Medicinal Cannabis containing CBD has been available legally in New Zealand via prescription since 2018, while THC-only products came onto the market eighteen months later in July 2019.
Although medicinal cannabis has only recently been legalised in New Zealand, patients and doctors are rapidly making up for lost time. Based on the forecasted growth rate of approximately 55%, it is estimated that over 56,000 packs of Medicinal Cannabis will be prescribed in New Zealand by the end of 2022.
The first two years saw significant growth as pent-up demand was realised (216% in 2019 and 222% in 2020). Although CBD-only products are still the most commonly prescribed forms, prescriptions of products containing only THC experienced the highest growth of 594% in 2020 and 1040% in 2021 after subsequently becoming available in 2019.
This growth is on par with that seen in the United States and Australia at similar stages of the market, and given New Zealand is a very young market with as-yet very low penetration, based on overseas experience there is clearly considerable potential for many thousands more patients to try medicinal cannabis yet.
The global market is forecast to rise at a CAGR of 26.6% from 2019 to 2027 and medical cannabis is poised to become one of the most significant new consumer sectors in the US.1
In addition to the legalisation & resulting cultural acceptance of medical cannabis in more markets globally, increasing demand for pain management products and preference for plant-based medicine are expected to be significant factors driving the global medical cannabis market.
If you think medicinal cannabis might be right for you, learn more in our Ora Pharm blogs or by signing up to our Ora Support portal and talk to your doctor to see if it might be right for you. Check out our blog for more information on how to approach your doctor about getting a medicinal cannabis prescription in New Zealand.