Medical cannabis market in Ukraine: formation and development prospects
On August 16, 2024, Ukraine took a significant step toward implementing innovations in the medical field with the enactment of Law No. 3528-IX. This law allows the use of Cannabis plants for educational, scientific purposes, and the production of medicinal products, opening new opportunities for the treatment of various diseases.
We inform you that Pro-Consulting has a published market research report on the medical cannabis market in Ukraine – explore the structure of the market research. The report can also be adapted to meet the goals and objectives of your company or business idea.
Global trends: where the world is heading
Medical cannabis is gaining popularity worldwide. More than 58 countries, including Canada, the USA, Germany, and Israel, have already legalized its use. The market is actively growing due to:
- Product diversity: New forms of medication such as capsules, oils, sprays, tinctures, and gummies are emerging.
- Investments from pharmaceutical giants: Large companies are investing in the production of new drugs, increasing trust in medical cannabis.
- CBD product popularity: Cannabidiol (CBD) does not have a psychoactive effect but is recognized for its therapeutic properties.
- Technological innovations: Cannabis cultivation and processing methods are improving, enhancing product quality.
- Expansion of medical indications: Cannabis is being used to treat an increasing number of diseases.
According to forecasts, the global medical cannabis market will reach $65 billion by 2025, with $20 billion attributed to the medical segment.
You may be interested in the updated market research report on the CBD hemp oil market and edible hemp oil in Europe, the USA and Canada – check out the structure of the market report.
Ukrainian context: potential and challenges
Positive trends for the development of the medical cannabis market in Ukraine:
- Public support: Most Ukrainians are open to the use of medical cannabis.
- Growing number of importers: New companies are entering the market, expanding product offerings and increasing competition.
- Interest from manufacturers: Ukrainian pharmaceutical companies are ready to invest in cannabis-based drug production.
- Increasing demand: Due to military actions and stress factors, the number of patients with PTSD and other conditions is rising.
Challenges:
- Economic barriers: The high cost of products may be unaffordable for many Ukrainians.
- Stereotypes and lack of awareness: Some people associate cannabis exclusively with narcotics, slowing down the adoption of medical products.
- Black market: Illegal marijuana sales exceed $0.5 billion annually, undermining the legal market.
- Limited product range: Currently, only one domestic manufacturer, "Kanapteka", offers medical cannabis-based products.
Marketing research by Pro-Consulting: the path to success
Pro-Consulting has conducted an in-depth analysis of the medical cannabis market in Ukraine, exploring its potential and providing forecast data. The research includes:
An assessment of the current market capacity and CBD product import volumes in 2021–2024.
A calculation of potential market capacity, using comparative analysis with markets in Poland, Romania, Czechia, and Germany.
The determination of optimal raw material pricing to make products more affordable for consumers.
Recommendations for successfully entering the Ukrainian medical cannabis market:
- Licensing: Obtaining the necessary permits for cultivation and production.
- Regulatory compliance: Adhering to the requirements of the National Police and the Ministry of Health.
- Raw material quality: Using certified seeds and complying with production standards.
- International standards: Securing GMP certification to confirm product quality.
The research materials are available for purchase in Pro-Consulting's ready-made project store, serving as a valuable resource for companies interested in entering this promising market - go to the market report structure.
The future of medical cannabis
Ukraine has all the prerequisites to develop a competitive medical cannabis market. Public support, business interest, and patient demand create favorable conditions for growth. Addressing challenges — economic, social, and informational — will require efforts from the government, businesses, and the public.
Investing in public awareness, supporting local manufacturers, and improving the regulatory framework will contribute to the development of a modern medical cannabis market in Ukraine that meets global standards and ensures access to effective medical treatments.
We inform you that the Pro-Consulting published projects store offers more than 2,600 market research reports on Ukraine and worldwide. Use the keyword search in the catalog to find a published report on your market.
If you need to conduct an analysis based on a custom technical specification, we recommend reviewing the standard market research structure.
Market regulation: the path to legalization
The first active discussions about the legalization of medical cannabis in Ukraine began in the early 2020s. Deputies, doctors, and representatives of the Ministry of Health emphasized the importance of cannabis regulation for the treatment of chronic pain, epilepsy, and post-traumatic stress disorder (PTSD).
In 2020, a nationwide referendum showed that 65% of the population supported the use of medical cannabis. This became a strong argument for lawmakers. However, the path to legalization was full of debates and opposition. Opponents expressed concerns about potential abuse and drug addiction issues.
Thanks to the persistence of supporters and growing public awareness, the Ukrainian Parliament passed a law allowing the use of medical cannabis for the treatment of various conditions, including PTSD and multiple sclerosis. This step marked a new chapter in Ukrainian medical history and became a catalyst for the development of the medical cannabis market.
Source: Pro-Consulting
