North America Cannabis Market - Industry Growth and Forecast – 2024

 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.

Global Competitive Analysis

A trend of volume-driven growth has been witnessed in the market of late with the development of different varieties of product types. The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. The industry players in the segment are efficiently utilizing their primary resources to initiate long lasting growth changes. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. Conversely, with companies aiming to capture a considerable share of the market segment as early as possible, experimentation with various advantage points is being seriously considered and implemented.

Major players in North America Cannabis Market include Cannavest, Canadian Cannabis Corporation, Tweed Marijuana Inc, Affinor Growers., Plandai Biotechnology., Cannabis Sativa Inc to name a few of the market players.

Industry 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

Detailed Regional Analysis

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.

Industry Updates:

Jan 2018 Tokyo Smoke merged with DOJA Cannabis Company Ltd., a Kelowna B.C.-based licensed producer, to create a new company, Hiku Brands Company Ltd., which was listed on the Canadian Securities Exchange recently. Tokyo Smoke of TS Brandco Holdings Inc had been attempting previously to manoeuvre into carefully cultivating a cannabis-centered lifestyle brand leading up to recreational legalization in the country.

Jan 2018 Canopy Ventures, the new investment arm of a Boulder-based cannabis accelerator is raising a new pool of cash to help early stage companies that have survived their startup pains grow to the next level. They are launching a $50 million venture fund that will focus on tech-based cannabis companies. The accelerator, since inception in 2015, has invested seed-stage capital in 73 companies, several of which have gone through its accelerator program. This new fund will help finance more mature, so-called growth stage companies.

Jan 2018 MedReleaf Corp announced recently that it has entered into an arrangement with Canaccord Genuity Corp. and GMP Securities L.P.  to buy, on a bought deal basic

3,800,000 units of the company at a price of $26.50 per share for aggregate gross proceeds of $100.7 million. MedReleaf plans on using the net proceeds to fund the acquisition and/or construction of further cannabis production and manufacturing facilities in Canada as well as in other jurisdictions with federal legal markets.

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