LONDON–(BUSINESS WIRE)–Technavio announces the release of its latest report on the legal cannabis market. The market is segmented by product (medical and recreational) and geography (APAC, Europe, MEA, North America, and South America). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across various segments.
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Legal Cannabis Market: Key Findings
- Legal cannabis market value to grow by USD 27.89 billion at over 4% CAGR during 2020-2024
- 89% of market growth to originate from North America during the forecast period
- Based on the product, the medical cannabis segment will offer maximum opportunities for vendors during the forecast period
- Legal cannabis market is expected to have a neutral impact due to the spread of COVID-19
Legal Cannabis Market: Growth Drivers
The rapid legalization of cannabis worldwide is one of the prime factors driving the growth of the market. Many countries across the world are decriminalizing and legalizing the possession of cannabis. In 2001, Portugal became the first country to legalize the possession of all types of drugs, including cannabis. Some other countries that have legalized cannabis for medicinal purposes are the UK, Thailand, Switzerland, Portugal, Poland, Peru, Uruguay, and Canada. With many countries legalizing and decriminalizing the possession of cannabis, the growth of the market is expected to accelerate during the forecast period.
“Use of advanced techniques in cannabis cultivation and the health benefits of medical cannabis will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Legal Cannabis Market: Major Vendors
Aphria Inc. operates its business through segments such as Cannabis operations, Distribution operations, and Businesses under development. The company offers Cannabis oils such as CHAMPLAIN, RIDEAU, and CAPILANO produced through the Co2 extraction process.
Aurora Cannabis Inc.
Aurora Cannabis Inc. operates its business through segments such as Cannabis and Horizontally Integrated Businesses. The company offers a line of cannabis products such as THC Drops, 1:1 Drops, and CBD Drops among others.
Bhang Corp. operates its business through the Products segment. The company offers a line of products such as CBD Crystalline Isolate.
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