aim not just at capitalising on economic prospects but also addressing long-standing issues related to drug-related crimes.

The burgeoning interest in alternative treatments has also amplified the Mexico medical cannabis market demand across healthcare units. With an aging population and the rise of chronic diseases, many patients and physicians are exploring novel therapeutic options that offer efficacy with fewer side effects. Medical cannabis, in this context, has emerged as a viable choice for many, especially for those resistant to traditional treatments.

Beyond its medical applications, the rise of the wellness industry in Mexico, emphasising holistic well-being, has spotlighted CBD – a non-psychoactive compound in cannabis. CBD-infused products, ranging from skincare to dietary supplements, are gaining traction, further influencing the Mexico medical cannabis market outlook.

Furthermore, the infrastructural setup for cultivation, processing, distribution, and sales of medical cannabis is still in nascent stages in Mexico. Yet, the future for Mexico's medical cannabis market remains optimistic. As the nation continues to refine its regulatory framework, opportunities for domestic cultivation, research, and manufacturing will expand. International collaborations, investments, and partnerships can also be anticipated, further bolstering the market dynamics.

Market Segmentation

The market can be divided based on product and application.

Market Breakup by Product

• Buds
• Oils
• Tinctures

Market Breakup by Application

• Chronic Pain
• Mental Disorders
• Cancer
• Others

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Mexico medical cannabis market. Some of the major players explored in the report are as follows:

• Sartorius de México S.A. de C.V. (Sartorius AG)
• Aurora Cannabis Inc.
• GW Pharmaceuticals plc
• Canopy Growth Corporation.
• HempMeds
• CV Sciences, Inc.
• Endoca B.V.
• Isodiol International, Inc.
• CBD Life
• PharmaCielo
• Others