Cannabis Cultivation Market - Legalization of cannabis in various countries is expected to propel growth of the market.

Commercial cannabis cultivation is illegal in various countries but many regulatory authorities are developing pathways for approval of cannabis, cannabis products and its derivatives. Cannabis is widely applicable in industries such as personal care and cosmetics, nutraceuticals and food & beverages, and the healthcare sector which includes pharmaceutical industries. Moreover, the increasing cannabis cultivation is expected to boost the market growth. For instance, according to the European Seed Certification Agencies Association (ESCAA), the area under cannabis grown for hemp seeds in Europe increased significantly from 2011-2016, as depicted below.

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Legalization of cannabis in various countries is expected to propel growth of the global cannabis cultivation market.

Legalization of cannabis in various countries is expected to boost the market growth during the forecast period. For instance, according to an article published by the United States Drug Enforcement Agency (DEA) in November 2020, 35 U.S. states and the District of Columbia have legalized marijuana for medical use, out of which 15 allow adults to legally use the drug for recreational use as of November 2020.

Product approvals in North America are expected to boost the market growth

North America is expected to hold a dominant position in the global cannabis cultivation market owing to an increasing number of product approvals in this region. For instance, in January 2016, Insys Development Company, Inc., a pharmaceutical company, received the U.S. Food and Drug Administration’s approval for Syndros (dronabinol), a liquid form of cannabinoid solution. This Schedule II substance is approved for the treatment of cachexia and nausea and vomiting in AIDS and cancer patients, with the potential as a pain management agent.

Global Cannabis Cultivation Market – Impact of Coronavirus (COVID-19) Pandemic

The coronavirus (COVID-19) pandemic and resulting lockdowns in various countries across the globe have impacted the financial status of businesses in all sectors. The private healthcare is one such sector which has been impacted significantly by the COVID-19 pandemic.

The lockdown in various countries due to the pandemic has placed an economic burden on the healthcare sector. Moreover, the pandemic has hampered the development, production, and supply of drugs and other healthcare products, and also affected growth of healthcare businesses across the globe.

As a result, the impact of the COVID-19 pandemic is expected to limit growth of the global cannabis cultivation market during the forecast period.

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Key Players

Major players operating in the global cannabis cultivation market are Pacific Cannabis Growers, Inc., Atlas Growers, Canntrust Holdings, Inc., The Hydropothecary Corporation, Better Holdings, Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Tilray, Organigram Holdings Inc., The Cronos Group, Maricann Group, Inc., ABcann Medicinals, Inc., and GW Pharmaceuticals plc. among others.

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