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Cannabis Market 2027 Top Players- Aphria, Inc.; Aurora Cannabis; Cannabis Science, INC; Canopy Growth Corporation

12-10-2020 04:25 PM CET | Health & Medicine

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Cannabis Market

Cannabis Market

According to ournew market research study of “Cannabis Market to 2027 – Global Analysis and Forecast by Product Type, Compound and Application,” the market is expected to reach US$ 147,457.4 million by 2027 from US$ 14,383.8 million in 2019; it is estimated to grow at a CAGR of 29.1% from 2020 to 2027. The report highlights trends prevailing in the global cannabis market along with drivers and hindrances pertaining to the market growth.
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Based on compound, the global cannabis market is segmented into tetrahydrocannabinol-dominant (THC-dominant), cannabidiol-dominant (CBD-dominant), and balanced THC and CBD. In 2019, the THC-dominant segment held the largest share of the market. However, the market for the CBD-dominant cannabis is anticipated to witness fastest CAGR during 2020–2027.THC has many additional medical benefits. According to a mice study published in 2016, it can assist in improving memory when taken in small doses.

The growth of the global cannabis market is as attributed to the legalization of medical cannabis;growing medicinal applications of cannabis;andincreasing awareness about medical cannabis through conferences, symposia, and workshops. Additionally, the growing demand of cannabis during the ongoing COVID-19 pandemic is likely to have a positive impact on the market in the coming years.
he report segments global Cannabis market as follows:

By Product Type
• Flowers
• Concentrates
• Others

By Application
• Medical
o Pain Management
o Neurological Health Management
o Mental Health Management
o Others
• Recreational

By Compound
• Tetrahydrocannabinol (THC)-Dominant
• Cannabidiol (CBD)-Dominant
• Balanced THC and CBD

There has been a significant change in the medical applications of cannabis in this decade. The governments of various states in the US have attempted to spread the awareness regarding use of cannabis in the medical industry. As a part of these efforts, various government institutionshave initiated the process of legalizing the use of medical cannabis by imposing legal frameworksin practice. These rapid changes have enabled medical experts and professionals to organize events to spread theword about the medical applications of this plant.In the US, conferences symposia and seminars are being conducted in various states to acquaint citizens and authorities with medical marijuana and legal framework related to it.
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The World Medical Cannabis Conference and Expo (last held in April 2018) is one of the most popular conferencesheld in the US, with participants coming from around the world. It is the world’s largest cannabis symposium bringing all business stakeholders together. It involves over 3000 guests and 150 exhibitors. CannaCon (August 2019) is first ever symposium that features legal sale of cannabis for business purposes. The expo provides a platform for guests to exchange knowledge with other business experts with over 12000 guests. The U.S Cannabis Conference and Expo (USCC Expo) (August 2019) involves high-profile discussion and presentationsto educate entrepreneurs, with an aim to boost the development and evolution of medical cannabis industry. Thus, such rising number of conferences, expos, and other awareness programs are driving the growth of the cannabis market.

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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, Chemical etc.

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