Major players in the cannabis products market are Canopy Growth Corporation, Aphria Inc. , Aurora Cannabis, Cara Therapeutics and GW Pharmaceuticals PLC. The global cannabis products market is expected to grow from $16.
New York, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cannabis Products Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151588/?utm_source=GNW
51 billion in 2020 to $18.37 billion in 2021 at a compound annual growth rate (CAGR) of 11.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $46.19 billion in 2025 at a CAGR of 25.9%.
The cannabis products market consists of sales of cannabis products and related services.Cannabis is a psychoactive drug which is obtained from the cannabis plant of the cannabaceae family.
Cannabis can be used for the treatment of various diseases such as chronic pain, cancer pain, depression, anxiety disorders, sleep disturbances and neurological disorders.
The cannabis products market covered in this report is segmented by product type into flower, concentrates, others. It is also segmented by usage into medical, recreational; by compound into THC-dominant, CBD-dominant, balanced THC & CBD and by route of administration into oral solutions and capsules, smoking, vaporizers, topicals, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The presence of several legal norms related to the use and possession of cannabis is an important restraint on the cannabis products market.These norms include regulations of the Food and Drug Administration (FDA) as well as rules set up by the government of each state in the USA.
The FDA reviews all applications of cannabis products for their safety and effectiveness.Despite having laws allowing cannabis businesses, many states in the USA still do not allow such businesses.
For instance, Los Angeles, San Francisco, San Jose and San Diego have laws allowing cannabis businesses, but 80% of California’s nearly 500 municipalities do not allow retail marijuana businesses.
Solar cannabis cultivation is an emerging trend in the cannabis products market.As cannabis cultivation requires a large amount of energy for lighting, heating, air-conditioning, and dehumidification systems, cannabis products manufacturing companies are investing in solar cannabis cultivation.
This is mainly a result of legalizing cannabis products in various states of the USA, which is continuously increasing the consumption of energy and leading cannabis manufacturers to opt for solar cannabis cultivation. For instance, Aurora acquired 71 acres of land in Medicine Hat, Alberta, and installed a high-technology hybrid greenhouse cannabis production facility.
In May 2018, Aurora acquired MedReleaf for $2.5 billion. This acquisition will benefit Aurora in increasing its annual production capacity of marijuana from 32,300 kgs to 570,000. MedReleaf Corp is a pharmaceutical company involved in producing and selling cannabis-based pharmaceutical products in Canada. It was founded in 2013 and is headquartered in Markham, Canada.
The growing applications of cannabis in the medical field is an important driver for the cannabis products market.Cannabis is a drug that comes from Indian hemp plants such as Cannabis sativa and Cannabis indica, with THC (delta-9 tetrahydrocannabinol) being the main active chemical in it.
Cannabis has several medical applications in conditions such as nausea and vomiting, glaucoma, epilepsy, asthma.Hence, many countries have legalized the use of cannabis for medical applications despite it being a psychoactive drug.
Medical applications of cannabis include treating cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, AIDS, Alzheimer’s disease and Parkinson’s disease. According to Harvard Health, around 85% of Americans supported legalizing medical marijuana, and at least several million Americans were using it.
The government of California regulates the safety in manufacturing cannabis under the California Code of Regulations, Title 17 Division 1.It states that every manufacturer of cannabis product should obtain a valid license issued by state cannabis licensing agency.
To obtain an annual license for cannabis manufacturing, the manufacturer should submit the physical address of the manufacturing premises and a written security plan.The security plan should include the security measures to prevent access of unauthorized people into the manufacturing premises and prevention of loss or theft of cannabis and cannabis products.
Hence, this is expected to maintain vigil on manufacturing of cannabis in the coming the years.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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