Investing in Cannabis? This Report Uncovers Key Market Drivers & Trends

Chicago, June 07, 2024 (GLOBE NEWSWIRE) — Cannabis Market Insights

The global cannabis market size is poised for significant growth, with a projected CAGR of 24.3% from 2022 to 2027, reaching a value of $82.3 billion by 2027. This growth is attributed to factors like increasing legalization, rising medical applications, growing social acceptance, and technological advancements.

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Hypothetical Top Growth Areas

  • Cannabis-infused edibles: Edibles offer a discreet and controlled consumption method, attracting new users and driving market expansion.
  • CBD-dominant products: The therapeutic benefits of CBD are fueling demand for CBD-infused products like edibles, beverages, and oils.
  • Advanced cultivation techniques: Technologies like precision irrigation and optimized lighting can improve efficiency, sustainability, and product consistency.

Futuristic Scope

  • Integration with pharmaceuticals: Development of cannabis-based medications for various conditions can revolutionize healthcare.
  • Personalized medicine: Tailored cannabis products based on individual needs and genetic makeup could become a reality.
  • Technological disruption: Advancements in areas like AI and genetic engineering can further revolutionize cultivation, processing, and product development.

Market Drivers

  • Growth in R&D activities: Technological innovations are optimizing cultivation, product development, and delivery methods.
  • Rising medical applications: Cannabis is gaining traction for treating various conditions like chronic pain, anxiety, and epilepsy.
  • Growing social acceptance: The stigma associated with cannabis is declining, leading to wider consumer acceptance.

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Key Segments and Sub Segments

  • Product Type: Flowers, Concentrates, Edibles, Topicals & Tinctures
  • Application: Medical, Recreational
  • Compound: THC-dominant, CBD-dominant, Balanced THC & CBD
  • Region: North America, South America, Europe, Rest of the World (RoW)

Top Players in the Industry

  • Canopy Growth Corporation (Canada)
  • Aurora Cannabis Inc. (Canada)
  • Tilray Inc. (US)
  • Trulieve (US)
  • HEXO Corp. (Canada)
  • Medmen Enterprises Inc. (US)
  • Several other established and emerging players

High Growth Opportunities

  • Development of low-dose edibles: This caters to new users seeking the medical benefits without psychoactive effects.
  • Expansion of cannabis-infused beverages: Offers convenient and socially acceptable consumption options.
  • Focus on sustainable cultivation practices: Minimizing water consumption and environmental impact can enhance brand image.

Cannabis Regional Analysis

  • North America: Dominant market due to widespread legalization and high recreational demand (especially in the US).
  • Europe: Growing market with increasing medical cannabis legalization and research activities.
  • South America: Emerging market with potential for future growth, but legalization hurdles remain.
  • Rest of the World: Limited market presence, with legalization primarily focused on medical use.

This report is a valuable resource for:

  • Cannabis growers and product manufacturers
  • Cannabis importers, exporters, and distributors
  • Investors and other stakeholders in the cannabis industry
  • Government and research organizations
  • Regulatory bodies and industry associations
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