Increasing Legalization of Cannabis Drives the Cannabis Market | Key Players are Canopy Growth Corporation, Aurora Cannabis Inc., Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., Cronos Gro

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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The flower segment is estimated to be the dominant segment in 2018.

The cannabis market, by product type, is estimated to be dominated by the flower segment in 2018. The dominance of this segment is largely attributable to its wider availability and its method of delivery, as smoking or vaping the cannabis flower has a quicker effect and is preferred for fast-acting relief by medical and recreational cannabis consumers. Additionally, in comparison with concentrates, flowers are able to retain a higher degree of flavor and aroma, which could be beneficial for a stronger consumer appeal. Additionally, flowers contain a higher degree of THC compounds, as they are the most unprocessed and raw form of a plant. This makes them extremely appealing for recreational purposes. These factors are expected to help the flower segment maintain a potent market share during the forecast period as well.

The recreational segment, by application, is projected to grow at a faster rate during the forecast period.

The recreational segment is projected to be the faster-growing segment, by application, during the forecast period. The recreational cannabis market is projected to remain mainly concentrated in the US and Canada. Despite its low availability in various countries, the consumption and demand levels remain equivalent to that of medicinal cannabis; due to this, the demand for recreational cannabis is projected to surpass the demand for medical cannabis. For instance, medical cannabis is legalized mainly across 33 states of the US. However, only 10 states in the country have legalized recreational cannabis, and its consumption level is almost equivalent to the consumption level of medical cannabis across the 33 states. Therefore, the legalization of recreational cannabis across other regions could translate into a larger market share for this segment.

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

The North American market for cannabis 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.

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). MedMen is focusing on increasing its production capacity, with the use of advanced technology that is comparable to the standards used in the biotech & pharmaceutical industries for the cultivation of cannabis plants. The company wants to increase its reach by partnership and acquisitions with various dispensaries in the US. Terra Tech Corp., through its seed to sale model, keeps manufacturing low-cost cannabis to help increase profitability to capture the California, Nevada, and New Jersey markets. For instance, to capture the market in Nevada, it has secured four dispensaries, two cultivation centers, and two production & extraction facilities in the region.

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