NEW YORK: The cannabis market is growing rapidly in North American. According to a report from Market Research Future, the North American market size of cannabis is expected to expand at a CAGR over 33% over the period of 2016 to 2021. The report indicates that the U.S., Canada and Mexico are the major markets for cannabis, while the U.S. is the largest one, accounted for 95% of the market size of the North America cannabis market. Canada market is also expected to experience fast growth as the federal government may announce plans to make cannabis legal for recreational use across the entire country in the spring.
The report also indicated the factors that drive the growth: “Rapid legalizing and growing awareness about the medicinal properties of marijuana to boost the market over the forecasted period…Among the country markets in North America, The U.S. and Canada accumulate significant revenue, owing to rapid legalization in the country, increasing number of evidences in favor of marijuana possessing medicinal properties, and growing acceptance among end-users”