Pune, India, April 23, 2021 — Cannabis Market: Key InsightsAccording to our new research study on “Cannabis Market to 2027 – Global Analysis and Forecast – by Product Type, Application, and Compound,” the Cannabis Market Size was valued at US$ 14,383.8 million in 2019 and is projected to reach US$ 147,457.4 million by 2027; it is expected to grow at a CAGR of 29.1% during 2020–2027.
Cannabis Market: Competition Landscape and Key DevelopmentsAphria, Inc.; Aurora Cannabis; Cannabis Science, Inc.; Canopy Growth Corporation; Medical Marijuana; Inc.; VIVO Cannabis Inc.; Tikun Olam Ltd; Terra Tech Corp.; Tilray; and Cronos Group are among the key companies operating in the global cannabis market.
In August 2019, VIVO Cannabis Inc.
The growth of the cannabis market in the region is attributed to the key driving factors such as the presence of leading market players, government support to promote and conduct research studies to explore the medical benefits of cannabis, launch of new and innovative cannabis products and agreements, and strategic partnerships made by the companies in the countries such as the US, Canada, and others with various players across the world.
The US is anticipated to be the main driving force of the growth of use of medical cannabis in coming years.
Further, the rising use of cannabis in pesticides and growing number of cannabis testing laboratories across Europe propel the demand for cannabis in the region.
The demand for cannabis is growing across Asia Pacific as it is used in medical practices to heal patients suffering from various disease, such as chronic neuropathic pain and any spinal injury.
The flowers hold a major share in the market as the highest levels of cannabinoids are found in the leaves and flowers of mature cannabis plant, which makes them a popular choice for harvesting.
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