DUBLIN–(BUSINESS WIRE)–The “North America Legal Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The North America legal cannabis market size reached US$ 20.5 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 111.9 Billion by 2027, exhibiting a CAGR of 32.69% during 2021-2027.
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:
The publisher provides an analysis of the key trends in each sub-segment of the North America legal cannabis market report, along with forecasts at the regional and country level from 2022-2027. Our report has categorized the market based on products derived and distribution channel.
Breakup by Products Derived:
- Industrial Hemp
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:
- Regulated Dispensary
- Recreational Stores
- Stand-Alone Retailers
Among these, legal cannabis is mostly distributed through regulatory dispensaries.
- United States
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 Colombia and in 9 states including California, Nevada, Alaska and Colorado for both medicinal and recreational uses.
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
5 North America Legal Cannabis Market
6 Performance of Key Regions
7 Market by Products Derived
8 Market Breakup by Distribution Channel
9 Competitive Landscape
- 22nd Century Group
- Medical Marijuana Inc
- Axim Biotechnologies
- Arena Pharmaceuticals Inc
- Canopy Growth Corporation
- Aphria Inc.
- Aurora Cannabis Inc.
- Abcann Medicinals Inc.
For more information about this report visit https://www.researchandmarkets.com/r/s2y7xq
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