North America Cannabis Market – Overview
North America Cannabis Market is expected to grow at a CAGR of 23% and a value of USD 9.56 Billion during the forecast period 2022-2030.
Increased demand to indulge in recreational drug use and pain management is driving the growth of the cannabis market in North America. Reports that review the consumer and retail industry have been offered by Market Research Future, which generates reports on industry verticals that evaluate the market development and opportunities. The market is projected to exploit a CAGR of over 33% in the forthcoming period.
The psychoactive benefits of cannabis in North America are inducing significant development in the market. The speedy evolution of cannabis and its uses in medicinal purposes is expected to open up new areas for development in the coming years.
Detailed Regional Analysis
The North American cannabis market overview in the region was over USD 3.5 billion in 2015. This industry was largely working in the black market; however, with growth in the medical uses of derivatives such as hemp and marijuana, this market has undergone important growth over the past few years. Currently, the North American cannabis market is an alliance of the growers or producers of marijuana and hemp; it is more of a corporation of science and technology. The U.S., the major market in the region, was estimated at over USD 3 billion and is expected to increase at a CAGR of over 30% between 2016 and 2021.
Competitive Analysis
The influences that are having a considerable pull in the market's development are dynamically changing, leading to the creation of novel opportunities. The stronger influence of buyer purchasing behavior is dictating the expansion of the market to a great extent. The competition in the market is conducive to the overall growth of the market. The new players in the market are motivated by the presence of conducive factors prevailing in the market. The allocation of assets is being done judiciously so as to ensure improved growth opportunities. The pricing of goods in the market is done in a manner that ensures advantages to individuals and competitors. The industry cost make-up is also likely to modify with time. The role of the government in the market is substantially motivating the market. Also, the development of technology also has increased momentum, guiding to improved market growth.
The North America Cannabis key Market players consist of Plandai Biotechnology., Tweed Marijuana Inc, Affinor Growers., Canadian Cannabis Corporation, Cannabis Sativa Inc, Canna Brands Inc, Omnicanna Health Solutions., Privateer Holdings, Inc, Cannavest, And Arena Pharmaceuticals, Inc.
Segmental Analysis
The regional evaluation of the North American cannabis market size is segmented on the basis of derivatives and applications. Based on the derivatives, the North American cannabis market is segmented into Marijuana/Flowers, Industrial Hemp, Other Concentrates, and Products, which consist of hash, keif, hash oil, etc. Based on the application types, the North American cannabis market is segmented into recreational applications, medicinal applications, and others, with uses of hemp in clothing and textiles, food, and baby care, among others.
Industry Updates:
July 2019 Accela recently announced that it's extending a track-and-trace tool, established by Los Angeles-based cannabis software firm Kind, for state governments to screen legally grown plants from the sale to seed. Kind’s cloud-based platform employs blockchain, artificial intelligence, and RFID (radio frequency identification) tags to trace cannabis plants in granular feature, from treatment to germination to vegetation, supply, and sale. It’s accessible by itself or in Accela’s ever-expanding set of cannabis-regulation tools.
July 2019 Surterra Wellness Inc. recently appointed ex Kellogg Co. chief financial officer Fareed Khan as its succeeding finance chief, the cannabis startup’s newest senior appointment as it pursues to exploit on legal marijuana sales. The closely held business last month acquired $100 million from unidentified private investors to fund its growth.
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