Cannabis Market is Projected to Reach $90.4 billion by 2026

The cannabis market is projected to grow at a CAGR of
28.0% during the forecast period

The cannabis
market is estimated to be valued at USD 20.5 billion in 2020 and is
projected to reach USD 90.4 billion by 2026, recording a CAGR of 28.0 %, in
terms of value. The market is primarily driven by factors such as growing
medical applications of cannabis and increasing legalization of cannabis and
rise in social acceptance of marijuana. North America accounted for the largest
market share in the cannabis market owing to the increasing legalization of
cannabis for both medical and recreational purposes across the region. However,
one of the restraining factors in the growth of cannabis market is complex
regulatory structure to produce and use cannabis.  

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Leading players profiled in this report include the
following:

•             Canopy
Growth Corporation (Canada)

•             Aurora
Cannabis Inc. (Canada)

•             MedMen
(US)

•             Terra
Tech Corp. (US)

•             Aphria
Inc. (Canada)

•             VIVO
Cannabis Inc. (Canada)

•             The
Cronos Group (Canada)

•             Medical
Marijuana Inc. (US)

By application, the recreational segment is projected to
grow at the highest CAGR during the forecast period

Based on application, the recreational segment is expected
to be the fastest-growing during the forecast period. This segment is rapidly
growing as it is highly demanded and consumed by the consumers. Also, high
demand for recreational cannabis can translate into larger market if it gets
legalized across various regions.

By compound, the THC-dominant segment is estimated to account
for the largest share

The THC-dominant segment of the cannabis is dominating the
market. The dominance of this segment is majorly attributed to the fact that
THC is the psychoactive substance in cannabis products that is responsible for
the high. It also provides important medical benefits and is effective in
relieving nausea, appetite loss, and insomnia. 

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The Europe region is projected to grow at the highest
CAGR during the forecast period

Europe is projected to be the fastest-growing market for the
period considered for this study, due to the increasing legalization of medical
cannabis in the region. Also, the healthcare system present in several European
countries covers the health expenditure of most patients in this region,
further contributing to the growth of cannabis market.

The cannabis market is segmented region-wise, with a
detailed analysis of each region. These regions include North America, South
America, Europe, and RoW (Israel and Australia).