- Currently, marijuana represents the largest segment of the legal cannabis market.
- The demand for cannabis is being propelled by favourable legalisations in numerous states of the United States.
- The United States dominates the regional market, holding the majority of the market share.
The new report by IMARC Group, entitled “North America Legal Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the North America legal cannabis market crossed the value of $8 billion in 2017. Belonging to the Cannabaceae family, the cannabis plant is cultivated in tropical and temperate areas across the globe.
Delta-9 tetrahydro-cannabinol, also known as THC, is the main psychoactive constituent of cannabis which slows down the activity of the central nervous system and can produce hallucinogenic effects. In North America, the regulatory landscape is being modified so as to decriminalise the usage and possession of cannabis, which is helping in promoting the commercial cannabis business in the region. Moreover, the expanding research and development in the medical applications of cannabis is expected to create positive opportunities for the growth of the market.
North America Legal Cannabis Market Trends:
Currently, cannabis is found in different forms ranging from cannabis concentrates to dried and cured marijuana flowers. It is used for the treatment of a number of ailments including multiple sclerosis, chronic pain, social anxiety, depression, post-traumatic stress disorder, cancer, etc. In addition, the demand for cannabis is being propelled by favourable legalisations in numerous states of the United States. Moreover, there has been a shift in the preferences of the consumers towards cannabis extracts which contain higher concentrations of active cannabinoids. With the implementation of stringent regulations, the suppliers have to comply with proper safety control measures and provide the consumers with high quality products which further acts in favour of the growth of the market. On account of these factors, the market is expected to witness a robust growth, reaching a value of around $35 billion by 2023 with a CAGR of 28% during 2018-2023.
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North America Legal Cannabis Market Summary:
- The legal cannabis market in the North American region is segmented according to different types of cannabis-derived products including marijuana and industrial hemp. Currently, marijuana represents the largest segment. These products are further categorised on the basis of their applications.
- Based on distribution channel, the market is segregated into regulated dispensary, recreational stores and stand-alone retailer. Amongst these, regulated dispensary is the most popular segment, accounting for around two-fifths of the total market.
- On a regional basis, the United States dominates the market, holding the majority of the market share. This growth can be accredited to the growing acceptance of both the recreational and medicinal use of cannabis across the region. The United States is followed by Canada.
- The competitive landscape of the market has also been examined with the profiles of the key players operative in it.
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