The Impact of Cannabis on the Economy: How This Industry is Driving Growth

The global cannabis market is projected to grow from a value of USD 27.7 billion in 2022 to USD 82.3 billion by 2027, at a compound annual growth rate (CAGR) of 24.3%.

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This growth is being driven by several factors, including:

  • The increasing legalization of cannabis for medical and recreational use in countries around the world.
  • The growing number of research studies that are demonstrating the potential health benefits of cannabis.
  • The increasing consumer acceptance of cannabis as a safe and effective alternative to traditional medicines.
  • The development of new and innovative cannabis products, such as edibles, topicals, and beverages.

The global cannabis market is expected to be dominated by North America, which is currently the largest market for legal cannabis. However, other regions, such as Europe and South America, are also expected to grow significantly in the coming years.

The CBD market has grown rapidly in recent years, due in part to the increasing availability of CBD products. CBD can now be found in a wide variety of forms, including oils, tinctures, edibles, and topicals. The industry is expected to continue to grow in the coming years, as CBD becomes more mainstream, and its benefits become more widely known.

In addition to the growing demand for CBD products, the industry is also benefiting from progressive policy reforms. More and more countries are legalizing the use of cannabis for medical and recreational purposes. This is opening new markets for CBD products and making them more accessible to consumers.

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The market in the region is driven by the legalization of medical cannabis. The legalization of cannabis originated from Uruguay and Colombia, which was later joined by Argentina, Brazil, Chile, and other South American countries. Although personal cultivation of recreational cannabis for personal consumption is legal in many countries in the region, the commercial sale is limited only to Uruguay. Several countries in South America have decriminalized possession of small amounts for personal use such as Chile, Colombia, Costa, Ecuador, and Peru. The South American cannabis market is also growing tremendously as many local companies are receiving EU-Good Manufacturing (GMP) certification, and countries are approving favorable legislation. This market also benefits from the favorable climate, low-cost labor, and construction costs, as they are very low as compared to North America.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Canopy Growth Corporation (Canada), Aurora Cannabis Inc. (Canada), VIVO Cannabis Inc. (Canada), Tilary Inc. (US), Unrivaled Brand Inc. (US), HEXO Corp. (Canada), Medical Marijuana Inc. (US), The Cronos Group (Canada), Medmen Enterprise Inc. (US), Cresco Labs (US), Curaleaf Holdings Inc. (US), Organigram Holdings Inc. (Canada), Stenocare (Denmark), Trulieve (US), and Indiva (Canada).