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Cannabis Market Movements by Trend Analysis, Growth Status, Revenue Expectation to 2029

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According to Fortune Business Insights™, the global cannabis

market size stood at USD 20.47 billion in 2020. Rising awareness regarding

the product’s therapeutic and medicinal benefits, enabling policies, and

relaxation regulations are likely to foster market development. The cannabis

market is projected to grow from USD 28.266 billion in 2021 to

USD 197.74 billion by 2028, exhibiting a CAGR of

32.04% during the forecast period.



Cannabis is a flowering plant known for its therapeutic and medicinal

benefits if consumed in specified amounts. It helps cure cancer, reduces

depression, and possesses several other medical benefits. It is slowly gaining

recognition in several countries because of the legalization policies. Further,

the adoption of regulatory relaxations and favorable policies is expected to

boost the product’s adoption. For example, the House of Representatives passed

the HEROES Act in 2020 and presented the act to the SAFE Banking Act and

Senate. This act enables banks to grant services to these companies and helps

them grow positively.



The legalization of cultivation, production, and trade is likely to boost

market development. The rising development of facilities and farms for medical

and therapeutic marijuana products is likely to boost market development in the

upcoming years.



Impact of COVID-19



Rising Demand from Medical Sectors to Boost Market Development



This market is expected to grow steadily during the COVID-19 pandemic

because of the rising demand for medical marijuana from the healthcare sector.

The sudden spike in COVID-19 cases led to the adoption of stringent

restrictions on non-essential sectors. However, the rising demand for the

product from the medical sector facilitated sales. The adoption of products for

medical purposes may boost the product’s adoption. Further, the adoption of

reduced capacities, part-time shifts, and production machinery enabled players

to balance costs and recover losses. These factors may propel market

development during the pandemic. 



Highlights of the Report



The report provides a detailed analysis of the top segments and the latest

trends in the market. It comprehensively discusses the driving and restraining

factors and the impact of COVID-19 on the market. Additionally, it examines the

regional developments and the strategies undertaken by the market's key

players. 



Driving Factors



Rising Adoption from Medical Sectors and Availability of Marijuana

Incorporated Edibles to Boost Market Growth



Marijuana is used extensively in the medical sector to manufacture

anti-depressant drugs, cancer medicines, and other medicines. The rising

awareness regarding its benefits is expected to boost its sales. The availability

of a wide variety of flavors and edibles is expected to boost the product’s

adoption. The product's availability in candies, chocolates, and beverages is

expected to boost its popularity and enable users to enjoy the substance for an

hour or two. Furthermore, marijuana’s demand is increasing rapidly from the

medical sector because of relaxation policies. Several countries have placed

favorable policies legalizing marijuana’s adoption in medicines. It is used to

treat AIDS, cancer, and other disorders, which, in turn, is expected to boost

its demand. In addition, its adoption by mainstream medical professionals is

increasing because of its ability to treat arthritis, anorexia, and other

disorders. These factors are likely to drive the cannabis market growth.



However, regulations prohibiting the sales and cultivation of marijuana in

several countries may hinder the market’s progress.



Regional Insights



Recreational Legalization in the U.S. to Boost Market Growth in

North America



North America is projected to dominate the cannabis market share because of

marijuana’s legalization in the U.S. The market in North America stood at USD

19.78 billion in 2020 and is expected to grow positively during the upcoming

years. The District of Columbia and Eleven states legalized the adoption of the

product in 2019. The state medical cannabis law in the U.S. recognized the

product as a medical drug to cure post-traumatic stress disorder, epilepsy,

chronic pain, arthritis, and Alzheimer’s disease. In addition, the emergence of

several marijuana growers is expected to boost the market growth.



Europe is the second-largest market shareholder because of the rising

adoption of the product and the adoption of favorable legislation. Marijuana is

observed to be effective in trials and is used extensively in treating cancers,

AIDS, and other disorders in the medical sector. The Greek legislation

legalized the adoption of marijuana in 2018, which, in turn, may boost the

product’s adoption. These factors are likely to facilitate market development.



Browse Summary:



https://www.fortunebusinessinsights.com/industry-reports/cannabis-marijuana-market-100219