$ 27.89 Billion Progress in World Authorized Hashish Market in 2020-2024 | With key suppliers together with Aphria Inc., Aurora Hashish Inc., and Bhang Corp. Technavio
LONDON–(BUSINESS WIRE) – Technavio announces the release of its latest report on the legal cannabis market. The market is segmented by products (medical and recreational) and geography (APAC, Europe, MEA, North America, and South America). The report provides an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches and market behavior in various segments.
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Legal Cannabis Market: Key Findings
The legal market value for cannabis is expected to increase by USD 27.89 billion over the period 2020-2024 with an annual growth rate of over 4%
89% of the market growth comes from North America in the forecast period
Based on the product, the medical cannabis segment offers maximum opportunities for providers in the forecast period
The legal cannabis market is expected to have a neutral impact due to the spread of COVID-19
Legal cannabis market: growth driver
The rapid legalization of cannabis around the world is one of the main drivers for the growth of the market. Many countries around the world are decriminalizing and legalizing cannabis possession. In 2001, Portugal became the first country to legalize possession of all types of drugs, including cannabis. Some other countries that have legalized cannabis for medicinal purposes are the UK, Thailand, Switzerland, Portugal, Poland, Peru, Uruguay and Canada. With many countries legalizing and decriminalizing the possession of cannabis, the market is expected to grow faster over the forecast period.
“The use of advanced cannabis cultivation techniques and the health benefits of medicinal cannabis will continue to fuel market growth over the forecast period,” says a senior analyst at Technavio.
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Legal Cannabis Market: Main Provider
Aphria Inc. operates in segments such as cannabis, distribution, and companies in development. The company offers cannabis oils such as CHAMPLAIN, RIDEAU and CAPILANO, which are produced as part of the CO2 extraction process.
Aurora Cannabis Inc.
Aurora Cannabis Inc. operates its business through segments such as cannabis and horizontally integrated companies. The company offers a range of cannabis products including THC Drops, 1: 1 Drops and CBD Drops.
The Bhang Corp. operates its business through the Products segment. The company offers a range of products such as CBD Crystalline Isolate.
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