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Global Cannabis Market to Reach $197.75 billion Thanks to Increasing Legalization and Growing Use for Recreational Applications

·7 min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest Technology Consulting Pvt. Ltd.

Global cannabis market is valued at USD 28.06 billion in 2021 and is projected to attain a market size of 197.75 billion by 2028 at a CAGR of 32.04% during the forecast period, 2022–2028.

Westford, USA, July 19, 2022 (GLOBE NEWSWIRE) -- Cannabis has been used for centuries for its medicinal and psychoactive properties. The active ingredient in cannabis is THC, which is responsible for the plant's mind-altering effects. In recent years, there has been a growing demand for and acceptance of cannabis around the globe. In the United States cannabis market, cannabis was legalized for medicinal use in some states starting in 1996. Since then, more and more states have legalized medical and/or recreational cannabis use. As of 2018, 29 states plus Washington D.C. have legalized medical cannabis, while 9 states plus Washington D.C. have legalized recreational cannabis use. This trend is expected to continue as public opinion shifts in favor of legalization.

Internationally, Canada became the second country after Uruguay to fully legalize marijuana when it passed the Cannabis Act in 2018.

Recreational Use to Continue Leading Cannabis Market

There is no denying that a lot of people utilize cannabis for recreational purposes - to unwind, relax, and experience the effects of this product as it has been negated. It does have some health benefits overall as well. The recreational cannabis market continues to be the leading segment of the cannabis industry, with states like California and Colorado leading the charge. This growth is largely due to the legalization of recreational cannabis in many countries, as well as an increasing acceptance of cannabis for medicinal use. In fact, according to SkyQuest Technology, 4 out of 10 adults in the United States believe that marijuana can help treat a variety of medical conditions. This increased acceptance has led to a rise in demand for CBD products and products that contain THC.

While this cannabis market growth is impressive, it's not without its challenges. For example, there are still a lot of people who are unfamiliar with the benefits of cannabis and its uses. This has created a shortage of cultivators and manufacturers who can produce high-quality products. Additionally, there are still a lot of restrictions on how and where recreational marijuana can be used, which is hampering its widespread adoption.

Nevertheless, the recreational cannabis market is forecast to continue growing at a rapid pace thanks to its many medicinal benefits.

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Business Development and Trends in Cannabis Market

The cannabis industry is booming and there are many business opportunities for new entrepreneurs and existing players. Here are some of the most important trends and developments in the cannabis market:

Businesses are starting to take note of the potential in the cannabis industry. Many are investing in hemp-based products, as well as CBD products. The global market is witnessing emerging number of businesses in the cannabis industry, they are majorly called cannabusinesses. Cannabusinesses focus on CBD products and services. CBD has a wide range of potential uses, including medical treatments and recreational purposes. As cannabusinesses continue to emerge, they're likely to play an increasingly important role in the cannabis market.

World is Getting Positive Towards Cannabis Market 

The cannabis industry is booming, and there are many ways it's affecting the world today. With public support for cannabis legalization at an all-time high, so is the industry's fortunes. From CBD oil to subscription weed alternatives and a commodity sales bonanza, cannabis is moving ever more swiftly into the mainstream. But just as rapidly as this new sector spreads its roots among the masses it’s hitting a crossroads of sorts. Here's a recap of some recent news in the cannabis industry:

  • Canada legalized recreational marijuana use in 2018, sparking celebrations and concerns about how this will affect the global cannabis market.

  • The US Food and Drug Administration has approved GW Pharmaceuticals' Epidiolex, a drug derived from CBD (Cannabidiol) to treat two rare forms of childhood-onset epilepsy. This could signal a new era of cannabis-based therapies.

  • US states are legalizing marijuana at a rapid pace, with more than half of Americans now living in a state where some form of cannabis is legal. This has led to an increase in demand for products like CBD oil, which is non-psychoactive and can be used to treat various conditions without getting high.

  • A bill to legalize medical marijuana in New York was passed in December 2021 by the state's legislature. This could set a precedent for other states looking to legalize medical marijuana, and could lead to increased access to CBD products for people suffering from a variety of conditions and have a prominent impact on the cannabis market.

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Legalization of Cannabis has Sparked health concerns in Thailand, Germany

Thailand is one of the many countries that has grappled with how to address the legalization of cannabis. In March 2021, the Thai government announced that it would legalize and regulate the cultivation, sale, and use of cannabis for medical purposes. However, this announcement has sparked a number of health concerns in Thailand, as there is still little information about the effects of cannabis on the human body. For example, the Thai Ministry of Public Health has not released any scientific studies that investigate the potential health risks associated with cannabis use.

Germany is another country in the global cannabis market that is grappling with how to address the legalization of cannabis. In January, Germany became the first country in Europe to legalize cannabis for recreational use. However, this decision has generated a number of health concerns in Germany, as there is still little information about the effects of cannabis on the human body. For example, there are no scientific studies that investigate the potential health risks associated with cannabis use. In fact, many German officials believe that there are no safe levels of THC consumption. As a result, many Germans are worried about the long-term health consequences of using cannabis.

Funding and Revenue Growth Opportunities in Cannabis Market

When it comes to the future of cannabis, there are plenty of opportunities to be tapped into. From funding and revenue growth to the potential for new product innovations, the future looks bright for this budding industry!

One key area of growth for cannabis market is financial institutions. In recent years, banks and other financial institutions have shown an increasing interest in cannabinoid-based businesses. This is in part due to the fact that cannabis companies are generally compliant with banking regulations. This has opened up a lot of potential funding and revenue growth avenues for cannabis businesses.

Another area where cannabis is making big waves is the medical field. Currently, there are a number of medical marijuana companies that are looking to raise capital through Initial Public Offerings (IPOs). This is an opportunity for these companies to get access to a lot of capital, which could help them expand their operations and reach a wider audience.

Overall, there are a lot of opportunities available for cannabis businesses when it comes to growing their infrastructure and reaching new audiences. With so many different areas of opportunity waiting to be exploited, it will be exciting see what happens next in this rapidly growing industry!

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Top Companies in Cannabis Market

  • TerrAscend

  • Canopy Growth Corporation

  • MedMen

  • Aurora Cannabis Inc

  • Aphria Inc

  • VIVO Cannabis Inc.

  • The Cronos Group

  • Terra Tech Corp.

  • Medical Marijuana Inc.

  • Terra Tech Corp.

  • Tikun Olam

  • STENOCARE

  • Cresco Labs

  • Curaleaf Holding Inc.

  • Organigram Holdings Inc

  • Indiva

  • Green Thumb Industries

  • HEXO Corp.

  • Harvest Health & Recreation

  • Ecofibre Limited

  • Maricann Group Inc

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