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.

 

Worldwide Legal Marijuana Market Analysis 2017-2018 & Forecast To 2023: A High Growth of 28.09% Is Projected

IRELAND:  The global legal marijuana market was 15.09 billion USD in 2017 and will reach 66.65 billion USD by 2023 with a CAGR of 28.09% during the period, according to a new market research report,  “Global Legal Marijuana Market – by Type, Application, Region – Market Size, Demand Forecasts, Company Profiles, Industry Trends and Updates (2017-2023)” published by ResearchAndMarkets.com.

Report highlights, include:

  • The application of marijuana for treatment of various chronic diseases is driving the growth of the market. The legalization of marijuana in developed countries is expected to support the growth of the market. The rising social acceptance of marijuana is also driving the market.
  • On the other hand, the adverse effects of marijuana on human health is restraining the growth of the market
  • North America is expected to account for largest share in coming years owing to legalization of marijuana and increase in use of marijuana in pharmaceutical sector. Asia-Pacific is projected to grow with higher CAGR during the period due to increasing government expenditure on healthcare sector.

Global Hemp-Based Food Market 2016 – 2024

IRELAND:  The global hemp-based food market is expected to grow with a CAGR of 7.5% over the forecast period of 2018-2024, according to a new report,  “Hemp-Based Food Market: Global Industry Analysis, Trends, Market Size and Forecasts up to 2024”.

The report on global hemp-based food market provides qualitative and quantitative analysis for the period of 2016 to 2024. The study on hemp-based food market covers the analysis of the leading geographies such as North AmericaEuropeAsia-Pacific and RoW for the period of 2016 to 2024.

The report on hemp-based food market is a comprehensive study and presentation of drivers, restraints, opportunities, demand factors, market size, forecasts, and trends in the global hemp-based food market over the period of 2016 to 2024. Moreover, the report is collective presentation of primary and secondary research findings.

Porter’s five forces model in the report provides insights into the competitive rivalry, supplier and buyer positions in the market and opportunities for the new entrants in the global hemp-based food market over the period of 2016 to 2024.

Ireland ‘Ready For Legalization Of Cannabis’

IRELAND: “Ireland is ready for the legalization of cannabis,” according to Roscommon TD Luke Ming Flanagan, who today published his Cannabis Regulation Bill 2013.

Mr Flanagan estimated that the legalization of cannabis could generate up to €300 million through tax revenues and the freeing up of resources. However, he stressed this was an estimate and it was not possible to know for sure what savings might be made. [Read more…]

It’s time to tax and regulate marijuana sale in Ireland

IRELAND: BY the end of this month Uruguay will have passed and signed into law an act completely legalizing the cultivation, sale and possession of marijuana (cannabis). The move is being hailed by lawmakers and law enforcement agencies alike as a vital step in the war on organized crime that ravages so much of Latin America, freeing up police to chase what they perceive to be the really harmful criminal enterprises, and depriving cartels of a massive revenue stream. [Read more…]