The North America legal cannabis market reached a value of more than US$ 8 Billion in 2017. The market is further expected to reach a value of around US$ 35 Billion by 2023, exhibiting a CAGR of 28% during 2018-2023. Although it grows naturally in temperate and tropical regions, it can be cultivated in almost any climatic condition. Cannabis can be obtained in various forms ranging from the simple process of drying and curing marijuana flowers to the sophisticated chemistry of producing cannabis concentrates. It is used in the treatment of chronic diseases, such as cancer, migraine and arthritis in the medical industry as well as mixed in food or brewed as tea for recreational purposes. Cannabis has been gaining prominence in recent years owing to its rising acceptance for both medical and recreational purposes.
North America legal cannabis market: Key Trends
- In recent years, the legal landscape of cannabis is giving way to decriminalization and legalization in the North American region. In the United States, cannabis has been legalized for both medicinal and recreational uses in a number of states. In Canada the medicinal usage of the drug has been legalized since 2001, whereas, its recreational use has been legalized through a bill passed in June 2018. This has resulted in making the cannabis market a multibillion dollar industry in the region.
- The application of cannabis derived products such as marijuana has been widely used for the effective treatment of a number of health ailments. These ailments include chronic pain, depression, post-traumatic stress disorder, social anxiety, cancer, multiple sclerosis, epilepsy, etc.
- As cannabis is being legalised in a number of states in the United States and Canada for both medicinal and recreational purposes, the suppliers in the industry will have to comply with strict regulations. This will result in improved quality and safety control measures and enable consumers to be better informed about the marijuana they use.
- The production levels of cannabis in the North American region has increased significantly during the past few years. Several players are expanding their production capacities. For instance, since the beginning of 2018, Canopy growth - One of the world’s largest cannabis player has more than tripled its licensed growing capacity to over 2.4 million square feet. The company further plans to increase it to more than 5 million square feet of growing space by the end of 2019.
- Based on the products derived from cannabis, the market has been segmented into marijuana, industrial hemp and others. Currently, marijuana dominates the market, accounting for the largest share.
- On the basis of application, the report finds that medical applications hold the largest share. Other major application segments include recreational and industrial.
- Based on the distribution channel, regulatory dispensaries dominate the North America legal cannabis market. Regulatory dispensaries are followed by recreational stores and stand-alone retailers.
- Country-wise, the market has been segmented into the United States and Canada. Currently, the United States represents the leading market, holding the majority of the share.
- The report also provides an analysis on the competitive landscape and the key players operating in this market
This report provides a deep insight into the North America legal cannabis market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the North America legal cannabis market in any manner.
Key Questions Answered in This Report:
- How has the North America legal cannabis market performed so far and how will it perform in the coming years?
- What are the major countries in the North America legal cannabis market?
- Which are the popular cannabis products in the North America legal cannabis market?
- What are the key application segments in the North America legal cannabis market?
- What are the major distribution channels in the North America legal cannabis market?
- What are the various stages in the value chain of the North America legal cannabis market?
- What are the key driving factors and challenges in the North America legal cannabis market?
- What is the structure of the North America legal cannabis market and who are the key players?
- What is the degree of competition in the North America legal cannabis market?