The US-Cannabis Market is projected to witness a surge at a Compound Annual Growth Rate (CAGR) of 24.03% with USD 46.90 b illion from 2022 to 2027. The research report on the US Cannabis Market also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including Aurora Cannabis Inc., Canopy Growth Corp., Charlottes Web Holdings Inc., Columbia Care Inc., Cresco Labs LLC, Cronos Group Inc., Curaleaf Holdings Inc., Folium Biosciences, Green Roads Inc., Jazz Pharmaceuticals Plc, Lexaria Bioscience Corp., Medical Marijuana Inc., MM Enterprises USA LLC, Pure Spectrum CBD, Sundial Growers Inc., Terrascend Canada, Tilray Brands Inc., Trulieve Cannabis Corp., Unrivaled Brands Inc and Verano Holdings LLC. These companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and service launches, to maintain a competitive edge in the market.
This comprehensive analysis delves into the market’s segmentation based on key factors, such as type (CBD, medical, and recreational), channel (dispensaries, and online platforms).
The US Cannabis Market is experiencing remarkable growth due to key drivers such as the rise of millennial consumers, the expansion of medical cannabis dispensaries, and growing awareness of the health benefits linked to medical marijuana. Millennials, the largest US population, are driving this growth with their enthusiasm for diverse cannabis products, particularly for recreational use. As legalization spreads, more millennials are embracing cannabis, fueling the market’s strong expansion.
Growth Prospects of the US Cannabis Market in Emerging Markets include:
- The emphasis on the medical potential of cannabis is propelling a surge in research and development. Government organizations like the National Institute on Drug Abuse (NIDA) are directing substantial funding toward medical cannabis studies, highlighting the increasing recognition of its therapeutic benefits.
- Similar to boutique hotels, the cannabis industry is witnessing a rise in boutique and artisanal cannabis products. Consumers are seeking unique strains, locally sourced products, and personalized experiences, reflecting a broader trend toward authenticity and customization.
- From edibles to vapes, the market is witnessing a surge in innovative consumption methods that cater to various preferences and health considerations. This diversification of products is broadening the appeal of cannabis to a wider demographic.
The varying legal frameworks across states pose challenges for both businesses and consumers, necessitating careful navigation and adaptation. Technavio provides a report on US Cannabis Market that includes the market’s key drivers, trends, challenges, and customer landscape, and make informed decisions to uplift your company.
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