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$12.73 Billion Global Cannabis Products Market Size, Growth, Segmentation And Forecast Report



The Business Research Company’s Cannabis Products Market covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.
The cannabis products market consists of sales of cannabis products and related services. Cannabis is a psychoactive drug which is obtained from the cannabis plant of the cannabaceae family. Cannabis can be used for the treatment of various diseases such as chronic pain, cancer pain, depression, anxiety disorders, sleep disturbances and neurological disorders.
Major players in the market are Canopy Growth Corporation, Aphria Inc., Aurora Cannabis, Cara Therapeutics and GW Pharmaceuticals PLC.

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The growing applications of cannabis in the medical field is an important driver for the cannabis products market. Cannabis is a drug that comes from Indian hemp plants such as Cannabis sativa and Cannabis indica, with THC (delta-9 tetrahydrocannabinol) being the main active chemical in it. Cannabis has several medical applications in conditions such as nausea and vomiting, glaucoma, epilepsy, asthma. Hence, many countries have legalized the use of cannabis for medical applications despite it being a psychoactive drug. Medical applications of cannabis include treating cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, AIDS, Alzheimer's disease and Parkinson's disease. According to Harvard Health, around 85% of Americans supported legalizing medical marijuana, and at least several million Americans were using it, in 2018.

The presence of several legal norms related to the use and possession of cannabis is an important restraint on the cannabis products market. These norms include regulations of the Food and Drug Administration (FDA) as well as rules set up by the government of each state in the USA. The FDA reviews all applications of cannabis products for their safety and effectiveness. Despite having laws allowing cannabis businesses, many states in the USA still do not allow such businesses. For instance, Los Angeles, San Francisco, San Jose and San Diego have laws allowing cannabis businesses, but 80% of California’s nearly 500 municipalities do not allow retail marijuana businesses.

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North America was the largest region in the cannabis products market in 2018. This region is expected to remain the largest during the next five years and is forecasted to register the highest CAGR during 2018-2023.

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