Cannabis, also known as marijuana among other names, is a psychoactive drug from the Cannabis plant used for medical or recreational purposes. The main psychoactive part of cannabis is tetrahydrocannabinol, one of 483 known compounds in the plant, including at least 65 other cannabinoids.
The cannabis industry is well known for two major types of businesses: cultivators, which do the growing, and dispensaries, which do the selling. However, these are far from the only businesses operating in the cannabis industry.
There are laboratories focused on product testing, value-added manufacturers creating products like edibles and concentrates, industry-specific data platforms, and a litany of professionals from attorneys to marketers. The global legal Cannabis Market was valued at US$ XX Mn in 201X and expected to grow at X% Compound Annual Growth Rate (CAGR) over 201X to 202X. Growing adoption of Cannabis in several medical applications such as cancer, mental disorders, chronic pain and others is expected to propel revenue growth in near future.
Increasing number of companies operating in the cannabis market is expected to bolster the quantity and variety of products reaching the end users. Products like cannabis oil have started gaining traction over the past few years owing to increased effectiveness and safety as compared to smoking it. Also, the growing research in cannabis industry has led to introduction of new cannabis strains. These advances in new product development is expected to enhance product adoption among consumers. Legal cannabis market is witnessing strong technological and information exchange. Countries like Canada, the U.S., Germany and Australia are expected to emerge as leading markets in terms of sale, whereas, countries like Israel are focusing on research and technology development and are leveraging on knowledge transfer.
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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)
• 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 cannabis market in Nevada, it has secured four dispensaries, two cultivation centers, and two production & extraction facilities in the region.
The North American cannabis market is estimated to account for the largest market share in 201X. 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 fuelled 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 fulfil the consumer demand.
the cannabis market is categorizes based on type, livestock, and region.
On the basis of product type, the cannabis market is segmented as follows:
• Others (capsules, topicals, edibles, and beverages)
On the basis of application, the cannabis market is segmented as follows:
On the basis of compound, the cannabis market is segmented as follows:
• Balanced THC & CBD
On the basis of region, the cannabis market is segmented as follows:
• North America
• South America
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