Pune, India, May 12, 2023 (GLOBE NEWSWIRE) -- Cannabis, also known as marijuana, has been a controversial plant for decades. However, in recent years, attitudes toward cannabis have changed, and its legalization for both medicinal and recreational purposes has led to a booming cannabis market. In this article, we will delve into the current state of the cannabis market, exploring its size, growth, and potential, as well as the challenges it faces.
The Size of the Cannabis Market
According to Fortune Business Insights, the global cannabis market size was USD 20.47 billion in 2020 and is projected to grow from USD 28.266 billion in 2021 to USD 197.74 billion in 2028 at a CAGR of 32.04% in 2021-2028.
The increasing legalization of cannabis for medical and recreational purposes, growing consumer awareness, and the rising demand for cannabis-based products are some of the key factors driving the growth of this market.
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The Types of Cannabis Products
Cannabis products can be broadly classified into three categories: marijuana, hemp, and CBD. Marijuana is a cannabis plant that contains high levels of tetrahydrocannabinol (THC), the psychoactive compound that gives users a high. Hemp, on the other hand, contains a low level of THC and is used for industrial purposes such as making textiles, paper, and biofuels. CBD, or cannabidiol, is a non-psychoactive compound found in both marijuana and hemp, which has been shown to have therapeutic effects.
The Potential of the Cannabis Market
The cannabis market has significant growth potential, driven by the increasing legalization of cannabis around the world. In the United States, the cannabis market was USD 19.78 Billion in 2020, according to Fortune Business Insights Data. The potential of the cannabis industry is not limited to recreational or medicinal use alone. It also has significant potential in industries such as pharmaceuticals, food and beverages, and cosmetics.
Key Players Covered in Marijuana Industry Research:
- Aurora Cannabis Inc. (Edmonton, Canada)
- Tilary, Inc. (Nanaimo, Canada)
- Canopy Growth Corporation (Ontario, Canada)
- CannTrust Holdings Inc. (Vaughan, Canada)
- VIVO Cannabis Inc. (Greater Napanee, Canada)
- Cronos Group Inc. (Toronto, Canada)
- Jazz Pharmaceuticals (Dublin, Ireland)
- OrganiGram Holdings (Moncton, Canada)
- Lexaria Corp. (Kelowna, Canada)
- ABcann Medicinals, Inc. (Ontario Canada)
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The Challenges Facing the Marijuana Industry:
Despite the growth potential of the cannabis industry, it still faces several challenges. One of the major challenges is the lack of federal legalization of cannabis in many countries, including the United States. This has resulted in a patchwork of state-level regulations, which can make it difficult for companies to operate in the cannabis industry. Other challenges include the lack of standardization in the testing and labeling of cannabis products, as well as the stigma associated with cannabis use.
The Future of the Cannabis Market
The future of the cannabis market looks bright, with increasing legalization and growing consumer awareness. As the market continues to grow, it is likely to become more mainstream, with more companies entering the industry and offering a wide range of cannabis-based products. However, it is important to note that the cannabis market is still in its infancy, and there are many challenges that need to be addressed before it can reach its full potential.
Conclusion
The cannabis market is a rapidly growing industry, with significant potential for growth and expansion. As more countries legalize cannabis, and consumer awareness and demand increase, the marijuana market is poised for significant growth. However, the industry also faces several challenges, including the lack of federal legalization and the lack of standardization in the testing and labeling of cannabis products. Despite these challenges, the future of the cannabis market looks bright, and it will be exciting to see how the industry develops in the years to come.
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FAQs:
Is it legal to use cannabis for recreational purposes?
The legality of cannabis for recreational purposes varies by country and state. It is important to check local regulations before using cannabis.
What is the difference between hemp and marijuana?
Hemp contains a low level of THC and is used for industrial purposes such as making textiles, paper, and biofuel.
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