The cannabis market is worth $ 22.9 billion in 2020 and is expected to grow 18.1% over the forecast period (2021-2026)

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New York, February 26, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Cannabis Market – Growth, Trends, Impact Of COVID-19 and Forecasts (2020-2025)” – https: // www .reportlinker. com / p06028477 /? utm_source = GNW
Cannabis retail stores, producers, manufacturers, distributors, and warehouses were deemed essential services by the Alberta government on March 30, 2020. As a result, cannabis companies and services continued to serve the Albertans throughout the COVID-19 pandemic.
The drivers identified in the market are the medicinal properties of cannabis, the increasing legalization of cannabis, and the increasing advances in the genetic development and intellectual property of cannabis. For example, in January 2018, the Australian government allowed cannabis producers in the region to export medicinal cannabis and its products to the world market.
North America dominates the market. The cannabis industry in the United States has grown and matured significantly due to its use for medicinal purposes. As a psychoactive drug, cannabis is still very popular with recreational and medical users in the United States.

Major market trends
The increasing legalization of cannabis is driving the market

Medical cannabis makes up the majority of the cannabis market. Many countries have legalized the use of cannabis for medicinal purposes, including Australia, Canada, Chile, Colombia, Germany, Greece, Israel, Italy, the Netherlands, Peru, Poland, Portugal, and Uruguay. The provinces in the United States where cannabis has been largely legalized include the adult population aged 50 and over. Given the higher risk of chronic disease after age 50, this demographic profile is likely to drive demand for cannabis in the country. According to Cannabis Europa, France in Europe could catch up with Germany and the UK in legalizing medical cannabis by the end of 2020. Norway is researching decriminalization of cannabis use and has some innovative harm reduction measures in place. In addition, several civil society reform movements are emerging across Scandinavia and Sweden.

According to the US Government Accountability Office, symptoms and conditions that can be treated with cannabis include Alzheimer’s, anorexia, HIV-AIDS, glaucoma, cancer, arthritis, epilepsy, nausea, pain, cachexia, Crohn’s disease. Migraines, multiple sclerosis, spasticity and wasting syndrome. The continuous research and standardization of products for medical use is expected to increase the popularity and demand for cannabis in the future.

North America dominates the market

The North American cannabis industry becomes the main producer of cannabis after cannabis is legalized in Canada. In October 2018, Canada legalized the recreational use of marijuana nationwide.

In December 2018, the US government approved the Farm Bill, which makes cannabis with less than 0.3% THC legal in the country. Similarly, some of its derivatives have been approved for medicinal purposes by the Food and Drug Administration. Marinol, Syndros, Cesamet, and Epidolex are the cannabinoid drugs that have been approved by the country’s FDA. In addition, in the United States, ten states have legalized cannabis for recreational use, and on the other hand, 33 states and the District of Columbia have legalized cannabis for medicinal purposes. Among these states, California, Washington, and Colorado are the top selling cannabis products. The production of cannabis in North America has grown rapidly in recent years due to the expansion of production capacity by the major players.

Competitive landscape
The global cannabis market is an extremely fragmented market with local and regional players taking a large share of the market. In the cannabis market, companies are very active and constantly involved in acquiring shares and developing new products in order to attract more consumers to their products. For example, Canopy Growth expanded its beverage portfolio in January 2019 with the launch of the first CBD-infused beverage line, Quatreau.

Companies in the US and Canada are more focused on acquiring licenses to manufacture and trade cannabis-based products. They are also involved in the development of cannabis-containing foods that are preferred by consumers.

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