Medical Cannabis Industry In Africa: Projected 20.12% CAGR Surge By 2028, Reveals New Report

IMARC Group's new report delves into the dynamic landscape of medical cannabis in Africa, shedding light on key trends, growth drivers and major players shaping the industry.

Africa's medical cannabis market is on the brink of a revolutionary transformation, poised to exhibit an impressive Compound Annual Growth Rate (CAGR) of 20.12% from 2023 to 2028, reads the report.

'Africa Medical Cannabis Market Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028'

• Unveiling the Potential of Medical Cannabis

The report notes that medical cannabis, sourced from the Cannabis Sativa and Cannabis Indica plants, holds immense promise in alleviating chronic pain and managing the symptoms of various conditions including multiple sclerosis, epilepsy, anxiety, nausea, depression, Post-Traumatic Stress Disorder (PTSD) and Parkinson's disease.

• Legalization and Awareness Propel Growth

A major impetus for the expansion of the African medical cannabis market is the wave of legalization sweeping the continent. The growing recognition of the therapeutic benefits of cannabis is fueling its demand across the region. An intriguing finding from the report suggests that medical cannabis is being used in conjunction with traditional opioid painkillers, allowing patients to reduce their opioid intake while achieving greater pain relief significantly.

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• Elderly Population and Research Initiatives Drive Adoption

According to IMARC Group's report, with the geriatric population rising in Africa, the adoption of medical cannabis has witnessed an upsurge. The report highlights how medical marijuana is gaining traction as an alternative treatment among the elderly. Moreover, governments in Africa are greenlighting clinical trials and research activities conducted by pharmaceutical companies to develop safer variants of cannabis-based treatments, adding to the industry's momentum.

• Leading Players Paving the Way

The report spotlights key companies at the forefront of Africa's medical cannabis market, including AgriPharma Pty LTD., Bophelo Bioscience & Wellness (Pty) Ltd., Halo Labs Inc. HALO AGEEF, Canopy Growth Corporation WEED CGC, among others. These organizations are spearheading research, development, and production efforts to meet the growing demand for medical cannabis products, per the research.

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• Segmented Insights Paint a Comprehensive Picture

Breaking down the market, the report's segmentation provides a holistic understanding of the medical cannabis landscape in Africa. The species segmentation includes Cannabis Indica, Sativa, and Hybrid varieties, while derivatives encompass Cannabidiol, Tetrahydrocannabinol, and others. The diverse methods of administration, such as capsules, vaporizers, smoking, and topicals, cater to different patient preferences.

• Mapping the Growth Terrain

The report goes on to dissect the market on a country-by-country basis, focusing on Lesotho, Zimbabwe, South Africa, Ghana, Zambia, and Malawi. These African nations are emerging as hotspots for medical cannabis cultivation and distribution, showcasing a promising trajectory for the industry's growth.

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If you want to hear more about the therapeutic potential of cannabis, consider joining us at the 17th edition of the Benzinga Cannabis Capital Conference, which is returning to Chicago on September 27-28. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Photo: Courtesy Of James Wiseman On Unsplash