Research Company Says That NY Cannabis Market To Be Worth Over $US7 Billion By 2025

Grandview research writes

The New York cannabis market size is expected to reach USD 7.07 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 14.7% over the forecast period. Cannabis sales are increasing due to its medical benefits, especially in the treatment of ailments such as chronic pain, mental disorders, and cancer. The imminent legalization of recreational marijuana in New York is expected to drive growth over the next few years.

The market is primarily driven by the ongoing legalization of medical marijuana for treating patients with Parkinson’s disease, cancer, arthritis, Alzheimer’s disease, neurologic problems such as depression, anxiety, & epilepsy, and others. Furthermore, anticipated legalization of recreational cannabis in 2019 may significantly decrease marijuana trade via illicit channels. The state is also expected to generate tax revenue on the sale of marijuana.

In addition, increase in geriatric population over the past years has led growth in adoption of cannabis for treatment of chronic pain, acute pain, and mental disorders. This is fueling the need for effective pain management programs and treatments for such disorders. Owing to its increasing popularity, the number of registered medical practitioners prescribing cannabis has also increased from 611 in 2016 to 1,718 in 2018.

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