Cannabis Market Growth Trends Report, Industry Size, Share and Forecasts

Chicago, March 18, 2024 (GLOBE NEWSWIRE) — The global cannabis market size is estimated to be valued at USD 27.7 billion in 2022 and is projected to reach USD 82.3 billion by 2027, recording a CAGR of 24.3% in terms of value. Increased legalization has been extremely beneficial to the cannabis industry. Additionally, as more research studies in the field are carried out and show that cannabis has positive effects medically, has helped alter public perceptions of the drug. The industry is witnessing a lot of new product launches and acquisitions and mergers between big players.

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Harnessing the Power of Cannabis for Anxiety and Pain Management

In the realm of medicine, there’s a growing demand for solutions addressing anxiety and pain management. Cannabis emerges as a promising contender, offering relief for various medical conditions such as anxiety, gastrointestinal disorders, seizures, and epilepsy. The expansion of cannabis dispensaries plays a pivotal role in widening access to these therapeutic products, signaling a promising trajectory for the market.

Challenges and Opportunities in Quality Control

Despite the acknowledged medical benefits, the industry faces hurdles in manufacturing efficiency and quality control. Subpar manufacturing practices often result in products failing to meet regulatory standards and content requirements. However, advancements in manufacturing procedures and quality assurance protocols within the pharmaceutical sector herald a new era of more consistent and reliable cannabis products.

Cannabis Industry Forecast

  • Legalization Trends: The trend toward legalization and decriminalization of cannabis for medical and/or recreational use in various jurisdictions continues to expand. Countries and states are reconsidering their cannabis policies, which could open new markets and opportunities for industry growth.
  • Consumer Demand: There has been a growing acceptance and normalization of cannabis consumption, especially among younger demographics. As stigma decreases and awareness of potential health benefits increases, consumer demand for cannabis products is expected to rise.
  • Product Innovation: The cannabis industry is characterized by ongoing product innovation, with companies developing new and diverse cannabis-infused products to cater to different consumer preferences. This includes edibles, beverages, topicals, concentrates, and more.
  • Medical Applications: Research into the medicinal properties of cannabis compounds, such as CBD and THC, is expanding. As more evidence supporting the therapeutic benefits of cannabis emerges, the medical cannabis market is expected to grow, driven by demand for treatments for various conditions.
  • Investment and Consolidation: The cannabis industry has attracted significant investment from both traditional and institutional investors. Consolidation and strategic partnerships are common as companies aim to expand their market share and capabilities.
  • Regulatory Environment: Regulations play a crucial role in shaping the cannabis market. Changes in regulations, such as taxation, licensing, and packaging requirements, can impact market dynamics and profitability for businesses operating in the industry.
  • International Expansion: As more countries legalize or consider legalizing cannabis, there is potential for international expansion and trade opportunities. Companies are exploring partnerships and investments in emerging markets to capitalize on new growth opportunities.

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Regional Analysis of Cannabis Market

North America: Leading the Charge

North America stands as a frontrunner in the cannabis market, driven by widespread legalization efforts in countries like the United States and Canada. The region boasts a robust infrastructure for cultivation, distribution, and consumption, supported by a growing acceptance of cannabis for both medical and recreational purposes.

Cannabis Market Share

  • Canopy Growth Corporation (Canada)
  • Aurora Cannabis Inc. (Canada)
  • VIVO Cannabis Inc. (Canada)
  • Tilary Inc. (US)
  • Unrivaled Brand Inc. (US)
  • HEXO Corp. (Canada)
  • Medical Marijuana Inc. (US)
  • The Cronos Group (Canada)
  • Medmen Enterprise Inc. (US)
  • Cresco Labs (US)
  • Curaleaf Holdings Inc. (US)

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