North America Legal Cannabis Market to Grow at 33.2% During 2022-2027, Impelled by Favorable Legal Landscape

October 23, 2018

According to the latest report by IMARC Group, titled "North America Legal Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the North America legal cannabis market reached a value of US$ 20.5 Billion in 2021. The cannabis plant belongs to the Cannabaceae family and is cultivated in tropical and temperate areas around the world. Cannabis is known to slow down the activity of the central nervous system and produce hallucinogenic effects. It is commonly derived from the dried leaves and flowers of the plant and can be processed using the simple process of drying and curing them. Also known as weed, hash, marijuana, pot and dope, it is widely used for medical and recreational purposes in the North American region since the regulatory landscape is continually being modified to decriminalize its possession and consumption.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

North America Legal Cannabis Market Trends:

The market is primarily driven by the increasing utilization of medical cannabis in the healthcare sector. Cannabis is considered to be a relatively safer treatment option with less severe side-effects for treating numerous ailments, including multiple sclerosis, chronic pain, cancer, social anxiety, depression and post-traumatic stress disorder (PTSD). It is consequently used in combination with other therapies to combat the side-effects and increase the effectiveness of the treatment. The rising awareness regarding the benefits of medical cannabis is, therefore, catalyzing the market growth. The market is further driven by the gradual legalization of marijuana across the region. It has been legalized in 30 states of the United States for medicinal use and in 9 states for both therapeutic as well as recreational purposes. Numerous other states of the country are taking initiatives to legalize the same. Additionally, medical and recreational marijuana is already legalized across Canada. The market is further driven by the implementation of stringent regulations in the region due to which the suppliers have to comply with proper safety control measures and provide consumers with high-quality products. Some of the other factors contributing to the market growth include the growing utilization of industrial hemp across multiple sectors and the extensive research and development (R&D) activities conducted to develop safer forms of cannabis. On account of the aforementioned factors, the market is expected to grow at a CAGR of 33.2% during 2022-2027.

Market Summary:

  • On the basis of the products derived, the market has been bifurcated into marijuana and industrial hemp. At present, marijuana exhibits a clear dominance in the market. The applications of marijuana are further divided on the basis of medical and recreational uses.
  • Based on the distribution channel, the market has been classified into regulated dispensaries, recreational stores, stand-alone retailers and others. Among these, regulated dispensaries account for the majority of the total market share.
  • On the geographical front, the United States holds the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these 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., and Abcann Medicinals Inc.


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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.

Contact Us:

IMARC Group
USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter: @imarcglobal

North America Legal Cannabis Market to Grow at 33.2% During 2022-2027, Impelled by Favorable Legal Landscape
Select Licence Type



Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More