Marijuana oil is mostly derived from the Cannabis sativa plant species. Marijuana oil, commonly known as cannabis oil or hash oil, is now being researched for its efficacy in treating a variety of diseases and other medical conditions. Although the use of marijuana for medical therapy and research is limited, there is a growing trend in the study and application of marijuana in medicine. In 2020, the global marijuana oil market reached value of around USD 2.7 billion.
Improving regulations for the use and sales of marijuana and its products is the major factor that is spurring the growth of the global marijuana oil market. Germany was one of the first EU countries to legalize cannabis for medical use. On January 19, 2017, the German Parliament voted to make it legal for doctors to recommend medicinal cannabis to critically ill patients. The German government modified the Narcotics Law in 2017, making a clear distinction between medical and non-medical cannabis use. In addition to this, increase in use of marijuana oil for recreational purposes as well as medicinal purposes is fostering the market growth. Medical marijuana is being researched to see if it can help with a variety of ailments, including Crohn’s disease, cancer, loss of appetite, Alzheimer’s disease, anorexia, and many more. However, high cost associated with marijuana oil may hamper the growth of the marijuana oil market. On the other hand, increase in use of cannabis oil as a new trendy ingredient in skin care may have numerous opportunities for the growth of the global market.
The global marijuana oil market is bifurcated based on application, product type, and region. Based on the application, the global market is segregated into recreational and medicinal. Organic marijuana oil and non-organic marijuana oil are the product types covered in marijuana oil market.
North America is estimated to be the major shareholder in the global marijuana oil market during the forecast period. Recreational marijuana use became legal in the United States in 2012, with Washington and Colorado becoming the first two states to do so. Eleven states and the District of Columbia have authorized it for recreational use as of July 2019. By playing a prominent role in global marijuana legalization, Canada has emerged recently as a flag-bearer country. Because of the expanding usage of medical cannabis and progressive regulations, Europe is anticipated to be the second-largest region in the market. Medicinal marijuana is being utilized lawfully in medical settings in European countries to treat illnesses ranging from cancer to appetite stimulants in individuals with AIDS-related sickness.
The predominant players that are operating in the global marijuana oil market include Emblem Cannabis Oils, Folium Biosciences, ENDOCA, OrganiGram, Aurora Cannabis, PharmaHemp, Freedom Leaf Inc, Cwhemp, Medical Marijuana Inc, Aphria, Canopy Growth Corporation, and Cura Cannabis among others.
To cite, in Sept 2021, Aurora Cannabis launched its first cannabis oil product Bidiol in Uruguay. Bidiol is the only full-spectrum cannabis oil that is made entirely domestically.
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