Cannabis Market: Key Players and Forecast

The cannabis market was 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. It is witnessing significant growth due to
increasing legalization of cannabis across various regions. Also, the growth of
this market can also be attributed to the increasing awareness among consumers
regarding health benefits of cannabis and its growing medical application. The
North America region is going to dominate the global cannabis market due to
increasing legalization for both medical and recreational purposes all over
North America.

Key Market Players:

This report includes a study on the marketing and development
strategies, along with the product portfolios of leading companies. It consists
of profiles of leading companies, such as 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), STENOCARE (Denmark), Tikun Olam (Israel), Organigram
Holdings Inc. (Canada), Cresco Labs (US), Indiva (Canada), Curaleaf Holding
Inc. (US), HEXO Corp. (Canada), Ecofibre Limited (Australia), Harvest Health
& Recreation (US), Green Thumb Industries (US), Maricann Group Inc.
(Canada), and TerrAscend (Canada).

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Market Dynamics

Drivers: increase in legalization of cannabis and rise in social
acceptance of marijuana

Cannabis legalization is often viewed upon with dual perceptions
wherein its legalization has been proven to be met with skepticism associated
with possible abuse. Legalization of cannabis has allowed people to practice
safe substance usage along with realizing its medicinal benefits. As a result
of which, many countries are gradually legalizing the usage of cannabis across
the globe. While most the countries across the globe have still not legalized
the recreational use of cannabis, the approach to the usage and sales has been
relaxed over the years. This has led to the growing popularity of usage of
cannabis in various regions driving the growth of overall cannabis market.

Restraints: Complex regulatory structure for the usage of
cannabis

One of the major factors restraining the growth of market is
complex regulatory structure for the usage of cannabis. Companies offering
cannabis and cannabis-infused products are required to comply with different
regulatory guidelines, globally. The strict regulatory norms related to the
production and sales of cannabis across different countries could be tedious
for manufacturers and stakeholders to comply. Also, the regulations pertaining
to the usage of cannabis is varied from country to country, it creates further
hindrances in the growth of global market.

Opportunities: Emergence of cannabis legalization in Asia
Pacific

As most countries in North America, Europe and South America are
legalizing cannabis, there is a huge opportunity for the initialization and
legalization of cannabis in the Asia Pacific region. China, being one of the
major markets for industrial hemp, is expected to become one of major upcoming
markets for industrial cannabis. Many key players operating in the cannabis
industry, are waiting for the legislative development in the Asia Pacific
region, expecting to generate huge opportunity for cannabis. Several countries
in the region could be potential low-cost producers of cannabis with high
production capacity.

Challenges: Myths associated with cannabis

Although, thousands of patients in North America and Europe
believe that cannabis is an effective medicine for treating various chronic
diseases. There is a myth regarding the intoxicating effects of cannabis
irrespective of THC content. There is a lack of acceptance of cannabis as a
medical therapeutic because of there is an assumption that cannabis is to be
consumed only via smoking. Whereas, cannabis can be consumed through pills,
vaporization, edibles, dabs, and patches. To overcome these challenges,
effective marketing strategies are needed for the right placement of
cannabis-based medical products.

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The Europe region is the fastest-growing region in the cannabis
market in the forecast period

Europe will be the fastest-growing region in the global cannabis
market in the forecast period. The cannabis market in Europe is majorly driven by
the increasing legalization of medical cannabis in the region coupled with
healthcare system present in several Euroepan countries. Along with this, the
demand for medical cannabis is rising in the region, further fueling the growth
of European cannabis market.