Latest research on Cannabis Market report covers forecast and analysis on a worldwide, regional and country level. The study provides historical information of 2016-2021 together with a forecast from 2021 to 2026 supported by both volume and revenue (USD million). The entire study covers the key drivers and restraints for the Cannabis market. this report included a special section on the Impact of COVID19. Also, Cannabis Market (By major Key Players, By Types, By Applications, and Leading Regions) Segment’s outlook, Business assessment, Competition scenario and Trends. The report also gives 360-degree overview of the competitive landscape of the Cannabis industry.
Cannabis market is growing at a CAGR of 18.1% during the forecast period (2021-2026).
The Cannabis market is highly competitive and consists of a number of major players. Top Companies like Tilray, Canopy Growth Corp., GW Pharmaceuticals PLC, Aurora Cannabis Inc., Aphria Inc., MedReLeaf Corp., CV sciences Inc., Delta 9 Cannabis, Cannimed Therapeutics Inc., Vivo Cannabis
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Industry News And Developments:
In January 2019, Canopy Growth Expanded Beverage Portfolio with the launch of the first CBD-Infused Beverage Line Quatreau.
Scope of the Report
– The imposition of lockdown limited consumers from visiting brick-and-mortar shops, many cannabis companies are heavily relying on social media and e-commerce platforms to market to consumers this year. Cannabis retail outlets, producers, manufacturers, distributors, and warehouses were deemed to be essential services by the Alberta Government on March 30, 2020. As a result, cannabis businesses and services have continued to serve Albertans throughout the COVID-19 pandemic.
– The drivers identified in the market are the medicinal properties of cannabis, increasing the legalization of cannabis, and increasing advances in genetic development and intellectual property of cannabis. For instance, in January 2018, the Australian government allowed cannabis producers in the region to export medical cannabis and its products in the global market.
– North America Dominates the market. The cannabis industry has grown and matured significantly in the United States due to its use for medicinal purposes. As a Psychoactive drug, cannabis continues to find extensive favor among recreational and medicinal users in the United States.
Key Market Trends
Increasing Legalization of Cannabis is Driving the Market
Medicinal cannabis accounts for the majority share of the cannabis market. Many countries have legalized the usage of cannabis for medicinal purposes such as Australia, Canada, Chile, Colombia, Germany, Greece, Israel, Italy, the Netherlands, Peru, Poland, Portugal, and Uruguay among others. The provinces in the United States, where cannabis has been legalized majorly, comprise the adult population, aged 50 years and above. Owing to the higher risk of chronic diseases post 50 years of age, this demographic profile is expected to boost the demand for cannabis in the country. According to Cannabis Europa, in Europe, France may catch up with Germany and the United Kingdom in legalizing medical cannabis by the end of 2020. Norway is exploring decriminalization of cannabis use and has some innovative harm-reduction policies in place. Furthermore, several civil society movements for reforms are emerging across Scandinavia, as well as in Sweden.
North America Dominates the Market
The North American cannabis industry is set to become the major producer of cannabis after the legalization of cannabis in Canada. In October 2018, Canada legalized the use of marijuana for recreational purposes nationwide.
In December 2018, the United States government approved the farm bill, making cannabis containing less than 0.3% THC legal in the country. Similarly, some of its derivative compounds have been approved by the Food and Drug Administration for medicinal use. Marinol, Syndros, Cesamet, and Epidolex are the cannabinoid drugs that received approval from the FDA in the country. Furthermore, in the United States, ten states have legalized cannabis for recreational use and on other hand, 33 states and the District of Columbia have legalized cannabis for medical purposes. Among these states, California, Washington, and Colorado are the top-selling cannabis products. the production levels of cannabis in North America have increased rapidly over the past few years owing to the expansion of the production capacities by the major players.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Cannabis Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
The research includes historic data from 2015 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– 3 months of analyst support
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