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.
- 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.
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