Mexico Medical Cannabis Market: Overview
Cannabis is a medicinal herb obtained from the Cannabaceae family's cannabis plant. It has been used in ancient cultures for several years in medicine. Cannabis is currently used for a variety of treatments including various chronic and neurological ailments. Cannabis has been approved in various nations for medical consumption with differing levels of legal restrictions due to its therapeutic advantages.
In the medical health industry, medical marijuana remains in its introduction stage. It is a powerful product which is gaining worldwide mass recognition, where the use of these crops in China already produces Chinese medications and that also has a lengthy history. In the health industry medical marijuana continues a major impact in the treatment of instances not entirely suitable for traditional medicines. Medical marijuana is only a ordinary marijuana plant processed for the real cannabinoid structure needed for the product being synthesized. In Mexico, marijuana is legalized for medicinal use only and should, in the interest of abolishing illegal trade in drugs and generating tax income, be legalized for recreational purposes. Thus, the Mexico medical cannabis market is expected to become a burgeoning industry over the next few years.
Identify the Key Factors that will drive your Company’s Growth. Request a Brochure of this Report here
This report on the Mexico medical marijuana market identifies key drivers, possible opportunities, and challenges, if any, that the industry is likely to face in the coming years. The study encompasses various factors and key developments that are likely to create an impact on sales in the Mexico medical cannabis market over the mentioned period of forecast.
Mexico Medical Cannabis Market: Notable Developments
Some prominent developments that are likely to impact the Mexico medical cannabis market include:
- Health licenses for marijuana cultivation, harvesting and manufacturing are restricted to medicinal and research purposes in the nation. Marijuana laws are not so well-regulated in the country and are subject to a secondary regulation of the Federal Committee for Health Risk Protection.
- Combo is its flagship product which can make it easier for Amira Srl to decompose various goods simultaneously. The fresh development has enhanced the seller's market position.
- Aurora published in December 2018 a news release with a letter of intent to obtain a license holder. Aurora Cannabis was one of Canada's global enterprises that rushed into a letter of intent to obtain one of its first license holders, Farmacias Magistrales.
Some leading vendors in the Mexico medical cannabis market include Aurora Cannabis, HempMeds, Canopy Growth Corporation, CB Science, Inc., Isodiol International, Inc., and GW Pharmaceuticals, plc.
Mexico Medical Cannabis Market: Growth Drivers
- Dense Patient Pool to Accentuate Mexico Medical Cannabis Market
In specific, chronic and acute pain is more sensitive to the elderly population group and the demand for pain management medicines is increasing. According, for example, to the 2017 INEGI the population of Mexico comprised of 13 million geriatric persons, indicating a significant prospective client pool. For example, Mexico's population was 3,000,000. Research studies also show that chronic pain in older patients is alleviated through medical marijuana. Increasing awareness of the medical advantages of cannabis and the increasing geriatric population in Mexico are thus anticipated to stimulate the market of medical cannabis.
Expanding Operations in Future? To get the perfect launch ask for a Custom Report here
- Strengthening Rules Pertaining Trade to Impact Growth
The health permits for marijuana culture; harvest and manufacturing in the nation are restricted solely to medical and research reasons. The legislation concerning cannabis in Mexico is not so well-regulated, and the Federal Commission for Health Risk Protection passes a secondary regulation. It is only available for medical or scientific research reasons in Mexico.
Certain laws govern the consumption of marijuana only by prescription by a physician and the government's delivery is monitored. In addition, for medical reasons, individual imports of marijuana are allowed. However, imports of cannabis products must contain less than 1 percent of THC. These rules are regulated by the Law on General Health and the Federal Criminal Code.
These are some of the key factors that are likely to impact the Mexico medical cannabis market in the coming years.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.