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Increasing Legalization of Cannabis Drives the Cannabis Market

08-27-2019 12:00 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets™

Cannabis Market

Cannabis Market

The report "Cannabis Market by Product Type (Flower, Concentrates), Compound (THC-Dominant, CBD-Dominant, and Balanced THC & CBD), Application (Medical and Recreational), and Region (North America, South America, Europe, and Row) - Global Forecast to 2023", The cannabis market is projected to grow from USD 10.3 billion in 2018 to USD 39.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.7% during the forecast period. The increasing legalization of cannabis and the adoption of cannabis for medicinal purposes are the key factors driving the growth of this market.

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By application, the recreational segment is projected to grow at the fastest rate during the forecast period.

The recreational segment, by application, is projected to be the fastest-growing segment in the cannabis market. Despite recreational cannabis having an extremely low presence, its consumption and demand remain almost equivalent to that of medicinal cannabis, and hence, with further legalization, the demand for recreational cannabis could look at surpassing the demand for medical cannabis. Uruguay is the only country in South America that has legalized the use of recreational cannabis. The cannabis market is projected to remain concentrated in the US and Canada.

The THC-dominant segment, by compound, is projected to be the fastest-growing segment in the cannabis market.

The dominance of this segment is majorly attributed to the fact that THC is the psychoactive substance in cannabis products and is responsible for head high feeling. Even though high THC content is better known for its mind-altering euphoria, it has important medical benefits and is considered effective in relieving nausea, appetite loss, and insomnia.

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North America is projected to account for the largest market share during the forecast period.

The North American cannabis market is estimated to account for the largest market share in 2018. The market in this region is primarily driven by growth in the US and Canadian markets. The cannabis market in this region is also driven by the increasing legalization of cannabis for both medical and recreational purposes all over North America and the increasing awareness among consumers regarding the health benefits of cannabis. The cannabis market is further fueled by the presence of major cannabis giants such as Canopy Growth Corporation, Aurora Cannabis Inc., and Medical Marijuana Inc. who are continuously investing and collaborating for the development of new products to fulfill the consumer demand.

Key Market Players:

The cannabis market is dominated by major players such as Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), Tikun Olam (Israel), Cannabis Science Inc. (US), Aphria Inc. (Canada), Maricann Group Inc. (Canada), Tilray Inc. (Canada), VIVO Cannabis Inc. (Canada), Medical Marijuana, Inc. (US), STENOCARE (Denmark), Cronos Group Inc. (Canada), Terra Tech Corp. (US), and MedMen (US).

Recent Developments:

1. In October 2018, Spectrum Cannabis (Canada), a wholly owned subsidiary of Canopy Growth Corporation, partnered with Ontario Long Term Care Association (OLTCA) (Canada) for the pilot study on cannabis as an alternative source of medicine for degenerative cognitive function.
2. In October 2018, MedMen launched new products under the brand name ”Statemade”. The products would be distributed in Arizona, California, Florida, and New York, in the US.
3. In October 2018, MedMen invested in Old Pal (US), a supplier of high-quality cannabis flowers. Through this investment, the company aimed to increase its customer base.
4. In September 2018, Aphria Inc. acquired LATAM Holdings (Canada). This acquisition would give the company access to countries in South America and the Caribbean such as Colombia, Argentina, Jamaica, and Brazil.

Contact:

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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