Cannabis is commercially available in forms such as marijuana, hashish, and Hash oil. A few species of cannabis are used to produce hemp fiber for use in paper, textiles, and clothing. Cannabis has been in use for medical purposes for many years. Recent studies show that cannabis may be useful in treating conditions such as nausea and vomiting, particularly when associated with chemotherapy, glaucoma, epilepsy, and asthma.The growing legalization of medical cannabis; increasing medicinal application of cannabis;and rising awareness regarding medical cannabis through conferences, symposia, and workshops are the major factors propelling the demand for cannabis. However, the stringent regulatory framework for the use of cannabisis market restrains the growth.
The cannabis market is expected to reach US$ 147,457.4 million by2027 from US$ 14,383.8 million in 2019; it is estimated to grow at a CAGR of 29.1% from 2020 to 2027.
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Aphria, Inc.; Aurora Cannabis; Cannabis Science, INC; Canopy Growth Corporation; Medical Marijuana, Inc; VIVO Cannabis Inc.; Tikun Olam;Terra Tech Corp.;Tilray; and The Cronos Group are among the leading companies operating in the cannabis market.
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.
Table of Contents – Major Key Points
Section 1 Cannabis Definition
Section 2 Global Cannabis Market Major Player Share and Market Overview
Section 3 Major Player Cannabis Business Introduction
Section 4 Global Cannabis Market Segmentation (Region Level)
Section 5 Global Cannabis Market Segmentation (Type Level)
Section 6 Global Cannabis Market Segmentation (Industry Level)
Section 7 Global Cannabis Market Segmentation (Channel Level)
Section 8 Cannabis Market Forecast 2020-2027
Section 9 Cannabis Segmentation Type
Section 10 Cannabis Segmentation Industry
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