Increasing Legalization of Cannabis Drives the Cannabis 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).
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.
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