Global Cannabis Market Size Was Worth USD 20.5 Billion in 2020 and Is Projected to Grow to USD 90.4 Billion by 2026

October 18, 2021, New York, USA -

Cannabis Drug: Introduction

Cannabis is the name of a cannabinoid drug. There are various types of cannabinoids found in the cannabis sativa plant. The exact number is still being researched. Sativa plant has mainly the psychoactive cannabinoid THC (delta9 tetrahydrocannabinol) and the non-psychoactive cannabidiol (CBD). Generally, it is known as marijuana. 

Marijuana has various names such as pot, dope, ganja, joint, cone, choof, 420, dabbing, weed, BHO, hash, etc.

How is it used?

Cannabis can be consumed in the form of a cigarette or eaten and is available in various types. People have reported that the subjective effects of cannabis differ greatly based on the type of cannabis consumed. 

The Global Cannabis Drug Market Forecast: 

The market for cannabis was worth US$ 20.5 billion in 2020. It is predicted to grow to USD 90.4 billion in 2026. This is a CAGR that is 28.0%, in the sense of value. As with all markets, COVID-19 has had an adverse influence on the cannabis market as well.

The lockdown policy was a hindrance to customers from going to brick-and-mortar stores. But, cannabis companies have begun to rely heavily upon social media and online shopping platforms to reach out to consumers throughout the entire year. Cannabis retail stores, manufacturers, producers, distributors, and warehouses were all deemed to be essential in the eyes of government officials of the Alberta Government on 30th March 2020. & nbsp; This a consequence, cannabis-related companies and services continued to be available to Albertans during the COVID-19 pandemic.

The main drivers in the marketplace are the medical benefits of cannabis that have been proven and the legalization of cannabis, active research in genetic advancement and modification of the plant, as well as advancements in the intellectual property rights for cannabis. For example, in January 2018, the Australian government granted producers of cannabis in this region to export medical cannabis and products to the world market.

North America dominates the market. Cannabis has expanded and matured in the United States as it is widely used in this region to serve therapeutic uses. Since it's psychoactive drug cannabis is still finding widespread acceptance among medical and recreational consumers in the United States.

Market Trend and Dynamics of the Global Cannabis Drug Market:

Market Driving Force Is Increasing Legalization of Cannabis:

The medicinal cannabis market is responsible for a large portion of the market for cannabis. The countries that have legalized cannabis to treat ailments are Canada, Colombia, Portugal, Greece, Italy, Netherlands, Poland, Chile, Australia, Greece, etc. Within the United States provinces, where cannabis is legal most consumers are over 50. Due to the increased chance of developing chronic illnesses after 50 and the potency of cannabis for such ailments, this demographic profile is predicted to increase sales of marijuana in the United States.

In Asia, the medical marijuana market was legalized in December of 2018 Thailand. In certain regions of India, marijuana use is legal, and there's a large amount of regional creativity. In July of 2019, 11 states, as well as Washington DC legalized the possession and consumption of marijuana to enjoy recreational activities in the United States. However, thirty states in the United States legalized the usage of cannabis for medical reasons. There is a chance that more states will follow suit over the forecast timeframe, given the massive need for marijuana and the therapeutic properties.

In accordance with the US Government Accountability Office (under State Medical Marijuana Laws), the conditions and symptoms that can be treated with cannabis are Alzheimer's disease, anorexia and HIV-AIDS, cancer, glaucoma epilepsy, and nausea and inflammation, as well as Crohn's disease migraines, multiple-sclerosis spasticity, and wasting syndrome. Continuous research and the standardization of medicinal products will be likely boost the demand and popularity of cannabis in the near future.

North America Dominates The Market:

After an increase in cannabis legalization in Canada, The North American cannabis market is poised to become the leading manufacturer of marijuana. In October, Canada legalized the use of marijuana to enjoy recreational purposes across the country.

In December of 2018, the US government passed the farm bill, which makes cannabis with less than 0.3 percent THC legally available in the US. Additionally, certain derivatives have been deemed safe through the Food and Drug Administration for therapeutic usage. Epidolex, Cesamet, Syndros, and Marinol are both cannabinoid medicines that have received approval from the FDA.

In addition, in the United States, ten states have legalized recreational cannabis consumption, whereas 33 states and the District of Columbia have legalized cannabis for medical use. Of the states that have legalized cannabis, California, Washington, and Colorado are the top cannabis producers. The levels of production of cannabis in North America have increased dramatically over the last couple of years because of the growth of the main producers' capacity.

The Key Market Segmentation of the Global Cannabis Drug Market: 

Global Cannabis Drug Market can be divided into Product Types, Packaging Types, Applications, Compound Type and Geographical landscapes, etc. 

Cannabis Drug Market Segmentation By Product Type:

Capsules

Concentrates

Edibles

Other Product Types

Cannabis Drug Market Segmentation By Compound Type:

Tetrahydrocannabinol (THC)

Cannabidiol (CBD)

Balanced THC & CBD

Cannabis Drug Market Segmentation By Application:

Medical

Recreational

Cannabis Drug Market Segmentation By Geographical Landscape:

North America

Europe

Asia Pacific

South America

The Middle East and Africa

Major Key Players in the Global Cannabis Drug Market Are:

Canopy Growth Corporation 

Aurora Cannabis Inc. 

MedMen 

The Cronos Group 

Medical Marijuana Inc. 

Stenocare 

Terra Tech Corp. 

Aphria Inc. 

VIVO Cannabis Inc. 

Organigrams Holding Inc. 

Cresco Labs 

Maricann Group Inc. 

India  

Tikun Olam 

Hexo Corp. 

Ecofibre Limited 

Curaleaf Holdings

Harvest Health and Recreation 

Green Thumb Industries 

TerrAscend