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According to the latest report by IMARC Group, titled "Africa Medical Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Africa medical cannabis market is expected to grow at a CAGR of 21% during 2022-2027. Cannabis is a psychoactive drug that is generally extracted from cannabis ruderalis, cannabis indica and cannabis sativa plants. It usually provides a calming and relaxing effect when consumed. Therefore, it is widely utilized in the manufacturing of various medicines for the treatment of several conditions, including depression, insomnia, chronic pain, anxiety and inflammation. Apart from this, it is also consumed by patients in pill form who are suffering from acquired immunodeficiency syndrome (AIDS) as well as undergoing cancer chemotherapy.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Africa Medical Cannabis Market Trends:
The market in Africa is primarily driven by the rising prevalence of chronic illnesses among the masses. Along with this, the increasing awareness regarding the medicinal properties and benefits of cannabis is creating a positive outlook for the market across the region. This is supported by the government initiatives of numerous countries across the region to legalize cannabis farming in order to utilize it for medicinal purposes. Moreover, significant growth in the pharmaceutical industry across Africa and the rising investments by public and private firms to upgrade the existing pharmaceutical sector are also creating a positive outlook for the market. Apart from this, the widespread adoption of cannabis in the preparation of numerous health supplements to treat psychotic ailments is propelling the market growth further. Some of the other factors contributing to the market growth include extensive research and development (R&D) activities conducted by key players in order to introduce effective product variants in the market.
Market Summary:
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