The North America Cannabis Market is expected to grow at a CAGR of around 27.7% in the forecast period of 2022-27, says MarkNtel Advisors in their research report. Cannabis is gaining immense popularity in North America, mainly due to the surging push for its legalization. Due to the wide range of acceptance and high demand for marijuana across the region, it is garnering significant attention from manufacturers, investors, & researchers.
Marijuana is illegal under federal law. However, an increasing number of states legalizing cannabis for medical or recreational use is expected to fuel the market growth. According to 2019 population estimates, around 43% of US adults live in a jurisdiction that has legalized the recreational use of marijuana at the local level.
Further, an increase in R&D activities by the private & public authorities to develop more standard products suitable for medical use is another crucial likely to fuel the overall market growth in the coming years.
Medical Use of Cannabis to Dominate the North America Cannabis Market During 2022-27
In the US, the Medical use of cannabis involves 2 cannabinoids, viz., Dronabinol and Nabilone. The growing awareness about using cannabis for treating nausea occurring during chemotherapy and other illnesses is the prime aspect driving the demand for Medicinal Cannabis in North America. Further, the increasing legalization of cannabis has spurred various R&D activities to develop safe medical cannabis products in the US & Canada.
“North America Cannabis Market Analysis, 2022” highlights insights on the market potential & opportunities, along with business strategies to enhance the overall market growth. The report offers an overview of leading market players and their recent developments. Moreover, the report provides incredible market opportunities & emerging trends to help stakeholders make appropriate decisions before investing.
Canada Acquired the Largest Share in the North America Cannabis Market
In the region, people consuming cannabis have been reported majorly in Canada. Besides, the presence of prominent legal cannabis cultivators & manufacturers in the country is contributing significantly to the overall market growth. Further, the legalization of adult-use marijuana in Canada in 2018 after the enactment of the Cannabis Act for recreational purposes and the increase in direct engagement of patients with legal marijuana producers in the country also boosted the Canadian Cannabis Market.
According to MarkNtel Advisors, the leading industry players in the North America Cannabis Market are 22nd Century Group Inc., Medical Marijuana Inc., Hemp Inc., Axim Biotechnologies Inc., Arena Pharmaceuticals Inc., Canopy Growth Corporation, Aphria Inc., Aurora Cannabis Inc., and Abcann Medicinals Inc.
Key Questions Answered in the Study: