According to IMARC Group’s latest report, titled “North America Legal Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the North America legal cannabis market share.
The North America legal cannabis market size reached US$ 20.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 111.9 Billion by 2027, exhibiting a growth rate (CAGR) of 33.2% during 2022-2027. Cannabis represents psychoactive drugs derived from the leaves or flowers of the hemp plant that grows in temperate areas of the globe. They can be obtained using multiple methods, which range from the simple process of drying and curing marijuana flowers to the sophisticated chemistry of making cannabis concentrates. The cannabis-based medicines variants prove extremely useful in the management of pain, spasticity, anorexia, nausea, and seizures. Consequently, they are extensively utilized for numerous recreational, medicinal, and industrial purposes in North America.
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North America Legal Cannabis Market Trends:
The elevating demand for products sourced from natural sources and infused with cannabidiol (CBD), on account of the expanding awareness among the people about their diverse advantages, is primarily driving the North America legal cannabis market. In addition to this, the increasing employment of the drug in the cosmetic industry to produce several lotions and serums that help relieve dry and inflammatory skin conditions is acting as another significant growth-inducing factor. Apart from this, the inflating investments in research and development (RD) activities to study the benefits of the varied derivatives found in the cannabis plant are further augmenting the market across the region. Moreover, the emerging trend of plant-based medicines and the escalating usage of the drug for treating chronic pain in various medical conditions, such as multiple sclerosis and HIV or AIDS, is also positively influencing the regional market. Besides this, the rising utilization of the product for recreational activities and the growing cultivation by local players are expected to fuel the North America legal cannabis market over the forecasted period.
North America Legal Cannabis Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the north america legal cannabis market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- 22nd Century Group, Inc
- Medical Marijuana Inc
- Hemp, Inc.
- Axim Biotechnologies, Inc
- Arena Pharmaceuticals, Inc.
- Canopy Growth Corporation
- Aphria Inc.
- Aurora Cannabis Inc.
- Abcann Medicinals Inc.
Key Market Segmentation:
The report has segmented the north america legal cannabis market based on products derived, distribution channel and region.
Breakup by Products Derived:
- Marijuana
- Industrial Hemp
Breakup by Distribution Channel:
- Regulated Dispensary
- Recreational Stores
- Stand-Alone Retailers
- Others
Breakup by Region:
- United States
- Canada
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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