According to IMARC Group’s latest report, titled “North America Legal Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the North America legal cannabis market size reached US$ 20.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 111.9 Billion by 2027, exhibiting a growth rate (CAGR) of 33.2% during 2022-2027.

Cannabis, or marijuana, refers to a group of plants with psychoactive properties. It is derived from the leaves or seeds of Cannabis Sativa, Indica, and Ruderalis, which are grown in tropical areas. It is often used in drug form that is obtained by infusing, preparing, storing, drying, and curing marijuana leaves and flowers. It exhibits therapeutic properties that reduce stress and treat chronic pain, glaucoma, and life-threatening disorders, including acquired immunodeficiency syndrome (AIDS) and post-traumatic stress disorder (PTSD). Apart from this, it aids in mitigating depression or migraines; therefore, it is consumed for attaining its relaxing or calming effects.

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North America Legal Cannabis Market Trends:

The growing consumer awareness regarding the multiple health benefits of marijuana and the widespread adoption of cannabis-based treatments by the healthcare sector over conventional approaches are primarily driving the market in North America. It includes active compounds cannabidiol (CBD) and tetrahydrocannabinol (THC) that bind to pain receptors and reduce the signals being transferred; therefore, it is frequently prescribed for chronic pain conditions. Furthermore, favorable initiatives being undertaken by the Federal Government of the United States to legalize marijuana to treat epileptic seizures are propelling the market growth. Moreover, the large-scale demand for medical hemp and cannabis across pharmaceuticals, nutraceuticals, food and beverage (F&B), personal care, and cosmetics sectors is favoring the market growth. Besides this, ongoing research and development (R&D) activities to launch cannabis-infused high-quality recreational and medicinal products are positively supporting the market growth.

North America Legal Cannabis Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the north america legal cannabis market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • 22nd Century Group, Inc
  • Medical Marijuana Inc
  • Hemp, Inc.
  • Axim Biotechnologies, Inc
  • Arena Pharmaceuticals, Inc.
  • Canopy Growth Corporation
  • Aphria Inc.
  • Aurora Cannabis Inc.
  • Abcann Medicinals Inc.

Key Market Segmentation:

The report has segmented the north america legal cannabis market based on products derived, distribution channel and region.

Breakup by Products Derived:

  • Marijuana
  • Industrial Hemp

Breakup by Distribution Channel:

  • Regulated Dispensary
  • Recreational Stores
  • Stand-Alone Retailers
  • Others

Breakup by Region:

  • United States
  • Canada

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Key Highlights of the Report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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