According to a new market research study of “Cannabis Market to 2027 – Global Analysis and Forecast by Product Type, Compound and Application,” the market is expected to reach US $  147,457.4 million by 2027 from US$ 14,383.8 million in 2019; it is estimated to grow at a CAGR of 29.1% from 2020 to 2027. The report highlights trends prevailing in the global cannabis market, and drivers and hindrances pertaining to the market growth.

Unprocessed marijuana plant or its basic extracts are used to treat symptoms of illness and other medical conditions. The US FDA has not approved marijuana plant as medicine, but its cannabinoid constituent is an FDA-approved medication that is offered in the form of pill. As cannabis helps in treating certain illnesses and symptoms many regions/countries have legalized marijuana for medical use.

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Currently, tetrahydro cannabinol and cannabidiol are the two cannabinoids from the marijuana plant that are of medical interest. THC may be effective in reducing pain and inflammation (swelling and redness), as well as in resolving muscle control problems. CBD is used to lower pain, inflammation, control epileptic seizures, and treat mental illness and addictions. Food and Drug Administration has approved a CBD-based liquid medication called Epidiolex for the treatment of two forms of severe childhood epilepsy—Dravet syndrome and Lennox-Gastaut syndrome. A few studies have reported that inhaled (smoked or vaporized) marijuana can be useful in treating neuropathic pain (pain caused by damaged nerves). Cannabis can reduce chronic pain, nausea, and vomiting from cancer chemotherapy. According to the American Cancer Society, recent animal studies have shown that marijuana extracts may help kill certain cancer cells and reduce the size of others. It also mentioned that THC helps improve food intake and prevent weight loss in patients with HIV. Thus, growing application of cannabis in the management of diseases such as HIV and epilepsy is expected to drive the market growth during the forecast period.

Based on product type, the global cannabis market is segmented into flower concentrates and others. In 2019, the flowers segment accounted for largest share of the cannabis market. However, the concentrates segment is expected to witness a higher CAGR during 2020–2027. Also, the increasing awareness of medical cannabis through conferences, symposia, and workshops are likely to propel the demand for these cannabinoids.

Aphria, Inc.,Aurora Cannabis, Cannabis Science, INC,Canopy Growth Corporation,Medical Marijuana, Inc,VIVO Cannabis Inc.,Tikun Olam, Terra Tech Corp., Tilray, and The Cronos Group are among the leading companies operating in the cannabis market. 

Aphria, Inc Canopy Growth Corporation, and Medical Marijuana, Inc - Considerable Market Players in Cannabis Market

Cannabis belongs to the cannabaceae family. Cannabis is also known with other names such as grass, pot, hash, weed, reefer, dope, herb, mull, buddha, ganja, joint, stick, buckets, cones, skunk, hydro, yarndi, smoke and hooch. Cannabis has long been used as vegetables and as juice, medicinal purposes and as a recreational drug. Cannabis is basically a drug that is obtained from Indian hemp plants named cannabis indica and cannabis sativa. There are different forms of cannabis available such as marijuana, hashish and Hash oil. Some species of cannabis are used to produce hemp fiber for use in paper, textiles and clothing. Cannabis is used for medical purposes for many years. Recent studies show that cannabis may be useful to help conditions such as nausea and vomiting, particularly when associated with chemotherapy, glaucoma, epilepsy and asthma.

The most notable market participants are Aphria, Inc., Aurora Cannabis, Cannabis Science, INC , Canopy Growth Corporation , Medical Marijuana, Inc , VIVO Cannabis Inc., Tikun Olam, Terra Tech Corp., Tilray, and The Cronos Group are among the leading companies operating in the Cannabis market.

The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as product launches, and expansion. Whereas, the inorganic strategies such as partnership, and collaborations, were widely seen in the Cannabis market. Majority of the market leaders are involved in organic activities such as expansion and product launch in order to improve their performance and consolidate market position.

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