New Report: Legal Cannabis Market Projected To Grow 27% CAGR By 2023

IRELAND: The legal cannabis market is projected to register a CAGR of over 27% by 2023, according to “Global Legal Cannabis Market 2019-2023” a new report just added to ResearchAndMarkets.com.

The latest trend gaining momentum in the market is the use of advanced techniques in cannabis cultivation. According to the report, one of the major drivers for this market is the rapid legalization of cannabis. Further, the report states that one of the major factors hindering the growth of this market is the health hazards associated with the consumption of cannabis products.

Market Trends

  • Increasing demand due to growing number of patients who need cannabis for medical use
  • Use of advanced techniques in cannabis cultivation
  • Rising mergers and acquisitions in the cannabis sector

Key Players

  • Aphria
  • Aurora Cannabis
  • Canopy Growth Corporation
  • CV Sciences
  • Tilray

New Report Details Growth Of Global Cannabis Market to 2023

IRELAND: ResearchAndMarkets.com has released the “Cannabis Market by Product Type (Flower, Concentrates), Compound (THC-Dominant, CBD-Dominant, and Balanced THC & CBD), Application (Medical and Recreational), and Region (North America, South America, Europe, and Row) – Global Forecast to 2023” report.

Among the highlights:

Growing medicinal application of cannabis is expected to drive the overall growth of the cannabis market

  • The cannabis market size is expected to grow from USD 10.3 billion in 2018 to USD 39.4 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.7% during the forecast period.
  • The cannabis market is driven by various factors such as the growing medicinal application of cannabis and the increasing legalization of cannabis. However, a complex regulatory structure for the use of cannabis can hinder the growth of the market.
  • The concentrates segment is the fastest-growing segment in the cannabis market, by product type. This is due to their ease in usage and their versatility in the method of delivery, such as dabbing, ingestible oils, and tinctures. Also, along with ingestion, concentrates can offer cleaner, smoother, and less-odiferous hits than flowers. Concentrates are being increasingly opted for over flowers, as these as more potent in nature. The potency of concentrates could also be modified as per requirement and usage, to evoke a higher consumer likeability.
  • The THC-dominant segment is projected to hold the largest share and grow at the highest CAGR during the forecast period. The dominance of this segment is majorly attributed to the fact that THC is the psychoactive substance in cannabis products and is responsible for head high feeling. Even though high THC content is better known for its mind-altering euphoria, it has important medical benefits and is considered effective in relieving nausea, appetite loss, and insomnia.
  • The market in this region is primarily driven by the growth in the US and Canadian markets. The market in this region is driven by the increasing legalization of cannabis for both medical and recreational purposes all over North America and the increasing awareness among consumers regarding the health benefits of cannabis.

 

Cannabis Sales Projected To Increase as California Paves the way for Recreational use

CALIFORNIA: The global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 to 2024 or culminating to $63.5 billion by 2024, according to a report by Ameri Research.

The market is going through a period of strong growth thanks to increasing legalization and decriminalization of cannabis products across North America and Europe. The report indicates that due to the complex regulatory structure at state and federal level, the full potential of the market is not yet clear. A recent report published by Arcview Market Research explains that growth of the legal cannabis industry will reaccelerate beginning 2018, as adult use sales ramp up in CanadaCalifornia, and Massachusetts along with medical sales in Florida.

In states like California for example, where new recreational cannabis laws went into effect on January 1st, 2018, analysts are projecting an increase in sales of Cannabis. The new industry is also expected to contribute to California’s tax revenue. The LA times reported that, California is on the verge of creating a legal market for marijuana worth more than $5 billion that will help make the state a destination for pot-loving tourists.

Global Medical Marijuana Market – Industry Trends & Updates (2016-2022)

IRELAND: The global medical marijuana market in 2016 was USD 12.67 billion and will reach USD 33.41 billion by 2022 at a CAGR of 17.53% during the forecasted period, according to a new report, the “Global Medical Marijuana Market – by Medical Indications, Mode of Administration, Region – Market Size, Demand Forecasts, Industry Trends and Updates (2016-2022).

Medical Marijuana refers to using the whole, unprocessed marijuana plant or its basic extracts to treat symptoms of illness and other conditions. Scientific study of the chemicals in marijuana, called cannabinoids, has led to two FDA-approved medications that contain cannabinoid chemicals in pill form. The two main cannabinoids from the marijuana plant are THC and CBD, which are used as medications for increasing appetite, reduce nausea, decreasing pain, inflammation (swelling and redness), and muscle control problems.

The global medical marijuana market is mainly driven by the use of marijuana in treatment of various diseases and government support for legalizing it for medical purposes. The growing prevalence of cancer and increasing interest amongst researchers regarding the use of medical marijuana in cancer treatment are some of the factors responsible for driving the medical cannabis market over the coming years. On the other hand, regulations related to marijuana usage in the countries are restraining the growth of the market.

Sales of Medical Cannabis Products Are Expected To Grow

NEW YORK: According to a report by Grand View Research, the global medical cannabis market is projected to reach a value of USD 55.8 billion by 2025. After the elections in 2016, Washington D.C., along with 28 states have legalized cannabis for medical use. The growing number of states and countries receiving approval for use in therapeutic applications are one of the crucial factors driving the demand over the next few years. Grand View Research indicates that several regulatory frameworks such as the Medical Marijuana Regulation and Safety Act, will require individuals or companies to obtain permission and also an annual state license from 2018. Companies such as growers, retail operators, and makers of processed pot products will be focused on, and an increasing number of issued licenses are also among factors helping to drive the market.

In the shorter term, a report by Arcview Market Research indicates that legal cannabis will grow at 22% CAGR in 2017, as eight states that voted to open or expand their cannabis markets on Election Day in November 2016, work to implement the new programs. According to the report the industry accelerated at a remarkable pace in 2016. North American consumers spent $6.7 billion on legal cannabis products, or up 34% from 2015. The 34% compound annual growth rate (CAGR) from 2014 to 2016 was driven primarily by Colorado and Washington initiating adult-use sales.

Arcview Market Research forecasts that growth in the legal cannabis industry will reaccelerate beginning 2018, as recreational sales ramp up in CanadaCalifornia, and Massachusetts along with medical sales in Florida. These developments will grow the $6.7 billion market of 2016 at a robust 27% CAGR to $22.6 billion in 2021. Arcview includes 30 states plus Canada with active legal markets by 2021 in its model.

The Legal Cannabis Market Is Expected to Grow

NEW YORK: According to a research report by New Frontier Data, in 2017 medical cannabis sales are forecasted to grow to $5.3 billion, accounting for 67% of total cannabis sales. By 2025, medical sales in current legal states are forecasted to grow to $13.2 billion, at which point medical sales will account for 55%. Comparatively, adult-use sales in 2017 are projected to reach $2.6 billion, rising to $10.9 billion by 2025. In 2016 alone, adult-use consumers shopped once every 14 days and spent $49 per transaction; medical consumers, by contrast, shop once every 10 days and outspend the adult-use customer by more than three-to-one; spending $136 per transaction.

California by itself is expected to play a major role in the legal cannabis market. “California offers the perfect example of why it is so important to understand trends in consumer behavior. The state’s legal industry is forecast to grow from $2.8 billion in 2017 to $5.6 billion in 2020. That spending will be increasingly directed at products and retailers who understand and serve the market’s evolving tastes and preferences. The market is changing, and the most successful operators will be those who adapt most quickly to the change,” said New Frontier Data CEO Giadha Aguirre De Carcer.

Oregon Cannabis Jobs Report

OREGON: The goal of the Oregon Cannabis Jobs Report is simple: To establish a foundation for future research on how many jobs are being created within the cannabis industry to date.

As new Cannabis economies come online across the United States and around the world, it is imperative that we track the growth of this industry as it creates jobs and economic opportunities for individuals, communities, and businesses alike.

As we march into the 2016 election, everyone is talking about jobs. We believe it is important that the cannabis industry start to inform the general public and those running for elected office on exactly how many jobs are being created within the Oregon retail cannabis sector today. This data is the first of its kind in the nation. Our researchers took painstaking care to ensure that our methodology will not only withstand scientific rigor, but will also establish a legitimate baseline for further research into other sectors of the cannabis market.

Download the Oregon Jobs Report here