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The North America legal cannabis market reached a value of US$ 16 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 26.2% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Cannabis is a drug derived from the dried leaves and flowers of the hemp plant that grows in the tropical and temperate areas of the world. Also known as hash, weed, marijuana, pot, dope, smoke and cone, 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. In North America, the legal landscape is giving way to the decriminalization and full legalization of cannabis, owing to which it is gaining prominence for both medical and recreational purposes.
In the United States, marijuana has been legalized in 30 states for medicinal use and in 9 states for both therapeutic as well as recreational purposes. In Canada, medicinal usage of the drug has been legalized since 2001; however, its recreational use has been authorized through a bill passed in June 2018. This modification in the regulatory landscape has led to an increase in the usage of medical cannabis for treating several diseases associated with changing lifestyles such as chronic pain, depression, post-traumatic stress disorder, social anxiety, cancer, multiple sclerosis and epilepsy. Also, with the implementation of these stringent regulations, suppliers have to comply with proper safety control measures and provide consumers with high-quality products, which further acts in favor of the growth of the market.
The use of industrial hemp, a product derived from cannabis, has also expanded to a great variety of products, including health foods, organic body care, clothing, construction materials, biofuels and plastic composites. Moreover, increasing research and development (R&D) activities in the medical applications of cannabis are expected to create positive opportunities for both the existing players and new entrants in the upcoming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the North America legal cannabis market report, along with forecasts at the global and regional level from 2021-2026. Our report has categorized the market based on products derived and distribution channel.
Breakup by Product Derived:
Marijuana currently represents the leading segment. It is a greenish-grey mixture of the dried flowers of Cannabis sativa. The applications of marijuana are further divided on the basis of medical and recreational uses. Its therapeutic applications include the treatment of various diseases such as migraine, cancer, arthritis and others.
Breakup by Distribution Channel:
Among these, legal cannabis is mostly distributed through regulatory dispensaries.
Country-wise, the United States enjoys a leading position in the market as the medical use of cannabis has been legalized in 31 states including the territories of Puerto Rico and Guam, and the District of Columbia and in 9 states including California, Nevada, Alaska and Colorado for both medicinal and recreational uses.
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
|Base Year of the Analysis||2020|
|Segment Coverage||Products Derived, Distribution Channel, Region|
|Countries Covered||United States, Canada|
|Companies Covered||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.|
|Customization Scope||10% Free Customization|
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The North America legal cannabis market was valued at US$ 16 Billion in 2020.
Increasing utilization of medical cannabis in the healthcare sector as a relatively safer treatment option with less severe side-effects for treating numerous chronical ailments is driving the North America legal cannabis market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across North America resulting in the postponement of numerous R&D activities pertaining to the introduction of cannabis-based products, thereby negatively impacting the market growth.
Based on the product derived, the North America legal cannabis market has been bifurcated into marijuana, and industrial hemp. Currently, marijuana holds the largest market share.
Based on the distribution channel, the North America legal cannabis market can be categorized into regulated dispensaries, recreational stores, stand-alone retailers, and others. Among these, regulatory dispensaries currently account for the majority of the total market share.
On a regional level, the market has been classified into United States and Canada, where United States currently dominates the North America legal cannabis market.
Some of the major players in the North America legal cannabis market 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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