North America Cannabis Market Overview: Trends, Industry Type, Applications and Forecast, 2016-2021
Market Segments:
The North America cannabis market is categorized on the following basis:
On the basis of Derivatives: Industrial Hemp and Marijuana/Flowers, Other Concentrates/Products which include Keif, Hash, Hash Oil Etc.
On the basis of Applications type: On the basis of applications the market is segmented into applications of marijuana into medicinal applications, recreational applications and others and applications of hemp into food and baby care, clothing & textile among others
Leading Players:
- Cannavest,
- Canadian Cannabis Corporation,
- Tweed Marijuana Inc,
- Affinor Growers.,
- Plandai Biotechnology.,
- Cannabis Sativa Inc
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Market Overview:
The cannabis market has shown rapid growth in the past few years owing to rapid demand increase for cannabis and related products. Market Research Future, who specializes in market reports related to the consumer and retail sector among others, recently published a report on this market. Expansion of the North America cannabis market is estimated with a CAGR of 33% in forecast period from 2016 to 2021.
Medical uses of cannabis are one of the major uses that have driven the demand for the market especially in North America. Legalization of cannabis in many of the North American countries has led to creation of further demand and enhanced the growth potential of the market. Furthermore, introduction of different cannabis included products has led to expansion of the market size significantly. Utilization of cannabis to treat various medical ailments has been beneficial to the progress of the sector.
Latest Industry Updates:
January 24, 2016 – Medical marijuana company Aurora Cannabis (Canada) announced accusation of its rival Canadian medical marijuana company CanniMed Therapeutics for around C$1.1 billion (US$892m).
January 25, 2016 – Texas Vineyard Market (TVM –Weatherford Wine Maker US) debuted a new wine made with hemp oil. With the negative view from the Drug Enforcement Agency on cannabis plants, TVM had to submit multiple lab tests to show the wine met DEA requirements. And finally the hemp wine received approval from the DEA in Dec. 2017 after over two years of development.
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Regional Insight:
Cannabis market in North America was over USD 3.5 billion in 2015. This industry was mainly operating in the black market; however with developments in the medical applications of the derivatives such as marijuana and hemp this market experienced significant growth over the past few years. Presently, the cannabis market is not a bare collaboration of the growers or producers of marijuana and hemp; it is rather a conglomerate of science and technology. The U.S. being the largest market in the region was valued over USD 3 billion and is anticipated to grow at a CAGR over 30% between 2016 and 2021.
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