The Medicinal Cannabis industry is undergoing remarkable global growth. According to a report by Data Bridge Market Research (DBMR), the industry is expected to achieve a Compound Annual Growth Rate (CAGR) of 9% from 2022 to 2029, with an estimated revenue of $168.58 billion. Factors such as the increasing number of patients with chronic diseases and a growing trend towards a healthy lifestyle are expected to drive market growth.
In recent years, the use of cannabis for medicinal purposes has gained prominence globally, especially in countries like the USA, Germany, and Canada. Israel stands out as a hub for research and development, with significant scientific breakthroughs. Multidisciplinary efforts involving experts in agrotechnology, life sciences, chemistry, and medicine, supported by advanced technology, contribute to evidence-based research through clinical trials.
Portugal: A Horizon of Opportunities for Investors
Portugal is not lagging behind in the growth of the Medicinal Cannabis industry. The country offers ideal conditions for cultivation, including a favorable climate, ample sunlight, and fertile soil. It attracts foreign investors due to the availability of qualified labor at competitive costs. Despite licensing requirements, there is a growing number of investors venturing into this emerging market. To date, Infarmed has issued 119 licenses for cannabis-related activities across the country.
According to Prohibition Partners, transactions in the national market could reach 500 million euros by 2028.
Regulatory Compliance with Stringent Standards
Adhering to regulatory standards, including those set by Infarmed, GACP, and EU GMP, is crucial at every stage of cultivation and extraction. Compliance ensures that cannabis-derived products meet rigorous criteria for quality and safety, forming the foundation of a thriving and responsible industry.
Challenges and New Opportunities
Like all emerging markets, there are challenges to address, such as the need to educate healthcare professionals and the public about the benefits and risks of medicinal cannabis. Effective supply chain management and security are also significant concerns. However, these challenges bring forth new opportunities, including job creation, innovation, and improved quality of life for patients.
Collaborative Efforts for Success
The future of the medicinal cannabis industry holds promise, with significant potential for growth and innovation. Partnerships can act as force multipliers, differentiating projects, establishing connections, and addressing complex regulatory challenges. Industry players need to unite to overcome challenges and capitalize on the demonstrated market potential.
The Importance of Operational Management
To succeed in this market, companies need operational efficiency in managing cultivation, extraction, and processing workflows. In this context, widepartner, as a specialized technology management company, can be the ideal partner for your business.
With market knowledge gained from SAGE implementations in the Cannabis industry, widepartner's team of experts has developed a solution that covers all stages of your operations, from seed to sale, meeting all regulatory requirements and compliance along the way.
The Sage X3 for Cannabis ensures operational compliance, following EU-GMP and EU-GACP best practices specific to the Cannabis industry. It integrates all cultivation and production processes, providing a 360º view of your business for world-class traceability and control, enabling rigorous monitoring of product quality.