North American Legal Cannabis Market
The cannabis market has shown rapid growth in the past few years owing to rapid demand increase for cannabis and related products. Market Research Future, who specializes in market reports related to the consumer and retail sector among others, recently published a report on this market. Expansion of the North America legal cannabis market size was valued at USD 12.4 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 16.6% from 2022 to 2028.
North American Legal Cannabis Market Access Complete Report @ https://www.marketresearchfuture.com/reports/cannabis-market-950
Medical uses of cannabis are one of the major uses that have driven the demand for the market especially in North America. Legalization of cannabis in many of the North American countries has led to creation of further demand and enhanced the growth potential of the market. Furthermore, introduction of different cannabis included products has led to expansion of the market size significantly. Utilization of cannabis to treat various medical ailments has been beneficial to the progress of the sector.
The influences that are having a considerable pull in the market’s development are dynamically changing, leading to the creation of novel opportunities. The stronger influence of buyer purchasing behaviour is dictating the expansion of the market to a great extent. The competition in the market is conducive to the overall growth of the market. The new players in the market are motivated by the presence of conducive factors prevailing in the market. The allocation of assets is being done judiciously to ensure improved growth opportunities. The pricing of goods in the market is done in a manner that ensures advantages to individuals and competitors. The industry cost make-up is also likely to modify with time. The role of the government in the market is substantially motivating the market. Also, the development of technology also has increased momentum, guiding to improved market growth.
The foremost players in the cannabis pharmaceutical companies consist of Plandai Biotechnology., Tweed Marijuana Inc, Affinor Growers., Canadian Cannabis Corporation, Cannabis Sativa Inc, Canna Brands Inc, Omnicanna Health Solutions., Privateer Holdings, Inc, Cannavest, And Arena Pharmaceuticals, Inc.
Detailed Regional Analysis
The cannabis market in the North America region was over USD 3.5 billion in 2015. This industry was largely working in the black market; however, with growth in the medical uses of the derivatives such as hemp and marijuana, this market has undergone important growth over the past few years. Currently, the cannabis market is an alliance of the growers or producers of marijuana and hemp; it is rather a corporation of science and technology. The U.S. is the major market in the region was estimated at over USD 3 billion and is expected to increase at a CAGR over 30% between 2016 and 2021.
The regional evaluation of the North American Legal Cannabis Market Trends is segmented based on derivatives and applications. Based on the derivatives, the North American Legal Cannabis Market is segmented into Marijuana/Flowers and Industrial Hemp, Other Concentrates and Products which consists of Hash, Keif, Hash Oil Etc. Based on the applications type, the North American Legal Cannabis Market is segmented into recreational applications, medicinal applications, and others and uses of hemp into clothing & textile, food, and baby care, among others.
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