The global cannabis market size is expected to reach $128.92 billion by 2028, exhibiting an annual compound growth rate of 26.19 percent during the forecast period.

Various research activities on genetic development and modification of the cannabis plant, developments in legal rights on creation of cannabis and manifestation of medicinal properties of cannabis are the factors that impelling the growth of cannabis market during the forecast period. Whereas, complicated regulatory structure for cannabis usage is impeding the growth of cannabis market. Like other regions, Asia pacific is also found in legalization process of cannabis.

This prediction is published in “Cannabis Market, By Product Type (Flowers, Concentrates, and Others), By Application (Medical, and Recreational), By Compound (Tetrahydrocannabinol (THC), Cannabidiol (CBD), and Balanced THC & CBD), and by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028).” The market size valued at USD 20.05 billion in 2020.

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The Free Sample Reports Includes:

• In-depth Industry Analysis, Introduction, Overview, and COVID-19 Pandemic Outbreak.
• Impact Analysis 130+ Pages Research Report (Including latest research).
• Provide chapter-wise guidance on request 2020 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.
• Updated Report Includes Major Market Players with their Sales Volume, Business Strategy and Revenue Analysis by using VMR research methodology.

(Please note that the sample of this report has been updated to include the COVID-19 impact study prior to delivery.)

Market Overview:

Legalization will Impact the Demand for Cannabis

Cannabis is a stiff upright stem plant and basically used as a drug. It is legalized in many countries because of its high medical usage. Cannabis has various health benefits such as controls and reduces epileptic seizures, helps people suffering from PTSD, protects a brain after a stroke, relieves rheumatoid arthritis, alleviates the side effects of chemotherapy. All these benefits are accelerating the growth of cannabis market in the near future. Many governments give an approval for the production and selling of cannabis in the market which in turn improves the cannabis global market demand in the coming years. For example, recently, Australian government allowed cannabis producers to export medical cannabis and its products to the global market.

The COVID-19 outbreak has affected various industries worldwide. The Cannabis Market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data-points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Region 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

Important questions answered in this report:

• What is the estimated market size and growth rate of the Cannabis Market?
• Which segments are included in the Cannabis Market?
• Which top companies are active in the Cannabis Market?
• What are the major driving factors for the growth of the Cannabis Market?
• How can I get free sample reports or study of Cannabis Market?

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The Report on Cannabis Market Highlights:

• Assessment of the market
• Company Profiles
• Premium Insights
• Competitive Landscape
• Historic Data, Estimates and Forecast
• COVID Impact Analysis
• Global and Regional Dynamics

Cannabis Demand for Recreational and Medical Application Fuels North America Market

North America is accounted to dominate the growth of cannabis market during the forecast period. This is owing to the increasing demand of cannabis for recreational and medical application. In addition to this, many industry players are concentrating on the development of cannabis in the region, thus helping to fuel the cannabis market demand in the region. For example, Aphria Inc., and Tilray, Inc., Canadian pharmaceutical and cannabis companies, signed an agreement to combine their businesses and create the world’s largest cannabis company. Together, they provide low-cost cultivation, processing, and manufacturing facilities with branded cannabis in Canada. Also, Tilray, Inc., a global pioneer in medical cannabis research, launched the medical cannabis edibles in THC and CBD-rich varieties of chocolates and soft chew gummies.

Advantages of this Research:

• Evaluate market share for commercial Cannabis market opportunities, track market size, competitive drug sales, synthesis insights for commercial development and licensing.
• Develop tactics and strategies to take advantage of opportunities in the Cannabis market.
• Latest Trends and Market Events and analyze essential events in Cannabis market.
• Develop an in-depth knowledge of competition and analyze sales data to update your brand planning trackers.
• Answer vital business questions; supports decision making in R&D to long term marketing strategies.
• Develop economic models, forecast models, and healthcare frameworks.