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Cannabis Market Size – USD 8.26 Billion in 2019, Market Growth - CAGR of 24.6%

VANCOUER, BC, CANADA, August 3, 2022 /EINPresswire.com/ -- The Global Cannabis Market is projected to reach USD 48.29 billion in 2027. The market is being predominantly driven by the growing usage of cannabis for many medicinal and recreational usage and increasing legalization in many countries with proliferating portfolio of end-use products. Rising proven studies suggests supporting the medicinal properties to treat many medical conditions including chronic pain, glaucoma, and poor appetite, nausea, migraines, seizures, and anxiety, among many others have been helping grow its usage amongst the end-users.

Several leading market competitors have made significant advancements in the sector to deepen their market penetration, including MedReleaf was purchased by Aurora Cannabis in May 2018. The agreement joins two of Canada's top marijuana businesses, each with a clear strategic strategy. The company will come together and create a powerful platform for accelerated growth on a global scale. Aurora and MedReleaf teams consider the acquisition to be a vital successful deal in the marijuana industry; low production costs and industry-leading yields can be expected out of this agreement as Aurora’s programmed greenhouses are anticipated to provide industry-leading efficiency and low production costs, delivering sustainably robust margins.

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The coronavirus outbreak has led to drastic changes in the current Cannabis market business landscape, limiting the growth opportunities for various manufacturers and buyers for the next few years. Besides making speculations about the market’s post-COVID-19 scenario, the report discusses its existing situation. The report eventually offers conclusive data related to the Cannabis market growth assessed on both regional and global levels.

COVID-19 Impact Analysis

Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines

Some Key Highlights from the Report :

Based on Compound, THC dominates the industry share attributed to the fact that these compound contains the psychoactive substance in marijuana products and is responsible for the head high feeling. Even though high THC content is better known for its mind-altering euphoria, it has significant medical benefits and is considered useful in relieving nausea, appetite loss, and insomnia.

Geographically, North America, especially the United States and Canada, dominates the market. The recent legalization of marijuana taken place in the North America segment for medical purposes has been a significant driver of marijuana market growth. Other major sections include Europe (Germany, Italy, France, the Netherlands, and Spain), Asia Pacific, Latin America, and the Middle East and Africa.

Improving lungs capacity, fighting cancer, helping in weight reduction, treating as an antidepressant, and alleviating anxiety, among others are some of the benefits that can be incubated from cannabis, and have been crucial supporting factors for the market growth.

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Major Companies in the Market Include:

Canopy Growth Corporation, Aurora Cannabis Inc., Tikun Olam, Cannabis Science Inc., Aphria Inc., Maricann Group Inc., Tilray Inc., VIVO Cannabis Inc., Medical Marijuana, Inc., STENOCARE, Cronos Group Inc., Terra Tech Corp., and MedMen, among others.

For the purpose of this report, Emergen Research has segmented into the global Cannabis Market on the basis of Product Type, Compound, Application, and region:

Product Type Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
Flower
Concentrates
Others

Compound Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
Tetrahydrocannabinol
Cannabidiol (CBD)
Balanced THC & CBD

Application Outlook (Revenue: USD Billion; Volume: Kilo Tons; 2017-2027)
Medical
Pain Management
Neurological Health Management
Mental Health Management
Others
Recreational
Others

Read Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/cannabis-market

Regional Outlook (Revenue, USD Billion; 2017–2027)

North America
S.
Canada
Mexico
Europe
Germany
France
K.
Italy
Spain
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
A.E.
South Africa
Turkey
Rest of MEA

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.

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Create regional and country strategies on the basis of local data and analysis.

Identify growth segments for investment.

Outperform competitors using forecast data and the drivers and trends shaping the market.

Understand customers based on the latest market research findings.

Benchmark performance against key competitors.

Utilize the relationships between key data sets for superior strategizing.

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